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Discussion in 'Property Finance' started by Phil82, 4th Oct, 2015.

  1. Phil82

    Phil82 Active Member

    Joined:
    23rd Jun, 2015
    Posts:
    32
    Location:
    Flinders NSW
    Hey guys. My wife and I are currently looking to start our portfolio. Does anyone have any experience with mortgage brokers in the Illawarra? I have read how important the correct structure is and really want to start on the front foot. Any broker reccommendations much appreciated.
    Phil.
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,593
    Location:
    Adelaide, SA
    My advice (that I followed myself) would be to look for the best one, not restricting yourself to your local area. Everything is submitted via email anyways.
     
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  3. MsAli

    MsAli Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,147
    Location:
    Sydney, Australia
    This thread would help :)

    https://propertychat.com.au/communi...m-around-you-is-fuel-for-your-portfolio.4282/
     
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  4. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    2,458
    Location:
    Sydney & Gold Coast
    Agree with @D.T. and the info in @MsAli's post.

    Most of my team was built by asking other investors whose opinions I deeply value who they would recommend, then contacting them to see if we'd work well together.

    @Phil82, good that you're asking this question now rather than a few years into the journey. You'll do well :)
     
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  5. TheGreenLeaf

    TheGreenLeaf Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    46
    Location:
    Here and there
    Before purchasing my first IP, I was also looking for a mortgage broker. How did I choose one?
    Well, after having spent hours reading posts on SS or PI.com at that time, I just got good feelings with some of the brokers as I liked the way they were giving advices and the vision they were having about property investing.
    I contacted one of them, exchanged emails and phone calls, was happy with what I heard so I went for it with him.
    I couldn't meet him in person as I'm a non-resident in Australia but I never seen it as an issue.

    With the BA and conveyancer, I had to do it remotely as well and everything went well. Chose them from advices from forumites and "interviewed" them thru phone. Never got an issue so far and I keep working with them for new purchase.
     
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  6. Phil82

    Phil82 Active Member

    Joined:
    23rd Jun, 2015
    Posts:
    32
    Location:
    Flinders NSW
    Thanks very much for the advice guys. This is all so nerve racking!!
     
  7. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    7,452
    Location:
    Perth, Melbourne, USA
    Also, as you move along you don't necessarily have to use one MB, I have 2 brokers I use because each provide different area of expertise

    I recommend you shop it, ask the same question, find out who can get you more money, I know its basic stuff but this is how I would start.

    MTR:)
     
    Last edited: 6th Oct, 2015
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  8. House

    House Well-Known Member Premium Member

    Joined:
    13th Sep, 2015
    Posts:
    768
    Location:
    Sydney
    Isn't it just! Focus on the big picture, figure out how you're going to reach your End Goal and educate yourself as much as possible on the subject.

    Some questions for your broker might help build a good relationship;
    Do you invest in property yourself?
    Do majority your clients invest too?
    Which bank will loan me the most? (An everyday broker might just show cheapest rate.)
    Which lender will let me revalue quickly? (Some don't allow it within a year)
    Will my loans be cross collateralized? (Very important to ask as it can happen by default if get second loan with same lender).
    How far are you looking ahead? If you're planning on investing in property long term, you'll want the broker to know your End Goal so they can help structure your portfolio to help you maximize your borrowing capacity and work with what you want to achieve.

    As mentioned before, the fact that you're asking this question of the erudites on here is a great start. A good broker will help you avoid pitfalls and offer suggestions you may not have thought of that will help ease the nerves. Good luck!
     
    Last edited: 6th Oct, 2015
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