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No more refunds for Refund brokers

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Australian Broker | 06 Jun 2012, 05:00 AM Agree 0
The Homeloans Ltd purchase of embattled franchise network Refund Home Loans means brokers will no longer be required to refund part of their commission to clients
  • Broker - 14 Years | 06 Jun 2012, 10:05 AM Agree 0
    How interesting ... After years of touting that clients "Deserve to Receive Refunds" we will be finally be in a position to witness if the fanchisee's truely believe in this philosophy or was this nothing more than rhetoric.
  • Incognito | 06 Jun 2012, 10:30 AM Agree 0
    It was an ultra competitive idea, but that was the problem along with management mistakes.

    I'm glad I didn't get roped into matching what they did. Current commission levels are the absolute minimum a brokerage can operate at.
  • Country Broker | 06 Jun 2012, 10:55 AM Agree 0
    At last commonsense rules the model was NEVER VIABLE , i feel sorry for the brokers who parted with hard earned to buy in, hope they progress well under the new owners , a great lesson for al involved in te industry, if it looks and seems flawed IT PROBABLY IS
  • Ex Refunder | 07 Jun 2012, 10:37 PM Agree 0
    Showing your ignorance about how the Refund is both given and How it is derived is in poor form, the model is good, the refund is affordable and the Broker's share of commission is way more than most Broker groups are paying Brokers. The only Flaw was the directors insatiable need for adulation from the media and growing the business too fast at the expense of lead generation. The sale to Homeloans takes the business ownership from Franchisees and effectively turns them into loan writers on contract with reasonable share of commissions and a promise of returned trail income and ownership of future book value for those who stay in for a number of years. the only pity is that while you cheap shot takers are so keen to try to put the boot in to Refund Brokers, Wayne Ormond (if that's even his real name) escapes your ire despite almost being solely responsible for the prediciment of his company. Even though I'm out, good luck to Brokers who stay and go in with Homeloans, kick some goals, all the best and don't let the feeble minded opinions of the above sway you from taking business from them.
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