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Need professional legal advice - home loan broker

Posted by Adam L.


Villawood, NSW

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Due date
Friday, 9th Aug 2013
I hired a broker for 3 weeks to get a home loan for me. He put forward my application for bank A, i was preapproved. Later I was approached by bank B, they offered much better rates, bank A could not match it. I decided to withdraw my application with bank A. The broker told me there is a withdrawal fee of $660 that will be charged by bank A. I rang the bank (A) and they had not heard of anything about a withdrawal fee. I told bank A I no longer wish to go ahead with the home loan. Somehow this was relayed back to the broker, the broker then swamped me with several text messages questioning why i contact bank A directly (very unprofessional and his tone was a little aggressive). He wasn't happy. Then he claimed the fee was probably for commercial loans not home loans. He later tried to back it up by saying that other banks have in the past charged him a 'withdrawal fee'. I rang a few banks and no other banks have heard of this. Anyway I suspect the broker was lying about this fee because later he then said 'well, i spent x number of hours so you can pay me $550.'. After a few more messages, he wrote that I don't have to pay the fee to him but asked what I could afford. I told him $200. He said he won't accept $200 because he feels it will give his company a bad name then told me don't worry about it. 30 mins later he sends me an invoice for $550.

I have a copy of all the text messages, communication and can list exactly what he did or didn't do for me.

I need some legal advice on what my rights are. Do I have to pay the full fee? I didn't get the services from him, he wasn't being honest, he was a little aggressive and I feel he is trying to take advantage of me (funds wise).

Is there anyone that specialises in this? Expert in broker home loans? Or someone who has been in a similar situation?

He had never discussed a fee initially with me for doing this and I want to know my rights if I didn't go ahead with the home loan.

The price is not set. Please provide a quote with your bids. Really appreciate any help.
Vanessa B.
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Hi Adam,

As discussed I am not interested in your money. But to obtain feedback the minimum was a $5.00 bid which I have completed.

Feel free to call me if you have any other questions [admin: private contact details hidden (Airtasker trust and safety policy). Private messaging feature available once task assigned]
Adam L.poster
I have adjusted the ad. Please make a bid and I'll assign this to you. Thanks so much everyone!
Adam L.poster
Thank you so much!! I would be happy to give you a good review and pay you. Let me work out how to do this.
Part 2

If the mortgage broker wants to charge you a fee for service he would have had to provide you with a "Credit Quote" outlining his fee before you engaged his services.

The credit quote would have to of been signed by you prior to application submission.

If he has not provided you with a credit quote prior to submitting your application he cannot charge you a fee.

If this continues make a report to the Credit Ombudsman.

Hope this helps - Vanessa
I have just read the detail of your situation. Firstly I don't want your money. But feel feel to pay me $1 and provide feedback.

Here is my advice.

I have been in the industry for 10yrs and am accredited with 20 lenders and Licenced through ASIC. I am not aware of any bank that charges a no proceeding / withdrawal fee.

Secondly some mortgage brokers do charge a fee this is dependent on the level of service that they provide to you.
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