redleprechaun
Registered User
- Messages
- 7
ALL lenders that use broker channels pay commission.Nothing is ever “free” either you’re paying the broker for independent advice and expertise or the bank is paying them a commission on whatever product they sell you.
There is people out there that will charge you for advice and if you find one of the good ones they will be worth every cent you give them.
“If you’re not paying for it you are the product”
That's what I had always thought was 'normal', but I've seen a few posters now saying that it's not refunded, or only if other products are arranged through the broker (mortgage protection, etc).Normally the fee is refundable if you drawdown, which kind of makes more sense.
That's what I had always thought was 'normal', but I've seen a few posters now saying that it's not refunded, or only if other products are arranged through the broker (mortgage protection, etc).
I think it’s more common to not know and it’s great to ask the question. I think every time I’ve asked something on here I’ve done it to try and learn something and usually doMy real problem was not the fee itself but the fact that it was not advertised upfront. I was surprised, felt the need to "do due diligence" (as in, ask before blundering ahead), went to this forum. From this discussion, I get the feeling that this is common business practice and that I should have known about it.
This guy never mentioned a refund on drawdown. He did agree, however, to refund if I don't get a reasonable amount. I think I need to get this confirmed in email before I go and pay.
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