Financing Process and Broker Recommendation in Canberra

Discussion in 'Loans & Mortgage Brokers' started by M.C, 1st Oct, 2020.

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  1. M.C

    M.C Active Member

    Joined:
    29th Sep, 2020
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    Location:
    Canberra
    Hi all,

    I am buying my first property and trying to understand the financing process. A few things I would like to confirm/understand:
    1. Can I make an offer on a property before a pre-approval?
    2. How long does the pre-approval process take?
    3. How easy/complicated is the process for an IT contractor with a Pty Ltd company.
    I am also trying to find a local broker that some local knowledge of Canberra, so any recommendation would be appreciated.

    Thanks a lot for your help :)

    Cheers,
    MC
     
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  2. Morgs

    Morgs Well-Known Member Business Member

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    Location:
    Sydney NSW
    @Jamie Moore I think is in Canberra & should be able to help face to face?

    1) Yes
    2) Completely depending on the lender between 1 day and 20 days
    3) Not complicated provided everything is within policy (2 years tax returns, etc)
     
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  3. Trainee

    Trainee Well-Known Member

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    Not really asking the right questions here.

    Yes, but why would you want to? What if you cant borrow as much as you think? Or can only borrow at a lower LVR? Or any number of other problems?

    You dont know which is why you talk to a mortgage broker first before even looking at a property.

    See above.

    You then need to ask about loan features, LVR, the buying process, etc.
    The mortgage broker is to advise on loans, not on the property.
    Get a good solicitor familiar with purchases in ACT.
     
    Last edited: 1st Oct, 2020
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  4. Lindsay_W

    Lindsay_W Well-Known Member

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    You may not even need a pre-approval.
    Definitely speak to a broker asap prior to making an offer, they'll be able to tell you your borrowing capacity after assessing your financial situation and supporting data.

    By the sounds of it you're a sole trader, how long has the ABN been registered for and how long have you been running the business?
     
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  5. M.C

    M.C Active Member

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    Location:
    Canberra
    I have had my company for a bit less than 8 years now
     
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  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    thats enough time :)

    ta
    rolf
     
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  7. MichaelMik

    MichaelMik Well-Known Member

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    Location:
    Bahamas
    My mortgage broker is David Thomas from Trilogy funding, they’re located in Deakin.

    He is good, I’d give him my recommendation
     
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  8. M.C

    M.C Active Member

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    29th Sep, 2020
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    Location:
    Canberra
    Thank you all for the quick response :)

    Any recommendation for a good solicitor?
     
  9. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
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    Gold Coast (Australia Wide)
    +1

    ta
    rolf
     
  10. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Location:
    Canberra, Brisbane and Sunshine Coast
    They're all pretty good in Canberra. I generally refer clients to Judy Morris.

    Cheers

    Jamie
     
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  11. Foreshadow

    Foreshadow Well-Known Member

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    Location:
    Sydney
    Jamie from above is my recommendation. Used him 3 times now for purchases in Brisbane and Sydney.

    he’s located in the ACT, but location doesn’t limit you these days.
     
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  12. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
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    Location:
    Gold Coast (Australia Wide)
    Jamie is GLOBAL :) and awesome

    even in Covid


    ta
    rolf
     
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