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Ask Daniel Your Own Question
Daniel, Solicitor
Category: Australia Law
Satisfied Customers: 5708
Experience:  Bachelor of Laws (dist) Graduate Diploma in Legal Practise. Admitted NSW Supreme Court / High Court
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I have recently purchased a Holden Cruze from Beecham Motors

Customer Question

I have recently purchased a Holden Cruze from Beecham Motors in Caboolture and I needed some bridging finance of $15000-00. I told David Sargent that I would arrange the finance but he said he could do a good deal with St George Bank at 4.65% interest, he did not explain about the $770-00 broker fee he cleverly concealed, did not mention it, arranged the finance with questions over the phone. No paperwork for the finance was provided beforehand so all finance papers were signed the day I went to pick up the car.
The $770-00 broker fee was concealed and I signed the third page of the only document that had broker fee on in very small print and a copy was not provided so I could check it.
When I went to see my accountant she checked the Goods Loan Facility Details which had the total amount borrowed but no mention of the Booker fee which I believe is something that needs to be changed. I requested a copy of the Finance Application which was sent via Email. I have made a complaint to St George Bank Ref.96082 but there has been no follow up. I have asked for the broker fee to be returned but David Sargent said it is a standard charge so now we are at a stalemate. It looks as though
I can say good-bye to my $770-00, but is there anything that can be done to stop the practice of concealing the Broker fee which makes it a very expensive loan.
Submitted: 2 years ago.
Category: Australia Law
Expert:  Daniel replied 2 years ago.
It is misleading to say the least. It should have been discussed with you. With a small loan, and extra $770.00 is a big deal and deceptive.
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