All Topics / Finance / Which is better a Mortgage Mgr at a bank or Mortg. Broker or Financial Planner?

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  • Profile photo of CattleyaCattleya
    Participant
    @cattleya
    Join Date: 2008
    Post Count: 121
    May 8, 2013 - 6:56 pm

    Hi All,

    I am wondering whether to go to a Mortgage Mgr with a bank or Mortg Broker or Financial Planner.

    Would appreciate inputs re. which ones you use, why and has it been worth your while?

    Thanks,
    Catts

    Cattleya

    Here to learn the ropes of property investing & share knowledge, not trying to sell anything at all.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    May 8, 2013 - 10:11 pm

    Here's a great article from Medine Simmons that explains the benefits of using a broker over a banker. Obviously being a broker I'm biased – I haven't dealt with a lot of competent branch staff but there are some out there.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    May 8, 2013 - 10:40 pm

    No point in going to a Financial Planner as unless they hold a Australia Credit License or are an Authorised Representative of an ACL they are unable to provide you with any Credit advice in relation to you mortgage or home loan choice.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    May 9, 2013 - 12:38 am

    Generally best to avoid mortgage managers. They are just rebadging other peoples products and all loans are usually subject to LMI regardless of LVR. This can severely hinder your borrowing goals. Also they often go out of business and it can be very hard finding someone to speak to after that. eg. a client of mine sold a property, i couldn't contact then to organise a discharge of mortgage. this nearly delayed settlement.

    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

    Profile photo of leaderscorpleaderscorp
    Member
    @leaderscorp
    Join Date: 2013
    Post Count: 13
    May 9, 2013 - 2:37 am

    I suggest you go with the mortgage broker because they could provide you many options. What you need to do is to determine if the company or the person you are dealing is with good reputation and credible.

    Profile photo of RPIRPI
    Participant
    @rpi
    Join Date: 2012
    Post Count: 308
    May 9, 2013 - 2:48 am

    Mortgage Broker every time.

     A Mortgage Manager is legally obliged to look after the interests of the bank.  A Broker is legally obliged to look after your interests.

    PS there are some amazingly experienced brokers on this forum, you would be hard pressed to find a better source than right here.

    RPI | Certus Legal Group / PRO Town Planners
    http://www.certuslegal.com.au
    Email Me | Phone Me

    Property Lawyer & Town Planner

Viewing 6 posts - 1 through 6 (of 6 total)

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