Hi everyone,
I have recently spoken to a broker about seeking pre-approval. In their documentation they explain that they charge a $35+GST admin fee upfront, then they charge $265+GST as a commitment fee, which is refunded upon receipt of commission payable. I was wondering if this was usual practice? I have checked with a few other brokers online and I haven't come across any similar fees.
However, I have been highly recommended the services of the broker who charges the fees, so I'm thinking it may be a case of 'you get what you pay for'. Maybe it's worth paying the fees to get the best rate possible?
Thanks!
Michelle,
This isn't normal practice. Having said that they may do it as they see themselves to be worth it or to help stop time wasters. I have spoken with a few brokers myself to gauge a rough borrowing amount, none have charged. Also may be in your interest to remind them that you don't want any credit checks carried out so that it wont turn up on your rating. The brokers i used were happy with this request and can still provide the information you need.
Hi Kevin,
Thank you very much for your response. And I will be sure to remind brokers that I don't want a credit check stamp on my record - thank you for the advice!
Regards,
Michelle