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Refund critics a 'disgruntled minority'

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Australian Broker | 07 Dec 2011, 02:00 AM Agree 0
Another Refund franchisee has come forward claiming the majority of the company's brokers are excited about the business' potential sale
  • Refund Broker | 07 Dec 2011, 12:13 PM Agree 0
    I must be one of the disgruntled brokers and business is not as usual as the stats show on brokernet - the numbers have reduced more than drastically. It is Wednesday and 4 of the 5 top brokers are only listed, meaning only 4 brokers have settled loans this week out of 350 and the fourth broker has only settled $45000. (That is NOT business as usual) This article is obviously from a broker that has a vested interest to try and protect a name that is and should be tarnished. The founder should have been made more of an example by ACCC when he misrepresented them and a lot of people would not be in as such a bad position as they are now. This clearly shows the basis of his "franchise selling" business.
  • Anon | 07 Dec 2011, 12:36 PM Agree 0
    I agree, where is this majority of content Refund Franchisees. All of the one I have spoken feel exactly opposite. This is just spin from a RHL spokes person.
  • Broker | 07 Dec 2011, 03:34 PM Agree 0
    Why fork out for a franchise in the first place when you can just aggregate through say Coonnective or eChoice for a whole lot less than a franchise fee
  • Refund Broker | 07 Dec 2011, 04:05 PM Agree 0
    The answer to your question is simple 'broker' and would be the answer for the majority of Refund Brokers, although they are ashamed to admit it. Inexperience, naivety and vulnerability. Most brokers had no industry background when they started with Refund, just cash to throw at the fat cats, so they qualified and got sucked in by the sales pitch.
  • Todd | 08 Dec 2011, 10:04 AM Agree 0
    I wonder if they will refund the sale of Refund back to clients as well... it was and is a failed model of operation. If the Brokers are new and inexperienced, then join Aussie or don't join the industry at all
  • Brian | 08 Dec 2011, 02:33 PM Agree 0
    Refund sold franchises when they could not support the franchisee & Refund knew it. The Refund franchisees should cut their losses & get out.
  • Pete Papa | 12 Dec 2011, 02:57 PM Agree 0
    All the Refund brokers I came across were and still are good hard working people, it does not take much to be a good broker even with NCCP changes. The sale/deal of Refund would enable the buying company to grow their assets at a time when non-bank lenders and brokers like Aussie or Mortgage Choice are trying to increase their share of the home loan market. Its a sign of the times with whats happening in the industry, and recent example of Peppers purchase of GE Capital low doc mortgage loan book as backed again by CBA and NAB. In October mortgage approvals were up even in this economic market, so really we are experiencing change as an evolving progression for mortgage brokers.
  • Refund Broker 1 | 30 Jan 2012, 06:08 PM Agree 0
    I have been a Refund Broker since 2008 and the model of Refunding to clients does work.
    Its a small token of our appreciation that increases discussion between potential clients. If it brings extra clients then that is great if it doesn't i am perfectly happy sharing the commission if that is what brought the client to me. All of this garbage happening regarding the Administrators and Wayne Ormond is causing a major backlash to the core of the business itself which is us franchisees.
    We are still seeing clients we are still writing loans and those few disgruntled franchisees are causing a massive problem for the rest of our livelihoods. Those that complain about a lack of support or not many leads through Refund obviously had the wrong idea about the business or any business for that matter. Expecting everything to be served to you on a silver platter is naive to say the least. In any business you still need to get out and generate relationships in your area and get clients on board. Its the service we provide as franchisees but more importantly as mortgage brokers that generates further leads. There was more than enough support from state managers in place and there were plenty of experienced franchisees that even now still support other franchisees that need help. The disgruntled franchisees need to realize that after ACA is done with you, you will get nothing. For crying out loud wait until something eventuates with the administrators and instead of complaining about what has happened continue to operate as brokers like the rest of us and stop potentially destroying what is a good business (setting aside the obvious corruption within the board of directors) My livelihood is at stake because of those few that are seeking the wrong attention. If they are being paid for the interviews for ACA they should be ashamed of themselves. There is so much confusion and structured miss direction taking place in the media and its only us franchisees with successful operating businesses that are going to get hurt in the long run. We have large trail books we stand to lose if the main buyer walks because of the negative attention those few franchisees are bringing to us.
  • ozboy | 31 Jan 2012, 08:56 AM Agree 0
    Geez a lot of blaming here. If it's not the CA, it's Mr Ormond/Refund, or it's the model, or it's the "whinging" franchisees, ASIC or it's the sky being blue! Bottom line Refund is gone no matter which way you look at it Refund has gone if it was viable it would have sold by now. It's time to move on...everyone.
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