I've been working with a broker for a few months including at the loan approval stage for a purchase that goes unconditional next week, but… when I mentioned what I was doing to a friend that works in a bank they were able to get an even better deal than the broker.
I've confirmed this with the broker.
I feel kinda bad as the broker has done plenty for me and given me plenty of advice re structure etc, but, if a broker can't get you the best price is it worth going with them in your opinion?
Brokers never close ever lead. He/she will get over it quickly
Discuss this with your broker, perhaps they can refund you the difference from their trailing commission, if not they would understand you have to go where the best deal is.
I did request this, but the (big) brokerage this broker works for doesn't do that
Can you tell us a little more about what you were doing to your friend that works in a bank?
giggles
I had this situation except I found a better deal myself. Don’t feel bad, it’s just business and it would happen to brokers all the time.
"it's nothing personal, just business"
I had a boss who said that to me once, so I resigned.
You don't have to phrase it that way. To me, showing respect means giving the broker the chance to beat/match it. Thats all you owe any salesman
If you feel guilty about getting advice for nothing, maybe get him/her a present.
If you feel guilty about getting advice for nothing, maybe get him/her a present.
Spot on.
Yeah I was thinking that.
In this case the broker is salaried to a big brokerage anyway so unlikely to affect their paycheck too much
Have definitely shown plenty of respect even every asking for a new angle for them to chase down but to no avail. Thanks helping out my mind at ease
If you have been working with the broker for several months, could it be that the loan and rates he quoted and applied for has been bested in the current market? Different lenders come up with different offers all the time. Speak with the broker about the rate you were given by the bank, see if he can find a current, better deal. Or if he can submit a pricing request to the lender that your application is with, basically asking the lender if they can beat or match another lenders offer.
Also I would recommend to review both offers including all associated fees and facilities. You don't compare products by interest rates alone.
It's actually the fees that the broker can't get rid of that is the main problem. Interest rates are very close.
Definitely the best the broke can get sadly. Perhaps I need a better broker :)
Feeling bad could be the difference between saving thousands in interest and not saving thousands in interest.
Yep. Sorted - going with the better financial deal
Care to share the comparison? Was the annual package fee the sticking point?
I nearly refinanced with BOQ until NAB matched the offer (eventually) and just made it easier to stay. I did feel bad for the BOQ bank manager, for about 2 mins.
don't feel bad at all. do what you have to.