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Failed expectation.

2 out of 5, reviewed on Aug 27, 2017

I decided to use Mortgage Broker Melbourne based on good reviews online. Well. I'd better not to do this. I had a very simple task: refinance single mortgage with 70% LVR (which mean no issues with insurances, approvals, etc) into another bank and complete 2 (yep, just two) payments to third parties. Two simple EFT.
Settlement was delayed by nearly month since formal approval which cost me extra payments. But that was OK.
At the day of settlement bank were not able to process as they "did not have enough funds", what we did find out is that broker didn't send updated documentation to the bank. Luckily he was able to do it within settlement day.
After settlement I found extra $500 charges on my account, while at the beginning I was told that this refinance will cost me zero and bank has a $1200 "welcome" package to cover transfer cost. The broker "forgot" about those extra charges and no pack were available.
The actual settlement was $950 more than originally planned.
After all, several business days later, I found that none of third-parties got any funds. After chasing the broker for two days I found that bank issued _paper_ cheques, because they not able to do EFT.

So now I paid extra $1400 in fees and charges and none of third-parties got funds as I still need to process cheques at my own time and my own expenses.

You probably will be beneficial from them only if you don't care about couple grands loss in fees and extremely busy so you not able to do basic online research and elementary math. On my own I would make much more easier refinance.

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Mortgage Broker Melbourne Official

We are very sorry you had a poor experience. Bank delays are frustrating but there were aspects of your transaction that were under Tobe's control that definitely could have been handled better. We... read more »


Questions & Answers

Hi Looking at buying a home within the next 6 months My husband and i would like to know how much we can borrow? Deposit needed ? Thanks Kathleen

Kathleen asked on Jul 22, 2018

Answer this

Hi Kathleen, Thanks for your enquiry, we'd be delighted to assist! Could you please email info@mortgagebrokermelbourne.net.au so we can help answer your questions and guide you through the process? Cheers! Marc

Hi there does your service also do refinancing services in Brisbane?

Tom asked on Jun 25, 2018

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Hi Tom, absolutely we can! Please call 1800 111 626 and we can start the ball rolling.

Hi, my wife and I are looking to purchase our first home. We only have 10% deposit and we have both our parents houses as surety. We were advised because our parents were pensioner, living in those homes that they couldn't accept those properties. is there another way besides mortgage insurance to get into the market. kind Regards Alex

Alex and Anna asked on Feb 11, 2018

Answer this

Hi Alex and Anna, Thanks for your enquiry, we'd be delighted to assist! In some cases, lenders mortgage insurance can actually be waived. For us to see if you would qualify, can you email us at info@mortgagebrokermelbourne.net.au? Best Regards, Marc Barlow

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