March 26, 2014
Recently a client gave us the following feedback:
“This is the first time I’ve used a broker and I can’t believe how easy it was. When I think of all the hours I spent on the phone last time round and no one could give me answers without passing me on to someone else. It was a nightmare.”
It’s probably no surprise to anyone that our client’s previous experience is apparently quite common. A brief time spent researching the topic produced the following areas of frustration when dealing directly with lenders.
1. The Vicious Circle of Incompetence
Many people complain that when they finally get onto someone who has their file at hand the employee complains about the most recent work done on the file by one of their colleagues. Despite assurances that the issues have been addressed, they then go on to make different errors and the cycle starts again.
2. The SMSF Hole
Many complaints have been made about the lack of knowledge of lender staff when it comes to SMSF with a corporate trustee. The common experience seems to be being ‘fobbed off’ to another department over and over again. One online blogger calls it the ‘black hole’, claiming that anyone who can possibly be of help on the topic has slipped down it never to be found.
3. Credit Card Madness
From financially solvent women to people with no credit rating because they have always paid in cash, trying to get a credit card with your own lender can be a marathon event. More annoying to many people is the fact that when they finally get through to a lender employee with some responsibility, the card can be approved within 24 hours. Unfortunately it is common practice for some lenders to negate this eventual expedient service by sending contradicting communication as a follow up. One blogger reports, “After weeks of trying I finally got approval for an increase in my limit in one afternoon. The next week I received two letters on the same day. One confirming my new limit and one refusing my application. At least they keep Australia Post in business.”
4. Economy with the Truth.
A large number of complaints about Australian lenders centre around the manipulation of fact during verbal correspondence. One on-line comment reads, ”My bank lied to me today. It was such a big fat one that I doubt they've kept it in their little recordings.” Indeed the rate at which these recordings seem to go missing in general is another bone of contention with lender customers.
It’s no wonder our first time broker user client found the process so easy. At Mortgage Choice at Sutherland we liaise with your lender from application to settlement.
WE do the long waits on the phone to take care of your lender’s inevitable administrative hiccups.
WE take care of all the details including organizing credit cards for your accounts.
WE record every communication re your application in your file so that lenders have to be accountable at every stage of your application's progress.
WE have access to lender support systems and personnel that the general public doesn’t.
WE can negotiate on your behalf for possible better rates.
WE liaise with your solicitor and your real estate agent to ensure everyone knows timeframes and key dates for exchange.
WE follow through on your first repayments after settlement to make sure all is as it should be.
WE provide a free annual Loan Statement Review service to all our valued clients giving you peace of mind that regardless of rate changes or changes in your own circumstances you are still on the best possible deal.
It’s high fives without the chair at Mortgage Choice at Sutherland.