Mortgage brokers fee!

[Nobleone]

Hi All,

My friendly OZ accountant phoned me yesterday to check on a few things for last years business accounts... So whilst I was checking my paperwork in my home office I happened to notice that the ANZ in NZ had passed the mortgage brokers fee of $657 on to me!

Now my question is... Is that normal practice in NZ? Here in OZ brokers fees are paid by the bank.

Can anyone enlighten me?

Cheers, Nobleone.

[Monid]

Hi Nobleone
definitely not normal banking practise here I would say, it has certainly never happened to us!

Cheers
David

[fudosan]

Hi Nobleone,

Mortgage broker services in NZ are usually free and brokers get their commission from banks. Did you use a broker?

[Nobleone]

Hi Fudosan,

Was it a late night for you last night? Of course I used a broker, that's why the bank passed the brokers fee on to me.

So all, now that it appears that the bank should have covered the brokers fee where do I stand on getting that payment reversed?

Do I have a snowball in hells chance asking the ANZ to refund the charge?

Cheers, Nobleone.

[fudosan]

Hi Nobelone,

Was it a late night for you last night?

Give me a break, pleeease. I just wanted to make sure you did use a broker and the bank did not want to pay the commission. If I were you, I would talk to both the broker and the bank to find out the problem.

[Monid]

I'd guess that ANZ don't top the least friendly bank charts everytime for no reason... so good luck getting your snowball back of them

Still you might as well give it a shot.

[RentMaster]

I think you should have more than just a snowballs chance of getting your money back. Brokers should be all free. Maybe there was a mistake made. Most banks want to correct their mistakes, and maintain a good reputation, so if they got it wrong, then you should be able to get it back.

[HermanZ]

I think you shold have a good chance of getting it back.

Approach them politely and note the response you get from named individuals.
If they prove reluctant, you might like to suggest that you will place the facts of the matter on the 10 property investment forums you hang out on.
Inside of a month it will generate so much traffic and other accounts of dissatisfaction with ANZ, that it will be seen by hundreds of thousands of serious property investers worlwide.
A Google search on ANZ will pick up all these disparaging web pages.

In short $657.00 of ill will, can generate many thousands of dollars of of bad publicity.

Make sure your polite suggestion goes to someone high enough up the food chain. That should get their attention.

I just love the internet

Cheers
Herman

[Nobleone]

Hi All,

Thanks for all the replies so far... I'll e-mail the broker and then the bank tomorrow.

Herman, a good point, and one I'll keep in mind for my negotiating.

I'll let you all know how I get on and what the bank responses are.

Cheers, Nobleone.

[drelly]

I doubt that the broker will be very happy about it either... makes him look bad!

[Nobleone]

HI All,

The broker just e-mailed me and it seems that his fee for securing the funds from the ANZ for the purchase of 2 IP's was $1,552 and the ANZ agreed to pay $895 of it leaving the balance for me to pick up.

I guess you win some and you loose some... And you learn something everyday.

Cheers, Nobleone.

[RentMaster]

Hi Nobleone

Who was the broker?

Did you know up front they were going to charge you fees?

[Nobleone]

Hi RentMaster,

Yes I was informed up front what the brokers fee was going to be... But in my naivete I just assumed that the bank would cover the full amount... I'll know next time and go in with eyes wide open.

Cheers, Nobleone.

[Antmannz]

4 words:

Disputes Tribunal.
Banking Ombudsman.

[Nobleone]

Hi Antmannz,

I don't think it's worth the hassle for $657 especially when I'm doing all this long distance from QLD to NZ.

It's probably best to just roll with the punches, shrug it off and move on... I suppose I could now question the bank as to why they didn't cover the full amount of the brokers fee and inform them that if they dont agree to reimburse the $657 then in future I will be taking my business elsewhere.

IP's a are a learning curve, I guess this is one for me.

Cheers, Nobleone.