No mortgage brokers, get $1000+ for going direct to your bank (home loans)

AssociatedLneo21 @ weshare.com.au on 02/04/2011 - 20:50
Last edited 05/04/2011 - 11:21

We Share are not mortgage brokers. Borrower's receive the same loan as if you walked straight into the bank, same interest rate (in most cases better), same term, even the same banker. We Share refers direct to the borrowers lender of choice.
Then gives back for the average sized loan $1000plus depending on the lender.
This service costs the borrower $0, there are no extra fees or charges by We Share or the bank.

We Share gets paid a 'finders fee' for each successful borrower they refer to the bank. They then refund the majority of the money back to the borrower.

All We Share need is for the borrower to complete a 2 minute application form, which is sent directly to the borrowers choice of bank.

We Share also have a refer a friend EARN $100 for those who know friends currently in the home loan market.

Furthermore the refund is an add on to the already cash bonus given by CBA ($1200) NAB ($1000) and St George ($700) for refinancing. That's a $2000 incentive to change banks.

If you or a friend is going direct to the bank, ensure you stop them and direct them to We Share.

  • If you look in the deals section, we are currently giving $150 extra cash back until the end of April.
General Discussion

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Comments

  • ThePistonHead on 02/04/2011 - 20:54
    +2

    inb4 s*** storm

  • ozblogger on 02/04/2011 - 21:11
    +1

    "We Share gets paid a 'finders fee' for each successful borrower they refer to the bank. They then refund the majority of the money back to the borrower."

    I think that service would classify you as a broker
    No bargain here, nothing special than others

    • Associatedneo21 @ weshare.com.au on 02/04/2011 - 21:18
      -1

      Hi Ozblogger,
      Thank you for your comment.
      With We Share, the borrower chooses the bank they wish to go to via the application form, this form is directly sent to a mobile banker of the bank the borrower chooses. In other words its a bank staff member.

      No brokers are involved, this service is no different to going direct to the bank apart from the cash back refund.
      This is a no advice business, unlike mortgage brokers.

      Borrowers negotiate their own rates with the bank directly either in the branch, at work or home.

      • clandestino on 02/04/2011 - 21:26
        +1

        A mortgage broker receives a fee for each loan that is placed, and then receives ongoing trailing commission for the life of that loan.

        But you're not a broker, so you don't receive those fees !!! ho ho…

        I'm guessing that you guys are just running this business as a not-for-profit organisation, out of the kindness of your own hearts?

        • Associatedneo21 @ weshare.com.au on 02/04/2011 - 21:36
          -1

          You can say that, But instead of criticising We Share which is doing a good service for the 60% of Australian borrowers who go directly to the bank and are missing out on $1000's, why not call the 1800 number during office hours and our staff to explain it further, if you don't understand.

        • [Deactivated] on 02/04/2011 - 21:52
          -6

          neo21 said @"… why not call the 1800 number during office hours and our staff to explain it further, if you don't understand."

          Lovely. Insult the potential customers. I foresee a bright future for this company.

        • AntMan76 on 02/04/2011 - 21:55
          +7

          I didn't find it insulting to clandestino. Up to him/her to decide if they were insulted. Looked like neo21 was suggesting that it may be better/differently explained over the phone.

        • clandestino on 02/04/2011 - 22:28
          +1

          Not insulted at all. But rather than asking me to call the 1800 number, why not just answer a straight question: do you receive the sign-on fee and the trailing commission that a mortgage broker does?

          (I know you do.)

        • Ashlea on 03/04/2011 - 02:52

          Suggesting someone may not understand is far from an insult nhand.

    • SteveM on 02/04/2011 - 22:13

      To be a broker, they would have to provide some benefit to the borrower. All I see here is someone that wants to get paid for you applying direct with a bank.

      I really don't get the benefits to this. If the bank is paying a referral fee then that must be added to the loan charges somewhere.

  • AntMan76 on 02/04/2011 - 21:25
    +2

    When is a broker not a broker? When they get you to nominate the bank you want to use. BUT, they still get a commission. Oops I mean 'finders fee'

    • clandestino on 02/04/2011 - 21:27

      when will these jokers learn?

    • Associatedneo21 @ weshare.com.au on 02/04/2011 - 21:31
      +1

      The difference between a broker and a referrer (we share):-
      1. Brokers complete the loan application from a - z, We Share refers to the bank and allows branch staff to complete the transaction
      2. Brokers give advice on which lender to choose, We Share it's up to the borrower when completing the application form.

      I can understand the confussion as the public are only aware of direct to bank and brokers.
      We Share a referrers, thus they pass a borrowers details on to the provider they desire.

      FYI We Share is a registered credit representative of ASIC

      • No on 02/04/2011 - 21:37
        +1

        I think what neo21 is trying to say is rather than organizing the loan they just arrange for a bank rep to visit you and get a finders fee from the bank. The bank rep will then be limited as to how much they can negotiate since they will need to pay weshare the finders fee so the only winner is weshare themselves.

        • Associatedneo21 @ weshare.com.au on 02/04/2011 - 21:45
          +1

          You are almost right Daveaus. But with We Share neither the bank or We Share charge the borrower any extra fees or charges. In fact you will find borrowers get their loan approved quicker and have better bargaining power then going to a broker.

          Here is a question for all, which would you prefer
          (a) borrower went directly to NAB, got 6.9% with no fees and saw John doe the mobile banker for a loan of $500,000 and got approved

          or

          (b) borrower went via We Share to NAB, got 6.9% with no fees and saw John doe the mobile banker for a loan of $500,000 and got approved and got $1500 cash

        • clandestino on 02/04/2011 - 22:30
          +6

          Or (c) borrower does a bit of research himself and gets a better deal from a loan provider that doesn't pay commissions to mortgage brokers…

  • sweefu on 02/04/2011 - 21:43

    Just out of curiosity, because you don't really offer any financial advice or products, does this mean you do not have to be registered with ASIC?

  • marquise on 02/04/2011 - 22:03

    What if you are refinancing from Westpac to NAB and NAB are offering $700 to cover discharge costs, would customers still be able to get this if they went through We Share ?

    EDIT: just re-read the description which answers my question.

  • Shoocat on 02/04/2011 - 22:47
    +10

    I'm confused - you seem to be offering people your regular, normal product.

    Is this a limited time offer, or in some way limited to Ozbargain users?

    Otherwise, it seems like you are using OzBargain to advertise yourself…

    • CarbonTwelve on 03/04/2011 - 08:19
      +6

      Yup, at the end of the day it doesn't matter whether you are or aren't a broker. This is not a limited special or anything so you're basically just using OzBargain for advertising.

      • aussman on 03/04/2011 - 08:22

        +1

      • SydGuy on 03/04/2011 - 08:23
        +1

        agreed

      • petesmith on 03/04/2011 - 10:24
        +2

        A mortgage broker without the service

  • altomic on 02/04/2011 - 23:26

    hhhmmm, I don't want to buy a house to get the $2000.

    could I just have the $2000?

    • AntMan76 on 02/04/2011 - 23:34
      +2

      sure. zimbabwean dollars maybe.

  • medium_tight on 02/04/2011 - 23:51

    This is a common practice, broker or "middleman" would give you some refund/commission sacrificed after the loan has been approved and for awhile, it does make them like ascending to sainthood.

  • BoltThrower on 03/04/2011 - 00:50
    +4

    A few butt-hurt people here. You're getting something for nothing and the only thing you're complaining about is that someone else is also getting something for nothing.
    I'm saying most of the crying here is that you paid full price and are attacking an uninvolved party after the fact.
    If you didn't think of this yourself you only have one person to blame. Get over it.

    • Ambiguous on 03/04/2011 - 02:01
      +4

      Yea absolutely right, this is just like moneybackco for home loans (except not 100% cashback). Can't see what the issue is, except that it's not a limited time deal constituting a 'bargain'.

  • jong on 03/04/2011 - 02:57
    +1

    No ABN on your Contact or About Us pages, and your HTTPS certificate appears to be of.. uh… dubious origin.

  • Ashlea on 03/04/2011 - 02:59
    +8

    Your website is registered under a company called 'The Australian Adult Group Pty Ltd'. "Adult" in what sense, hmmm?

    Also, your website is pretty terrible and is missing vital information.

    It sounds like all you're doing is taking all the money that savvy loan-shoppers will save by asking the right questions (no application or startup fee), and giving us half.

    However, for people who are too lazy or not confident enough to get all of this from the bank, it's a good deal.

  • aussman on 03/04/2011 - 06:59
    +2

    rebates for brokers/finders are normally around 1% + trailing comission so not much of a deal if your giving .25% keeping .75% and the trailing commision for doing jack all in your words.
    giving you have a financial services licence you are a broker and calling yourself anything is sugar coating

    • gozhard on 03/04/2011 - 08:45
      +1

      I work for a bank and can tell you brokers no longer make 1% upfront. The banks that pay the best commission now pay 0.55% upfront and 0.15% trail starting in the second year.

      • aussman on 03/04/2011 - 08:52
        -1

        even working on your figures take 800k loan
        cashback was $2400
        at .55% =$4400
        $2000 for doing jack upfront
        then .15% for life of loan of 30 year loan with interest at rate of 7.8% = 2.077 million dollars total amount owing
        = $3115

        so for doing sweet nothing they get
        **********************************$5115*******************
        assuming interest rate stays the same and you get 2400 for bearing all the risk - sounds like a good deal to me not!!!!!
        at least a real broker does some work for the money

        • Associatedneo21 @ weshare.com.au on 03/04/2011 - 21:15

          Aussman, I get paid between 0.3 and 0.6% depending on the bank. I get a trail from Westpac and St George of 0.1% which is active from month 13.
          I give the majority of money away to franchisee and borrowers. My profit is 10%.

          Do your math again.

          Also there is a difference between We Share and brokers. Yes brokers do the work and they give advice. We Share is to assist the 60% of Australian who wish to go directly to the bank and now get paid for it. I don't need to tackle the broker market, so there is no need to feel threatened.

          I offer a service which is unique within Australia, I believe its special and the response over the last years has shown this. I (We Share) has helped many first home buyers, investor and even mums and dads purchase items as they are just able to afford their home. Giving that assistance makes me feel pretty good.

          If you have a questions about my company contact me on 1800 697 338. Happy to chat.

        • BoltThrower on 04/04/2011 - 18:51

          Is there some sort of official link for these numbers? There seems to be some conflict.

  • marquise on 03/04/2011 - 16:11

    In a way this service seems to be like a Moneybackco, but for mortgages worth a hell of a lot more money. You could say Moneybacko don't do much to earn your money, but just refund referral (affiliate) commissions back to the customer (after their yearly membership fee). Similarly, this service seems to give access to the referral commission that a customer would otherwise not have access to. For ~$2200 money back, it's worth considering for myself.

    • marquise on 03/04/2011 - 16:13

      I do wonder though, if you could go to your bank and ask them straight up: "I'm thinking of using this service, can you just give me the referral commission instead of paying it to someone else?"

      • Associatedneo21 @ weshare.com.au on 03/04/2011 - 21:24

        Hi Marquise,
        You can try, but they wont pay you. I have had plenty of people in the last 2 years try and cut me out, thinking the same as you and the bank staff just say "we cant give you anything, you need to be referred, it's the banks procedure"

        In order to refer business to the banks, you need to have a referral agreement in place and also are required to be a credit representative under a credit licence of ASIC and COSL. Which We Share have all the above.

        Feel free to contact me on 1800 697 338 and I'm happy to answer your questions.

        • StewBalls on 04/04/2011 - 08:12
          +1

          You can try, but they wont pay you. I have had plenty of people in the last 2 years try and cut me out, thinking the same as you and the bank staff just say "we cant give you anything, you need to be referred, it's the banks procedure"

          True, but you can get them to talk turkey on interest rates & waiving fees & charges, which could well end up being equivalent to, or greater than the referral commission anyway if you negotiate hard enough! Let's face facts, now's the time to be doing that anyway, the banks are pushing mortgage products ATM! ;)

          Nothing against your business model, it's certainly unique, and I wish you the utmost success; but there's two sides to every story, and certainly in the case of finance, more than one way to skin a feline! ;)

          I do agree with what some others have said, this is OzBargain, not Oz free advertising; to be marketing here you need to be offering something other than your regular day-to-day service.

    • aussman on 03/04/2011 - 16:48

      yes but moneyback co give you all the commision these jokers give you only 50% you think banks aren't going to add this into your package

      • marquise on 03/04/2011 - 17:51
        +1

        After the $10 membership fee right?

      • Associatedneo21 @ weshare.com.au on 03/04/2011 - 21:05
        -2

        Hi aussman, are you a mortgage broker? your comments on this site, make me feel you are threatened by my business.
        In answer to your statement above, banks DO NOT add any extra fee, charges, commission to any borrowers packages. I'm happy to sign a legal document stating this.
        The only requirement with SOME lenders is the borrowers have the loan for longer then 1 - 2 years otherwise the commission is clawed back and the borrower is required to pay their cash bonus back.

        Did you know prior to We Share no borrower could go direct to the bank and get a cash bonus? So getting 50% now, is better then the nothing of yesterday, correct? even so our average given is $1200. I'm pretty excited by this. With our refunds, borrowers have used it on holidays, tv, furniture, home improvements, etc. It's great to make a difference in people lives.

        I have a business to run and costs. FYI my profit is 10%.
        As stated below I'm very genuine and have placed my name and strong reputation all over my company/website. You if you have a question please feel free to contact 1800 697 338 and ask for Kane.

        Furthermore please re frame from adding comments which are not correct.

        • aussman on 03/04/2011 - 21:35

          No I am definitely not a broker - dont really like them as they were part of the cause of the subprime disaster
          I am not even remotely connected to financial industry
          not threatened at all - just trying to uncover ALL the facts

          Everything makes sense apart from your line you give franchisees 30% how do you franchise the website?
          surely if i sign up on your website you are taking 50%?

  • Associatedneo21 @ weshare.com.au on 03/04/2011 - 20:52
    +3

    Hi all Kane Sherwell, founder of We Share.

    I can see We Share has attracted a fair bit of attention over night and a number of you have questions, so I will cover them all within the one post and give you the story of We Share and how I created it.

    I created We Share back in 2009 after I left NAB as a mobile banker, I ran the business as a part-time operation at display homes, real estate open houses and shopping centres. I got out once a fortnight for 2 to 3 hours and would get at least 10 applicants giving me their name and phone number (that is all I need for a deal).
    Over the last two years I have returned $279,000 back to the public, it's a figure I consider small but am proud of.
    The website I launched last month, 'ashlea' the reason the website is registered under 'The Australian Adult Group" is that is the company I purchased the site name off. I think we all know the site name was intended to be for, anyway that makes me laugh.

    There is nothing special to the process, borrowers complete the application form, it's sent directly to their chosen bank's mobile banker and they contact the borrower within 48hrs to start the loan process.
    We Share is a introduction service. All we do is contact you at the start to confirm your details and again 1 month after settlement to confirm your address to send the cheque. It's pretty simple.

    Some ask, why is the bank paying We Share for borrowers to come direct and with this the borrower gets charged $zero extra by the bank and by We Share, who pays the commission?
    It's true there are no extra fees or charges and the bank pays the commission. Why?
    well for a number of reasons,
    1. Banks prefer direct applications as they are considered less risk, brokers are known to pretty up deals.
    2. Applications are handled by a lending specialists (mobile banker) who have a better chance of securing the deal and in a quicker time frame. Writing home loans is their job.
    3. We Share is not seen as a 3rd party, more so a direct sale on the balance sheet, which is better for shareholders
    4. We Share get paid less commission and in most cases no trail compared to mortgage brokers
    5. Mobile bankers are able to up sell other products to borrowers such as insurance

    Some lenders do have claw-backs, where by if the borrower exits the loan prior to 12 months and then the lender asks for the full commission back. In our terms and conditions we are able to ask for this money back from the borrower, but we ask you to come back though us and in most cases the new loan is higher then the old and we balance it off.

    So who pays the commission? well like any mortgage deal, the borrower, by leaving their home loan with the lender over a period of time longer then 2 years. Did you know it takes 1.5 to 2 years before the bank makes any profit from your home loan? it's true

    Answers to questions above.

    rebates for brokers/finders are normally around 1% + trailing comission so not much of a deal if your giving .25% keeping .75% and the trailing commision for doing jack all in your words.
    giving you have a financial services licence you are a broker and calling yourself anything is sugar coating

    *We Share are not mortgage brokers, we are referrers, we pass a borrowers details on to a specialist at the bank of the clients choice. I do get a trailing commission from Westpac and St George of 0.1% after the 13 month of the loan. I also don't get 1% upfront (I wish), depending the lender commission range from 0.3% to 0.6%.
    Brokers complete the deal from A-Z with the customer and in most cases don't share commission. In fact now some are asking fee for service.
    We Share refunds 50% commission to the borrower and starting tomorrow our franchisees receive 30%.

    Just out of curiosity, because you don't really offer any financial advice or products, does this mean you do not have to be registered with ASIC?

    *We are a credit representative under the ASIC credit license of Capital Growth Pty Ltd. Capital Growth are the pioneers of finance referral, which stated 10 years ago. They only deal within the professional space (accountants and planners) and they give nothing back to the customer. We together have direct individual agreements with lenders.
    But in answer to your question We Share is registered under ASIC and COSL

    What if you are refinancing from Westpac to NAB and NAB are offering $700 to cover discharge costs, would customers still be able to get this if they went through We Share ?

    *Via the referral channel NAB is offering $1000 not $700 (brokers) and yes you can still get the We Share cash bonus on top.
    For the average $400,000 loan borrowers receive $2200, $1000 from NAB and $1200 from We Share

    I work for a bank and can tell you brokers no longer make 1% upfront. The banks that pay the best commission now pay 0.55% upfront and 0.15% trail starting in the second year.

    Each lender has a different commission rate and my rates are much lower to a brokers. Why? because your right I'm not doing the work.
    Lenders pay We Share between 0.3% to 0.6% and as stated above Westpac and St George are the only lenders offering a trail of 0.1% starting month 13 of the loan.
    Now I give 50% back to the customer 30% to franchisees and keep 20% to run the business.
    Do you think this is fair?
    In summary We Share is a free, new and unique service. We give back referral commission to borrowers which they have not been given before. If a borrower is going direct to bank not via We Share, they will receive the same loan, the same rate and may speak to the same banker. But they wont get the $1000+.

    Now ask yourself, do you want the bank to keep the $1000+ for profit and is it better in your hands?

    As you can see people I am completely upfront and genuine. If you have any further questions please feel free to contact 1800 697 338 and ask for Kane. Happy to chat

  • marquise on 03/04/2011 - 22:01

    Thanks for your responses so far. I have one more question. If I have already seen a bank, but have not yet filled out the application for finance, is is too late to go through We Share? i.e. would the bank have on record that I have already approached them directly and hence lock you out of a referral fee?

    • Associatedneo21 @ weshare.com.au on 03/04/2011 - 22:10

      No, as long as you don't have any sort of approval you will be fine.
      Once the bank places you within the system, you are on longer able to go via We Share.

      Hope this helps.

  • [Deactivated] on 04/04/2011 - 02:42
    +4

    Moved to forums as this is general discussion about this company, its not a bargain per se under our guidelines, its a service that offers rebates back on assisted loan applications. Great info for those who want it, but its "advertising". As such it may be of great interest to some, but its a forum posting.

    If there was a special deal, like x% bonus quoting a code etc then it will qualify as a bargain post.

  • marquise on 04/04/2011 - 18:28

    What are the conditions of getting the $100 cash for referring a friend? Does the referrer need to have used the service?

    • Associatedneo21 @ weshare.com.au on 04/04/2011 - 21:52

      No you do not need to use the service first. The $100 is payable at the same time as the borrower. It's open to anyone to refer their friends and family.
      just ensure I you enter the correct details so I can contact you for your mailing details.

  • Associatedneo21 @ weshare.com.au on 04/04/2011 - 22:04

    Here is a deal, some may like

    http://www.ozbargain.com.au/node/42208#comment-428883

  • bazza236 on 04/04/2011 - 22:25

    What about refinancing? Do we get bonuses from We Share and say, NAB if we come over from CBA?

    What I mean to say is in reference to your answer above: "Once the bank places you within the system, you are on longer able to go via We Share."

    If I already have a loan, then I am already on the system… or do you mean the system of the bank I am refinancing with?

    • Associatedneo21 @ weshare.com.au on 05/04/2011 - 07:21

      If you are refinancing, you are able to come to We Share and receive the current cash bonuses NAB, CBA and St George are offering ($700 to $1200) until the end of April.
      You also get the We Share cash bonus and the $150 on top so your total refund should be $2000 plus

      • surm on 05/04/2011 - 11:06

        "You also get the We Share cash bonus and the $150 on top so your total refund should be $2000 plus"

        Am I missing something?

        $1200 + $150 is below $2000

        • marquise on 05/04/2011 - 15:15
          +1

          $1000 from NAB if refinancing from Westpac, $1200 from We Share on a $400k loan, $150 from We Share = $2350

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