All Topics / Finance / Using multiple mortage brokers – share information?

Viewing 5 posts - 1 through 5 (of 5 total)
  • The Gambler
    Participant
    @the-gambler
    Join Date: 2010
    Post Count: 11
    September 1, 2010 - 11:53 pm

    Hi Guys,

    Just a question to see how much information mortgage brokers see and share.
    If I am using one mortgage broker for some of my deals, and another broker for other deals, will they each see what has been going on?

    I have a friend who does some mortgage broking, and may want to give him the next loan, but don't really want my existing broker to know.

    Or, is this a bad idea?

    Thanks

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    September 2, 2010 - 12:36 am

    Well you will need to disclose your current loans so your new Broker will now what you have and havent got.

    Your old Broker will never now on the basis you dont ever go back to him.

    i am unsure as to why this is a problem. if you are unhappy with his service or level of experience then move on anyway.

    Richard Taylor | Australia's leading private lender

    The Gambler
    Participant
    @the-gambler
    Join Date: 2010
    Post Count: 11
    September 2, 2010 - 1:45 am

    Thanks Richard,

    It's not that I'm unhappy with my current broker.
    Just that my friend seems to need more clients and I may try to give him some business.
    Although, I don't want to cause problems for myself either.

    Is there any test or questions I could give my friend to be sure he is skilled in getting the best result for me?
    Will be purchasing through a trust, no broker should have problems with this, right?

    Or, how do I tell him that I just don't want to use him because I don't think he is experienced enough with sophisticated investors and structuring, which is where I am trying to be.
    I don't want to offend him, but I don't know what he doesn't know.
    Maybe he can do a good job for me, but do I take the risk?

    Thanks

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    September 2, 2010 - 2:20 am

    You would suprised how many Brokers have no idea about Trusts or Companies so maybe that is not a good test as the pass rate maybe fairly low.

    I would try and ensure the Broker has similar thoughts to creating wealth to you. 

    No point in using him to purchase additional IP's only find out he doesnt own properties himself and is in fact still paying of his own mortgage.

    Richard Taylor | Australia's leading private lender

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    September 2, 2010 - 2:21 am

    most brokers don't even know what a trust is!

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 5 posts - 1 through 5 (of 5 total)

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