1 /5 Peter Aquino: I had a long-standing business relationship with South Side Finance for over 26 years. In recent years, there were several concerns as loans would not settle on time, costing tens of thousands of dollars in penalty interest. I trusted the mortgage broker, David McKenzie, the director of South Side Finance, for the reasons he provided, but my life changed in December 2021. Beforehand, I contacted him regarding finance for a rural property I wanted to purchase. He assured me that finance would not be an issue. However, as we approached the settlement, only one finance option was provided through Oak Capital, stating that no one wanted to lend money on a rural property.
Six months later, as I had another settlement approaching, we had 6 months to source a loan. I was once again assured that finance wouldnt be a problem. Yet, 18 days before settlement, I was once again provided finance with Oak Capital, with no other options given. Not only did they finance the one block of land, but they also insisted I refinance current loans on other properties I had with first-tier lenders. As a settlement approached, I expressed my concerns to the mortgage broker but was either not responded to or told to sign the loan; I realised there was no other option. My concerns were disregarded, and my broker, David McKenzie, emphasised signing the loan documents.
As a mortgage broker, the borrowers best interest should be paramount. Also, ensure the mortgage broker is accredited through their aggregator to provide a loan through the lender. Still, in my case, this situation has adversely affected my business, my familys future, and everything I have worked for. South Side Finance, after 26 years, seems to have disappeared without a trace with no contact. It is disheartening to think that a better outcome was not achieved after such a long relationship.
Peter Aquino
Construct Homes Pty. Ltd
