Are Finance Brokers better than bank?

i have always paid cash for my properties but i want to borrow this time.

I rang the commonwealth bank loan line .

I said i want to borrow for an investment property and have the required deposit .20%

She worked out how much i can borrow etc but then tells me these things
.
1/ we must do a valuation of the property for sale
2/ i must get a letter from the agent saying how much it can be rented for


Now im thinking this is a lot of trouble far easier to buy with cash but then i miss out on tax benefits etc

How am i suppose to arrange valuations of properties being snapped up quickly

Does a finance broker require all these answers if i apply to them ???

 

Yes.
Need valuation.
Need payslips.
Need agent to estimate rental.
Act fast.

 

at 20% cba normally just do a desk top valuation, I'm sure if you ask one of the brokers here they'd be happy to give you a cba desk top val

 

Yep - bankers are the way to go.

Cheers

Jamie

 

Better hurry Windale is about to boom @Darlinghurst Boy

 

My preference always has been the money changers at the back of the synagogue. i am sure they will take your seat as security.

 

Being a Gentile i would hate to think what interest rate they are charging you... Of course if your that desperate .

 

No. You should definitely keep going to the branch. Definitely. I can't believe you are even considering this.

At worst case, just pick their brains and then slip back into the branch with clear directions for the branch manager.

Brokers are just going to waste your time telling you things and asking you stuff and making up stories. They scam you out of money, and somehow scam the banks for money too. Brokers are only for people who can't get finance from a bank. Brokers are unprofessional and hoodwink normal people into borrowing too much at too high an interest rate.

 

i beg to differ on Windale ... Prices are still below 350k in most houses.
Just because its a mini Mount Druitt doesnt mean anything is wrong with it.. Mount druitt is far worser than Windale yet buying a house under 500k there is impossible.!

DaveM ... Thankyou i dont like to get asked too many questions by banks.
I just need a very low interest secret finance broker who has the money ready fir me... No doing valuations.. Or asking for rental appraisals... Just give ne the money ready to purchase ! Is this impossible ? Crazy stuff from the bank !!!

 

I still can't get over lake haven and now this!

 

Lake Haven, Charmhaven and Lake Munmorrah have increased quite a bit since middle of last year. Ripple effect I suppose. I think Windale hasn't moved yet.

 

Rams are one of the last lenders doing 'low doc' loans. So Dave is actually giving you the advice you are after, not that you are listening or interested. Why don't you just ring that Aussie broker you did last time and waste some more of their time?
I'm sure they would love to speak to you again.

 

I will be competing you at windale
so you better be quick at financing

 

They're all on the lake.

 

They should rename one of them as Swan Lake. Price will skyrocket.

 

Isn't this like the 4th time you asked this question. Is this like something you ask once every moon cycle ?

 

If you don't want to answer a lot of questions you should just pay cash. It doesn't matter if you use a branch or a broker, valuations and income documentation are always going to be required.

You due your due diligence on a new property purchase yet you think a lender should just give you the money without doing their own due diligence on you and the property they're taking as security. That's an impressive sense of entitlement.

There's no negotiation on this.

 

So happens the same time every month..well that explains it than

 

Doesn't want the banks asking where the cash is coming from as the banks have reporting requirements.

 

Hahahaha please tell me this is trolling.
If so I do have to laugh!

If not then help us all.