Topic: Mortgage Brokers

Ruby questioned whether a service fee could be charged by her mortgage adviser when she did not accept the loan offer he presented.

Ariki asked a mortgage adviser to help his family get a loan to purchase his father’s property. Things fell apart when Ariki and his sister couldn’t agree on what to do with the property once they got the loan – but was the adviser to blame?

Amanda was not happy with the service she received from her broker and believed he was the reason why a loan was declined. The parties agreed to settle the complaint on a goodwill basis.

Mortgage broker did not explain to her client that he would need to pay his former lender an early repayment cost and repay a cash contribution when he refinanced with a new lender.

Corey believed the amount he was invoiced for mortgage broking services was not fair.

What happens when your mortgage broker gets it wrong, and does not correctly advise the bank about how you would like to structure your lending?

Two hours before Margaret was due to resettle her mortgage, she received a call from her financial adviser. The adviser told her she was going to be charged a $1,000 ‘clawback’ fee if she went ahead with the new mortgage. Should the adviser have told Margaret about the fee earlier?

Should Dipak have to pay the mortgage broker’s fee, when he didn’t draw down the loan?

A mortgage broker tried to recover commission clawed back by the bank after a loan is repaid early

A mortgage broker charged a high fee, provided substandard service and made errors causing the clients considerable stress, and additional costs