Client came to us on Friday. She was un-happy with her current broker. She had been in the refinance process since February. Her goal was to draw out extra funds to build a second dwelling on her investment property. They had experience issues with valuations and she had no idea where they were up to in the loan application process.
We figured out that the other broker had submitted the loan application before she had her financials complete and two years of the ABN trading. The broker had let them down – hadn’t got the right valuation, had not been in regular contact with the client keeping them up to date and was not getting back to them. The bank has been waiting for me information which was not passed onto the client.
On Friday we get them a valuation and got their supporting documents. By Tuesday we were ready to submit the loan when the valuation was returned. Unfortunately the valuation that we got was not as high as their previous valuation. For this reason I told her to stick with the original loan the broker submitted as they would be $20,000 better off. I gave her a list of questions to ask the broker to make sure that the loan set up etc. would be ok and to ensure that everything was as it should be. She was very grateful for my honesty. I told her that I am always working for the client. I will tell the client was is best for them.