Mortgage brokers

[Mad_Aussie]

Hey guys

Now I'm not looking at a mortgage as such, but need some info on brokers before I start ringing around..
I'm planning on consolidating some loans, and want to see what the best options are around, and I've been told that a mortgage broker can hunt around for this.

My question is, who's had experience with them, and who should I be going to talk to? Also, do they ask for a fee, or do they get comission from the bank that you sign with? I'm thinking Aussie, only due to their excessive advertising, but anyone else I should consider?

Any help would be great guys, as well as personal experiences...

Cheers!

[Dirty32]

Have a squizz in the first home buyers thread.
Little bit of reading, but I think there are a few recommendations for Mortgage brokers in the thread.

http://www.antilag.com/forums/showthread.php?t=41899

[Lump]

pm easytiger

[Adr3naL1N]

i used aussie, were quite goood :)

[easytiger]

urgh @ AussieHLs

I am always happy to offer my services to fellow antilag members

As with any professional industry you want someone who provide you with up to date information, a variety of options based on your circumstances and good service

As far as fees go, traditionally brokers do not charge a brokerage fee as our income comes in the form of an upfront commission paid when the loan has settled, and a potential trailing commission paid annually for the term of the loan. So it is in the broker's best interest to provide good ongoing service to you to not only receive repeat business but also protect his trail

However recent changes to this criteria by the Banks have made it necessary in some instances for us to charge a small brokerage fee, depending on whats required.

ie) some banks do not pay a fee if the loan amount is under 75k. Some wont pay an upfront fee for whatever reason, and all banks will clawback their commission if the loan is paid out or refinanced within the first 1-2 years..

Fricken banks!

[family guy]

maxon on fiance have done alright by me.

[Mad_Aussie]

Thanks for the quick replies guys! Sent you a PM easytiger... Cheers!