Refinance Your Mortgage & Get Trail Commission Back (e.g. $100/Month on $800,000 Loan) @ Soren Financial

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• 

  jv on 10/02/2023 - 11:24

  +2

  what's in it for you?

  • 

    Marketingmans246 @ Soren Financial on 10/02/2023 - 11:27

    +7

    Hi - We are paid an upfront commission as well as a trail, we are sharing the trail with our clients through this promotion. We feel that during these times of high interest/high inflation it is a great value add back to the client.

  • 

    homersyd on 10/02/2023 - 11:36

    +2

    I think they are trying to compete with all the cashback offers in the market atm, smart move on their part to offer trail commission instead of up front so people have to stay with the same lender -> their trail commission will continue….

    • 

      Marketingmans246 @ Soren Financial on 10/02/2023 - 11:47

      +2

      You dont have to stay with the same lender, you can move and the trail will follow as long as it is refinanced via Soren Financial :)

• 

  unaware on 10/02/2023 - 11:50

  Is this just for refinancing or also for new home loans?

  We're based in SE QLD and were looking to talk to a broker soonish to purchase our next home in the next 6 to 12 months.

  • 

    Marketingmans246 @ Soren Financial on 10/02/2023 - 11:59

    Hi - this is for both refinance and purchase loans.

    • 

      unaware on 10/02/2023 - 12:09

      Just realised you guys are based in NSW. Do you also do SE QLD? Thanks!

      • 

        Marketingmans246 @ Soren Financial on 10/02/2023 - 17:19

        Most definitely - we cover all of Aus.

• 

  cheekymonkey97 on 10/02/2023 - 11:55

  Why would anyone do this when they can just refinance with cashback and end up ~$3k ahead after fees? That's the equivalent of $250/month minimum.

  • 

    Marketingmans246 @ Soren Financial on 10/02/2023 - 11:59

    +2

    Hi - the cash back you receive from a lender is on top of our offer. (i.e you receive both cash back and trail)

    • 

      cheekymonkey97 on 10/02/2023 - 12:00

      +1

      Oh ok, that wasn't super clear in the OP. That's a great offer, I just refinanced but I might hit you up because I'm not too happy with the bank.

      EDIT:

      Plus, this is all in addition to any cash back deals offered by the lender

      Oops, Im an idiot and should do a better job of reading, sorry.

    • 

      homersyd on 10/02/2023 - 12:09

      Is this for OO only or investment too?
      Is it $100 per 800k loan? what if you have 400k x 2? or if you have 1.6m? does this mean you get $200 per month?

      • 

        Marketingmans246 @ Soren Financial on 10/02/2023 - 12:20

        Hi - the trail is calculated on the loan amount so in the example of a 1.6m loan, you would receive $2400 a year of $200 per month as you stated. Contact us to discuss your loan scenario…

  • 

    Ckanna on 10/02/2023 - 12:00

    It is in addition to refinance cash back..

    On a side note,
    I have sent request previously to Soren financial when they had the same promotion.. unfortunately I didn’t received any response , it’s too late now :-(

    • 

      Marketingmans246 @ Soren Financial on 10/02/2023 - 12:21

      Our sincerest apologies - last time we ran this we were totally overwhelmed by the response and as such we were not able to respond to everyone and had to close the offer early.

• 

  dynamite on 10/02/2023 - 12:12

  Are there are resources on your website that would show the interest rates you currently offer?

  • 

    Marketingmans246 @ Soren Financial on 10/02/2023 - 12:18

    +1

    Hi - we dont offer the rates, it is the banks/lenders that offer the rates. Our job is to find you the best lender for your circumstances and to do that we would need to speak with you. Reach out via our website and we can have a chat…

    • 

      fade on 10/02/2023 - 12:25

      Do you provide your service only in NSW or interstate as well?

      • 

        Marketingmans246 @ Soren Financial on 10/02/2023 - 12:26

        +1

        We have clients all over Australia and Internationally as well (we do ex pat loans too).

• 

  slickvic on 10/02/2023 - 12:14

  +1

  What kind rates can you get for OO and Investment loans?

  • 

    Marketingmans246 @ Soren Financial on 10/02/2023 - 12:25

    Hi - there are so many variables in a loan scenario to simply be able to accurately quote interest rates (E.g LVR), we could quote rates for a lender but then find out that you don't pass servicing for them or do not meet their policy requirements and then we have wasted your time and ours.

    Reach out and lets discuss your scenario and then we can check all 45 different banks/lenders and get you the best rate. This is way more accurate than overpromising and potentially under delivering…

• 

  tlaing on 10/02/2023 - 12:52

  Assuming we pass all the banks serving etc, what’s the best variable rate you have from a bank lender with offset?

  If you look at some of the other broker posts most list their top offers

  • 

    Marketingmans246 @ Soren Financial on 10/02/2023 - 17:18

    Sorry under our credit license we are not allowed to quote rates without understanding the client's specific scenario. I cannot comment on what other brokers are doing…

• 

  silenthillrocks on 10/02/2023 - 13:22

  -6

  Looks like an ad not a deal

  • 

    Marketingmans246 @ Soren Financial on 10/02/2023 - 13:25

    +1

    This is an Ozbargains specific deal, you wont find this on our website.

• 

  repeat on 10/02/2023 - 13:42

  Are these deals becoming more difficult with the reduction in property prices over the last year (Sydney in particular), are valuations done at the time of refinancing, and what happens if my LVR is higher than what it was last year?

  Another thing I have been wondering: if I refinance with a fixed rate (I understand these can only be up to 5 years or something), when the fixed period expires, is the property revalued at that time or will it automatically become a variable loan with the old valuation?

  • 

    Marketingmans246 @ Soren Financial on 10/02/2023 - 13:54

    +1

    Hi - a few things to unpack.

    1. Depends on what your LVR is to start with. E.g if your LVR was 80% last year, assume that its 85-90% now. We can easily confirm this for you by checking on RP Data so reach out.

    2. You cannot refinance with a fixed rate without incurring break fees (amount is dependant on how long you have left on your fixed term), every-time you refinance with a new lender we need to provide them with a valuation that is less than 90 days old.

    • 

      repeat on 10/02/2023 - 14:18

      Thanks - re the fixed rate mortgage it was more that I was unfamiliar with how they work. (I am new to this)

      If I were to get a fixed rate mortgage when refinancing, I was wondering if valuations are required at the end of the fixed rate term, or does it automatically roll over at to variable and not require valuation?

      Update: I found this which explains it:
      https://www.lendi.com.au/inspire/finance/what-should-i-do-wh…

      So it sounds like they don't require valuation of the property at the expiry of the fixed rate and just roll you onto their (more expensive unless you shop around) standard variable product. From what you said I understand refinancing with an alternative lender at this point would require a fresh valuation of the property.

      • 

        Marketingmans246 @ Soren Financial on 10/02/2023 - 15:55

        +1

        That is correct, you only need another valuation if you move to another lender as they need to do their due diligence when assessing risk.

        Since you mentioned that you are 'new to this' you will find allot of handy info on this site: https://ourtop10.com.au/blog/

        • 

          repeat on 10/02/2023 - 16:01

          @mans246: Thanks

• 

  Charlenezzz on 11/02/2023 - 13:23

  How does the rebate work if you have money in the offset account. Say my loan size is 1mil but I have 500k in the offset account, how much rebate would I get per month?

• 

  Marketingmans246 @ Soren Financial on 11/02/2023 - 15:03

  The trail is based on the new amount that is sitting in your offset, so in your example that you gave you would be paid trail on 500k. Get in touch and I will send you a table showing the trail amount and how it affects the life of your loan.

• 

  baron33 on 12/02/2023 - 17:01

  so as trail commission cashback, i don't have to stay with the same lender for 2 years right? e.g i can move to another in half year? whilr still get your commission rebate

  • 

    Marketingmans246 @ Soren Financial on 12/02/2023 - 21:46

    Hi - If you move within 2 years, our comms gets clawed back. We are happy to facilitate the move if there is a real financial benefit to you and continue to give you the trail however If you plan on hopping around every 6 months because you are trying to acquire cash backs from different lenders we are not the brokerage for you.

    PS the banks have now started to place into their terms and conditions that if you have received a cash back from another lender within X then you wont be receiving a cash back from them.

• 

  oblivianz on 13/02/2023 - 16:16

  Booked in for a phone appointment at 4pm today but did not receive a call.

  Edit: All good, soon received the phone call and proceeding.

• 

  acai on 01/03/2023 - 17:51

  Requested a phone appointment last week, the time passed and did not received a call. Been a week and no follow-up as well.

  • 

    Marketingmans246 @ Soren Financial on 02/03/2023 - 22:41

    Hi - I saw your email come in today (sorry had back to back calls and meetings all day). We did call you on the day of your meeting and I got a voicemail. Will try you again tomorrow…

    Appreciate your patience…