Is e-choice a good way of going about securing the best loan for my needs?
my needs can be found here;
https://www.propertyinvesting.com/forum/topic/20043.html
Are there other better ways?
Has anyone here secured finance using e-choice? I am interested to hear your opinion.
Will it cost me any more to use e-choice? I’ve been told they are offered better interest rates from the banks and thats how they make their money.
Any other info or opinions on e-choice feel free to comment…
Thanks.
e-choice are Mortgage Brokers according to their website. They don’t lend their own money just help you find a loan. They are paid a fee by the lender for bringing your loan in, that’s how they make their money.
There are many brokers out there of varying levels of competence. It is best to use a referral from someone you trust when trying to choose one.
I have never heard of e-choice. Let us know how you go.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by Mortgage Hunter:e-choice are Mortgage Brokers according to their website. They don’t lend their own money just help you find a loan. They are paid a fee by the lender for bringing your loan in, that’s how they make their money.
I have never heard of e-choice. Let us know how you go.
thanks for clearing that up for me, as I really didnt want to have to pay extra for them finding me the best loan.
I’ll let you know how I go.
Hmm maybe I should go have a look at their website. [blush2]
thek
If you want some real independant advice why not try someone like Simon.
Never does any harm to get a second opinion.
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Thek,
If you deal with e-choice, you will either be dealing with an employee or a franchisee, I’m not 100% sure which model they use. Either way, they are unlikely to be as knowledgable as any of the independent brokers that frequent this site.
Regards
AlistairHi,
I had one of my clients referred to ech**** by Citibank to organise her deposit bond for a purchase three months ago and they were terrible to deal with. They did not know what they were doing and it took them almost three weeks to get the deposit bond organised, and our client was damn worried she might lose the property all during that time and kept ringing us when the contract can exchange.
The people at ech**** we were dealing with did not know anything about getting a deposit bond, and made our client sign the form twice, the second one happening two weeks after the orginal form sent!!!
The best way to organise your finance through a broker would be by words-of-mouth. I would not have any qualms about recommending a broker who is just across the street. He know what he does very well and most of his clients are happy with his service.
I previously had a bad encounter with e-ch****. A few years ago I rang them, a guy came around to my place with all their hype. I never signed any forms, just told by the guy he would be in touch. Never ever heard from him again. I rang and rang the guy with no answer, it was if he vanished off the planet. Rang the main e-ch**** office and was promised the world because of their non-action, until this day never ever heard from e-ch****.
E-ch**** loss, mor*** ch**** got my business and lots of it too….
Cheers
Geoffrey BeckWe’ll I saw the e-choice guy tonight. He seemed like a pretty knowledgeable fellow. Although he didnt like it when I mentioned that I’ll be getting second opinions.
After I explained what my needs were (https://www.propertyinvesting.com/forum/topic/20043.html) he came up with two loans that he thought would be paticularly suitable.
The Bank West ‘lite’ which consistes of;
Based on a 250,000 P & I loan;
app fee; $500
variable intrest rate; 6.65%
ongoing fees; nil
you pay in extra; unlimited
redraw; $45 each, $1000 minimum
pen. exit fees; nil
mortgage insurance on 5%deposit loan; $4260
repayments; 1,525 pmand the ING Mortgage Simplicity
again based on a 250,000 p & i loan;
app fee; nil
variable intrest rate; 6.74
ongoing fees; nil
you pay in extra; unlimited
redraw; no fee, no minimum
pen. exit fees; nil
mortgage insurance on 5%deposit loan; $3605
repayments; 1,539So do these fly? To me they look ok but I dont know much so any opinion is greatly appreciated.
He also said it would be impossible for us to get a loan similar to the ones above with interest only repayments, as it’s our ppor.
He also said it would be impossible to have the loan split in two with a 15,000 deposit in one half and nothing in the other. Is this correct?
Feel free to either reply here or email me on [email protected]
Thanks for your time.
My rate conscious clients currently end up with 6.29% with free offset.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Most of the majors would beat those rates with full features. As Simon suggested, you could do a lot better if you are only after a basic product.
hi thek
I don’t know echoice but reading the above posts I would talk to a local as it doesn’t seem like they know what they are doing and if it is a chain system then that explains it.
There are alot of brokers just not many good ones.here to help
Quote:Originally posted by thek:We’ll I saw the e-choice guy tonight. He seemed like a pretty knowledgeable fellow. Although he didnt like it when I mentioned that I’ll be getting second opinions./quote]
Thats pretty funny – wonder why he didn’t like it?
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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