Ex Aussie broker June 29, 2009

SO now they’re proud of the fact that they’re not the slowest in the world any more…..big deal.

TBONES June 29, 2009

BZZZZZZZZZZ, FAILED AGAIN!!

Ahhh, that’s the best one i’ve heard to start the week!

Xerxes June 29, 2009

I’m one of the few brokers that have absolutely no complaints at all about NAB’s service. I haven’t used them for 3 years.

Don’t be fooled people. NAB, CBA & Westpac are monsters.

Stay clear of them. NAB’s star system is dreadful (plus no trail in 1st year) & their products and pricing is nothing special.

CBA are now demanding 3 settled loans / 6 months (even when their service is horrid or if pricing not competitive - no way I’m copping this blackmail) - volume demands from lenders is unethical & anti-competitive.

Westpac led the charge against brokers last year by cutting comms by 30% without so much as a discussion. All under the disguise of the GFC & tightening profit margins. Well, margins have returned to pre GFC levels but no hint of broker commissions returning. Plus, for those of us who have been in this game long term, remember Westpac attempted to move against broker commissions several years ago.

NAB, CBA & Westpac should all be blackband. These 3 corporates are hostile to brokers. They are only using us because the coverage we have in the market place. Pull the plug on them before they pull it on us.

Frustrated June 29, 2009

Let’s wait and see. When you’ve got one that’s taken 3 months and still not unconditional yet, I’ll need a lot more convincing than that before they’ll get another.

Xerxes June 29, 2009

To Frustrated,

May I suggest that you never give them another deal based on the service they have provided you. They don’t deserve your loyalty.

Angry AFG Broker June 29, 2009

After 4 weeks of hell with Homeside, Im pleased to say this morning was the last one, either had to move them or just wait their pathetic 2-3 months for formal approval. They tricked me with the Star system, promoted to 4 stars, yes well they can shove their 4 stars, they wont get another chance with me. They have lost several deals for me, as if things arnt tough enough for brokers, they have to make life hell. And to add no BDM to service our enquiries, no matter the reason, we should have had a replacement during this difficult time. No more chances with me im afraid. I dont enjoy the higher levels of stress. Its also interesting to note their “improved” credit policy. They declined 3 of mine, I got them approved, with a smaller bank in 3 days, all 3 of them. They were not bad deals at all, couldnt have been the other bank was more than happy to take all 3.

frustrated June 29, 2009

Wouldnt recommend them to any of my clients what’s so ever !

A Melbourne Broker June 29, 2009

The turnaround times are one thing, but the attitude by Homeside employees / staff was another. I think the latter was most damaging, i felt there was no “understanding” from them at all at what we had to deal with, they perhaps cost us a client & referrer “relationship” because the “solution” took too long.
And that my fellow brokers is NABroker’s 3 core values i believe going by what is at the bottom of their emails.
I received very vague, incorrect and at times no feedback during stages of the process which made it difficult for me to manage the client / referrer.
I will not be jumping to recommend clients to them again and i would expect they should issue an apology to each broker for their contribution to make us look absolutely incompetent.

Mid North Coast June 29, 2009

I had faxed a COS twice and 14 days later the valuation was still not ordered. We also had an application lodged Mid May and were prepared to wait it out as the applicants were FHOG at 95% - still have not received pre approval. I am running out of excuses to tell my clients…

CBD Finance Broker June 29, 2009

I completely agree with “A Melbourne Broker’s” comments - Homeside behave and conduct themselves as if they are doing the Broker a favour. Newsflash homeside, the majority of your mortgages are originated by Brokers so pull your sevice heads in. I won’t be using them again.

Jon June 29, 2009

You heard the one about the English man, the Irish man and the Scotsman? It’s not nearly as funny as this update! They say they have improved but they certainly haven’t … and by their own admission things are still working too slow! I have lost $$’s & clients as a result of their recent in-effeciences. And it seems from the other comments that I am not alone! They are now on our Do not call list for some time!

Mid North Coast June 29, 2009

Also, for another deal I was told it was stuck in the ‘middle of two queues’. When I asked how this could be, there was no answer intelligent or otherwise. When I asked what could be done about it I was told to send a fax requesting it be moved. Broker support could have sent an email to the ‘team’ but it was going to take days to be actioned as opposed to a fax that was going to take over 24 hours to get through the system anyway.

Louis June 29, 2009

This is excellent news! So why did they take 7 working days to send out mortgage docs after unconditional?

Marcus June 29, 2009

I must be dealing with another similarly named lender? not so, I have a deal in its 7th week. I believe they think if they feed sufficient propoganda into the market , some may well start to believe it.
They are just deluding themselves.

Brad June 29, 2009

Hi Guys you are the ones who choose to send your deals to these Banks.
Their are many other lenders out there, so use them. Tell the client you could use these Banks put they will only stuff them and you around, and offer them the alternatives. Homeside even on a good day was a night mare, they could not see an elephant in the room so how do you to expect them to find a file. Of the big four ANZ is the only one that I found helpful, you would have delays, but at least they always tried.
If brokers chose not to use a certain Bank for a period, what would the reaction be. I have had Banks who have said I will not offer you an accreditation until you promise me a percentage of your Business.
IF that is the case tell the client the facts, and in most cases they will support you. if you lose them so what they will only be stuffed around and you will not be blamed.

Peter Buskin June 29, 2009

Haven’t given them a deal for over 4 years - they’ve had nothing special to offer on either rates or fees for a long time. When I did use them they used to stuff up things ( like forget to process FHOG’setc ).

Broker 1 June 29, 2009

Agree with Brad 100%. Clients are not stupid, if they know you are going to have a problem with a lender then they would rather you not send it there. At the end of the day we are dealing with clients who are making a big commitment, they do not want to be stuffed around. Be honest with your clients and tell them the problems with the problem lenders and if they still insist then at least you have warned them in advance and you cannot be blamed.

Melbourne broker June 29, 2009

I am explaining to clients, in no uncertain terms, that the wheels keep falling off there and they can’t provide any acceptable level of service at all. This is an indication of the service the client can expect after settlement, hence not one client has shown any interest in a Homeside or NAB loan for months.

Contrary to what Mr Lawler may beleive, clients are not interested in the cheapest deal or having their loan with the most arrogant lender in town. They’d far rather pay a little more and get good ongoing service.

I asked my BDM if they could settle a purchase in 40 days and was told not a chance. At least he’s honest. I wish his management team would do likewise.

Mike Pitt July 1, 2009

STILL we continue to whinge & bitch about changes directly affecting us. We have a chance to have a real say & a collective voice. There are currently 16 ‘members’ wanting change & willing to act as one - join us. Get on board at
http://independentbroker.com.au
It is NOT aligned with any aggregation company, lender nor industry association. You can remain anonymous if you wish but still have a real say about matters affecting all of us. No-one is going to help us; we MUST help ourselves. Get this thread post to all other brokers in your group.
Venting on posts such as this will only get it off your chest, joining with others to make change happen is the only way to get change.

Broker July 1, 2009

To Lending Central. Why would you let someone promote their website/chatroom here??????????????????