Posted Under: None Posted On 24/04/2019
Mollie will still find the best solution at no cost to you.
The Royal Commission Banks instead of bringing the banks in line last month, the Royal Commission Banks decided to recommend looking at how Brokers are remunerated feeling that there was a conflict of interest since they were paid by the lending institution, instead of by the customer.
Since then Both the Labour Party and Liberal Party have stated that they would continue for Brokers to be remunerated by the Lenders, as this is more affordable for borrowers, and will give the smaller lenders an opportunity to continue offering competitive loans in competition with the banks.
Scott and I wanted to give you our perspective and experience on this matter….. At all times that Mollie and I were sourcing the ‘right’ loan for our clients, not once ever did what the banks/lenders payever come into our mind. Lenders pay us roughly the same amount anyway. What is on our mind is. What different lenders policies are and whether you fit into their criteria based on –
- Your income
- Employment circumstances – length of time and stability
- Your business financials (if applicable)
- Your actual living expenses
- The number of dependants you have
- Your current assets and liabilities
- Type of property you want to buy and its location
- Whether the loan is for personal or business
- And the interest rates the lender is offering
At the end of our research and assessment, we identify possible lenders amongst our many banks, credit unions and building societies. Then once a lender is selected with you, we navigate the application submission with the lender, who then does their own assessments and request further information to accept or reject the application.
Mollie has been nothing less than a “bulldog with a bone” when it comes to advocating for our clients with the lenders and has rarely accepted ‘no’s’ and obstacles from them. She gets excited when approvals are made and loses sleep and works long hours when obstacles are presented.
There is absolutely no conflict of interest in the lender paying Mollie for providing to them a 30-year client! That is the cost of their distribution model and much more cost-effective than employing staff to “sell” their products. And the current trailing commission to Brokers has actually delayed upfront payment (yes, that’s how it used to be), but now trailing to assist lenders with cashflow.
Anyway, it’s as I said, it’s business as usual at The Loan House. Mollie finds solutions for home loans, business loans, asset finance, personal loans, and a car buying service. Call Mollie at the A Counting House office today 0n 07 5526 1855 OR contact us here.