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Mortgage Broker Pays You $500 for Each Loan Settled - up to 100km from Melbourne CBD

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Mortgage Broker Pays You $500 for Each Loan Settled - up to 100km from Melbourne CBD
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Associatedjunkie1969 on 05/03/2012 - 13:55 files.ozbargain.com.au (63 clicks)

Hi,
My name is Yvette Wain. As a Mortgage Broker new to the industry, I want to gain more experience working with a larger pool of borrowers.
As such, I am going to give you $500 for each loan that I process, and is then approved.
30+ lenders to choose from including the top 4 (CBA, NAB, ANZ, WPAC)
As face to face meeting is required, this deal only available to 100km radius from Melbourne CBD.

I am backed by two experienced mortgage brokers with 20+ and 25+ years experience in the field. I cannot do a deal without the approval and signoff of my mentor.

  • I hold Australian Credit Representative Number 409187
  • I hold a Diploma in Financial Services (Finance / Mortgage Broking Management)
  • I am an MFAA member (www.mfaa.com.au)
  • I am a COSL member (www.cosl.com.au)
  • I am SEQUAL accredited (www.sequal.com.au)
  • I am Insured.

Help me to help you.

Thanks Yvette Wain 0410 467 515

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  • bemybubble on 05/03/2012 - 13:59

    not a bargain…maybe more for the forums?

    • logouts on 05/03/2012 - 14:07

      agreed, not a bargain.

  • jv on 05/03/2012 - 14:01

    Spam

  • Elijha on 05/03/2012 - 14:08
    +7

    I am backed by two experienced mortgage brokers with 20+ and 25+ years experience in the field. I cannot do a deal without the approval and signoff of my mentor.

    Me too I call em Mum and Dad.

    • Tal_Shiar on 05/03/2012 - 14:15

      Please don't make me laugh aloud in public :p

  • SuperJew on 05/03/2012 - 14:08

    $500 is a good start as a slice off the upfront commission. But I would want a piece of the trailer action to even consider this a deal. I am currently getting .22 of the commission my agent gets from Westpac for my mortgages. I have 3 to refinance if you can better that.

    • Associatedjunkie1969 @ Uploaded Files on 05/03/2012 - 14:23

      Hi Super Jew,

      As I do not know the details of your particular situation, I cannot comment if I can offer better than what you are currently getting. What I can say, however, is that I am more than happy to try and better the deal if you give me the opportunity.

      Thanks
      Yvette

      • SuperJew on 05/03/2012 - 14:26

        Now thats the can do attitude I like to see. Will give you a call.

        • Associatedjunkie1969 @ Uploaded Files on 05/03/2012 - 14:35

          Thanks SuperJew,

          Look forward to hearing from you.

    • rmamila on 05/03/2012 - 14:48

      Hey Super Jew,
      What do you mean by getting .22 of the commission that your agent gets? I want to understand this as I too have a mortgage and then introduced as many as 25-30 of my best friends to the same guy who ended up all getting their mortgages through him. I didn't get any commission just introduced as he seem to be helpful. We all (my self and friends) get what ever the discount that bank gave us depending on the loan.
      I am thinking of getting another one and want to know if brokers can increase the discount? What's the best way to get a better discount? Is it by directly going to the bank or through the broker?

      • SuperJew on 05/03/2012 - 14:57
        +2

        Well rmamila you have made your broker heaps of $$$ and got nothing, not even an xmas card!

        Brokers get a big commission in advance when they sign you up to a loan and many, like Yvett here, will share a part of it with you. But the real money is in the trailer. They get a perecentage of your monthly interest paid to the bank. Over a typical 30 year loan you can do the figures, but suffice to say its BIG.

        So a broker to get my business needs to give me a peice of the trailer. They can keep the upfront (unless its NAB which only pays upfront and no trailer) and I would be asking for a share of the trailer.

        Dont believe the BS they give that they cannot pay you part of the trailer. My broker happens to be my Rabbi, but he is real tight and I managed to get almost a 1/4 of the trailer they pay him. He doesnt have to tell the bank to stay in good line with the accreditation companies, but I give him business and its not for love, so he pays me it quarterly.

        • SuperJew on 05/03/2012 - 15:07
          +2

          Also make them get you the best rate, the rate they give to their kids and family. I am coming out of 3 fixed rates 4.68, 4.95 and 4.97 in 6 months time and I have been shopping for the last year. Brokers can get a better rate then going direct to the bank, expecially on fixed rates. But they are hungry and they are getting a huge return, on what is, for reality just form filling. So get the best rate, get waivers on the application fees, a good chunk of the upfront and settle for no less then .12 of the trailer.

        • rmamila on 05/03/2012 - 16:28

          Hi SuperJew, Thanks heaps for the in detail information. Compared to the interest you pay, I have been paying a huge interest in past 3 years and I can understand how the brokers can earn so much money and live like kings. We work so hard to earn and get a tiny increment from work after a year but pay 10 times of that to the brokers and banks. If I could find a deal like you have, I can already make my annual increment from that so that you don't have to cry for the annual increment which hardly come close to the increase in CPI every year.

          I am about to get a bigger loan but this time I have to shop and find a broker who can consider me as family or his kid :D

          For my current loan I can not move because I have to wait for 18 more months to avoid break fee. If I could find a good deal after another 2 years time I can easily move all my friends somewhere else which will be better for all. I never want to get any commission for those just want to find the best deal for all my friends same as me.

      • Elijha on 05/03/2012 - 14:59

        Maybe you should be talking to your mortgage broker [and others as a comparison]. Surly he knows the value of your association to him and if it is 30 or so ish loans he'd be happy to try and get something better for you?

  • [Deactivated] on 05/03/2012 - 14:13
    +2

    www.ozadvertising.com.au seems the more appropriate site on this occasion.

  • neil on 05/03/2012 - 14:24
    +3

    bemybubble, logouts, jv, and tightbottom

    Please explain why this is or isn't a deal. If there is a mortage broker that can beat $500 cashback then give us a link. Your comments add nothing to users trying to determine if this is a deal or not. For someone like me, who is always interested in the loan market, I'd like to hear constructive comments like those made by Superjew.

    • bemybubble on 05/03/2012 - 14:31

      Hi Neil,

      The deal lies with the actual loan itself and the rate of interest. I agree $500 is quite nice, but thats like me posting a bargain saying '$500 cash back if you buy a PS3' and the PS3 is selling for $1000 :P

      My 2 cents anyway…

      • neil on 05/03/2012 - 14:34
        +1

        There ya go. That's informative. Could you possibly compare a direct quote from say NAB vs. a direct quote from this rep via NAB?

      • Associatedjunkie1969 @ Uploaded Files on 05/03/2012 - 14:46

        Hello Bemybubble,

        Some mortgage managers may have specials through my aggregator that you will not get through going direct, or with another broker if they are with another aggregator.

        You pick the lender and the loan of your choice and if they are a lender I am accredited with (I have over 30 to choose from )I will give you $500 from my pocket if the loan is approved and settled.

        Hope that helps

        • bemybubble on 05/03/2012 - 15:10
          -1

          Currently have 6.59% with NAB, which I want to switch to Ubank at 6.14%

          Are they accredited at the same or better rate?

          edit: sorry ubank is 6.23%

  • [Deactivated] on 05/03/2012 - 14:24
    +1

    Mods are a bit slow today

  • chylld on 05/03/2012 - 14:31
    +1

    I recently talked to 3 mortgage brokers for my new home loan. They offered rebates of $2000, $3000 and $3500. The lenders give brokers a one-off commission of $4000-6000 + ongoing commission so a $500 rebate is hardly anything.

    • CyberMurning on 05/03/2012 - 14:36

      so high one off commision and how much the ongoing commisions? damn no wonder so many want to become brokers.

      • chylld on 05/03/2012 - 14:39

        for my loan, the broker got about $6000 upfront commission (on settlement) and $150/mth trail commission.

        this bargain is an ad, and not a very good one at that. sorry yvette

        • Associatedjunkie1969 @ Uploaded Files on 05/03/2012 - 15:07
          +1

          I appreciate everyone's feedback.

          Are you able to tell me the names of the brokers that have given you these great rebates so that everyone may benefit - me included?

          I am good honest genuine person who works as a mortgage broker but am not a marketer.

          This is a genuine offer from one person to another to help each other out.

          Hope that helps.

    • sme73 on 05/03/2012 - 14:39

      And did you end up securing a much more substantial rebate plus a low interest rate? Am looking to find a broker myself, so incentive for my business is music to my ears!

      • chylld on 05/03/2012 - 14:40

        i got 1.1% lifetime discount at westpac.

      • Associatedjunkie1969 @ Uploaded Files on 05/03/2012 - 15:09

        Happy to help if I can.

    • huntress_love on 05/03/2012 - 14:44
      +1

      who's your broker chylld?
      like the sound of the rebate, haven't come across such big rates.
      was you loan amount over 1 mil?

      • chylld on 05/03/2012 - 14:50

        can't say, but yes loan amt > 1m

    • rmamila on 05/03/2012 - 15:01

      chylld, you have a point. But the whole idea of ozbargain is to find a bargain and something better in financially as we all know that it's the middle man in any industry who gets the most and rip off the end-consumer. Who ever can give more discounts, more upfront commissions to the end consumer should get the publicity. Consumer is the ultimate person paying for Big4 and all brokers for their fortune. If you know anything better share it with the ozbargain community so that all know where to go next time.

      • xor on 05/03/2012 - 18:34

        To be honest, if I'm paying the same amount overall anyway, I'd rather a cut of the money go to a middle man than it all go to the banks

  • sunnyii on 05/03/2012 - 14:37

    Hahahaha nice try!!!! But this is ozbargain not aussie home loan…

    • Associatedjunkie1969 @ Uploaded Files on 05/03/2012 - 14:53

      I am not affiliated with a Franchise.

      Hope that helps.

  • zeomega on 05/03/2012 - 14:43

    Considering for a 500grand loan the bank is earning about 600k on top of principal on a 6.3% rate( fixed just for arguments sake) over 30 year tenure, 500 really is nothing.

    • Associatedjunkie1969 @ Uploaded Files on 05/03/2012 - 15:28

      Hello KeeFy,

      The average loan time according to ASIC report 125 is 3 years before refinancing/terminating.
      The average loan amount is $294,100 as of ABS DEC 2011 in Australia.

      Hope that helps.

      • sash213 on 05/03/2012 - 16:20

        So? the new Bank will make the large amount of money and then the next Bank.

        On your avg loan, they still make 300k+.

        Ppl wouldn't jump ship if lenders didn't give them ample reason to.

        Anyway brokers like you benefit as you get thousands in upfront commission over and over again for the same customer.

        Hope that helps

        • Associatedjunkie1969 @ Uploaded Files on 05/03/2012 - 16:45

          Hello Sash213,

          Yes it is true that refinancing your loan the commission goes to the broker who writes the loan.

          The incentive is to keep your clients happy.

          I would also like to note that many of the lenders have a clawback which means if you do not keep your loan in place for a period of time (which differs for each lender) the broker has to pay back some or all of their commissions paid to date. That is incentive to keep the client happy.
          I personally would not write a loan unless the client knew that this was a possibility and that the lenders may take back all the commission that your broker has already been paid to date for your existing loan.

          Brokers may be accredited by the Lenders but they work for the client - or end up working for nothing.

          Perhaps I should be asking everyone then - What would you like to see happen?

        • rmamila on 05/03/2012 - 17:13

          Hello martincwain, You statement is very doubtful to me as the broker can not guarantee to keep the customer stick with bank for 30 long years. However at the same time banks have tied up the customers with the break fee and settlement fees. In my case I have two separate loans for land and the house so if I want to move in first 4 years, I have to pay $2400 which is big and keeps me tied with the bank. Once I finish this period, I will move anyway because I was paying the hefty interest and wasn't a happy customer at all.

  • bemybubble on 05/03/2012 - 16:57
    +1

    Martin im curious to see whats the best residential rate you can offer? This day and age choice of bank is low priority on peoples minds. What it boils down is to dollars and cents :D

    Edit: oops Martin or Yvette? :P

    • Associatedjunkie1969 @ Uploaded Files on 05/03/2012 - 17:14

      Hello Bemybubble,

      If you are only chasing the best rate can I suggest you visit the lenders websites, or try www.canstar.com.au where they have a great many lenders rates published, but not all. I am not affiliated with canstar or associated in any way.

      If you would like me to assist you in finding the best loan for you that gives you the best saving over your intended term for your situation then I am happy to oblige. Plus $500 on settlement for allowing me the privilege of assisting you to get the best saving. Please call me.

      Yes Yvette it is :)

  • freemoneyhunter on 27/03/2012 - 00:53

    This whole thread feels parasitical, Everyone feeding off the new mortgage holder. Anyway how do we get this $500? we refer new borrowers to you or is it only if we get a loan out with you?

  • freemoneyhunter on 27/03/2012 - 01:01

    Oh, I pasted her number into google and there has been identical posts over at gumtree and other sites on the internet.

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