Topic: Mortgage Brokers

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

Anna and Tony believed their mortgage broker had not followed their instruction to fix their interest rate for two years. Instead their interest rate had been fixed for four years. Anna and Tony were unhappy as their bank’s floating rate had now fallen below their fixed interest rate. Anna and Tony made a complaint but was their sufficient evidence to show the mortgage broker had not followed their instructions?

Barry wanted to refinance in order to purchase a new business. He used a mortgage broker who went to another broking firm to seek finance. Barry signed the broking firm’s mandate setting out their terms and fees. Barry did not accept the loan finance arranged by the broking firm. Did Barry to have to pay the broking firm a fee?

Liam needed finance to construct a prototype for his small business. Liam entered into an agreement for a loan from a contributory mortgage broker for one year, but could not repay the loan on the due date. Liam arranged a new loan through a different lender to repay the original loan two months after the loan’s due date and asked for the loan’s settlement figure. Liam was shocked that the original loan had been extended to cover the two months past its due date, and that a $10,650 re-establishment fee had been charged by the contributory mortgage broker. Could Liam’s loan have been extended without his knowledge?

Did a mortgage broker tell his customer interest rates would definitely be going up and the customer should fix the interest rate on his loan?

A mortgage and insurance broker did not give her customer adequate information about the potential for her to charge a fee when the customer cancelled the mortgage finance and insurance after a short period of time

You instruct a mortgage broker to arrange bridging finance for you, you’re happy with the terms provided and accept the offer. Before drawing down the loan, you are able to arrange a better deal on different terms. Has the broker acted reasonably?