Comments on: New law puts brokers in box seat

By: Private Lender Ltd

Private Lender Ltd — Wed, 03 Mar 2021 01:04:10 +0000

That is totally useless legislation.

I concur with Rod and Graeme.

Interest rate is a factor, but NOT the only factor.

Yes – there are so many options out there.

In the last 20 years I use only a handful of lenders in the market.

Each one has a specific purpose for the client to satisfy their needs. Are they the best? Yes they are (despite me not going out there to make comparisons – thats their job to let me know) – AND I have no time to troll the backstreets or alleyways when I know where to go already.
Am I responsible? Sure – but this legislation has to be viewed with reason on the basis of what we are seeking for the client.

Personally – I think this is a waste of time.

For the newbie younger brokers I offer a word of advice (oops – I cant do can I?) oh well – As I was saying, Pick the eyes our of the Lenders in the sectors you deal with and develop those relationships.

They’re as or more important (in some instances) than marketing to your client database. It’s a holistic approach.

Good Luck

By: Graeme Salt

Graeme Salt — Tue, 02 Mar 2021 04:18:42 +0000

In reply to Rod Palmer. Quite right Rod. But, with two thirds of loans written by brokers, we must be winning surely?

By: Rod Palmer

Rod Palmer — Tue, 02 Mar 2021 03:52:01 +0000

?? Confused. How do I moderate what is totally factual

By: Rod Palmer

Rod Palmer — Tue, 02 Mar 2021 03:50:29 +0000

By the time the Broker has assessed some 400 possibilities & combinations, including all the credit cards, pros & cons of every lender’s transaction accounts, term deposit rates, mortgage offset, redraw fees and rules, serviceability for each option/lender, serviceability with and without the “package” (basic vs package) the client would have entered the Bank, completed a brief application (no need to determine what is in their best interest, just process the application) been presented with, & signed, the loan documents & settled the deal. The Broker would still be searching for another Broker with a different lending panel that might be able to offer something more in their best interest so he/she doesn’t get sued 6 years later.