Getting over the line pt 5: Difficult deals explained

by BN01 Nov 2012


While there’s no replacement for experience, it can be enlightening to see how other brokers have gotten through difficult transactions. MPA asks brokers to describe a tough loan situation and what they did to get the deal over the line.
Rael Bricker, House + Home Loans
Loan scenario: The client had scaled back her work from full time to three days per week, and could not qualify for new borrowings. She had a few loans – some lower interest with a major bank and some with a second tier mortgage manager at 2% higher. She decided to sell one of her properties, which had loan with a major. 
The challenge: I realised that if she did that she would lose out on the lower interest loan.
Getting it over the line: I helped her do a partial discharge of one of the two titles at the mortgage manager. She then substituted that title for the one held at the major  - thus releasing the property to be sold as “unencumbered”. She then used the proceeds to pay down the higher interest mortgage manager loans whilst maintaining the lower interest loans.


  • by Tony O 1/11/2012 1:05:24 PM

    Hey Rael,

    Sounds like you looked after her however, in doing all that where was the upside for you? Can't see any commission coming from it!!! How did or would having a new Diploma help with that!!!! See my point about the Diploma situation???