Unbiased mortgage broker (Flongle) vs mate-rates mortgage broker

PT8483 on 10/05/2018 - 19:13
Last edited 10/05/2018 - 19:14

hi guys,

Hoping to get some feedback from people who have used services from either Flongle or materates for their homeloan

Flongle advertise fees:

Advice & Settlement Support 0.65% of your loan amount + GST.
Rebate Payment $5.50 per deposit

However, when you look at their credit guide there's also Gold vs platinum service? And it has different fee structure. https://s3-ap-southeast-2.amazonaws.com/cdn-images-videos/Mo…

matesratees

https://matesratesmortgages.com.au/wp-content/uploads/2018/0…

  • they say 100% cashback ongoing lender commission
    But also states:

Whilst Mates Rates charges an Anti Bias Guarantee (ABG), ABG negates lender bias and provides you the
assurance, that none of our lenders are excluded from assessing your home loan recommendations, on the
basis that some lenders pay a broker less commission than another lender. ABG is based on the percentage
difference between your nominated lender’s upfront commissions and the upfront commission paid to
Mates Rates by Citibank e.g. the upfront commission paid to Mates Rates by Citibank is 0.65%, the upfront
commission paid by Newcastle Permanent Building Society is 0.55%, the ABG that you would incur by
choosing ING is 0.10% or for a $350,000 loan amount, ABG would be $350 if you chose Citibank then ABG
would be $0. The Cashback for NPBS is 0.18%pa. If ABG applies it will be noted under one off brokerage fee
in the KeyFacts report.

So I guess they get paid 0.1% if I choose to go with ING?

how did you guys go with them? Are they honest and reliable? Any issues?

Financial

Comments

  • knobbs on 10/05/2018 - 20:29

    The way I read the ABG is you pay whatever short they are on the commission from .65%

  • Apothecary on 11/05/2018 - 10:41

    I went with Mates Rates. The broker was very unreliable, often taking up to 7 days to respond and would only respond when I threaten to take my business elsewhere. I did regret going with them instead of going with somebody like Narita who showed me lots of professionalism.

    They took 3 weeks to start processing the trailing commission and they take a small fee in for processing it. If we stay with the same loan for 3+ years then we would get more money than the $1000 up front bonuses, but after 2 years I'm finding that my interest rate has risen up high enough to make it worthwhile to consider a switch. We went with Mebank so there was no fee for the bias.

    • PT8483 on 11/05/2018 - 15:07

      That's exactly how I feel at the moment. They took 4 days to get back to me. I told them its fairly urgent. "Reception guy" you might call it basically laughed and said my broker is in a really really important meeting…I guess my time is not as valuable as theirs

  • PT8483 on 11/05/2018 - 15:09

    is it possible for me to go direct with a bank and negotiate on brokerage fee - to "cash back" into my account?

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