How I Found A Broker(might help others)

As a long time reader of PropertyChat I wanted to share my experience with securing our PPOR. I read lots of posts on here asking for Broker recommendations and soon realised most of the responses were simply reviews of the brokers the respondent had used. In my mind this is rather limited as, at best, we only use one or two brokers in a lifetime. Hardly a massive 'sample size'. I decided to take a different approach and use this forum. As you all know there are many brokers on here and if you spend a lot of time reading through the posts you start to get a feel for certain brokers. Ones you agree with, gel with, like. This is what I did, and it worked out really well for us. I contacted the broker who 'stood out' to me and got the ball rolling. End result we purchased our PPOR and all went extremely smoothly. This is not a broker recommendation post I just wanted to share how I approached finding a broker. This forum is a brilliant resource - thankyou PC members - and helped us in the property buying process. The broker we chose was @Jamie Moore and of course he gets our recommendation - even if this isn't a broker recommendation post! DM me, or ask here, if you would like further details on our experiences and journey. Happy to pay back/help..
Thanks again ProperyChat and of course @Jamie Moore
Mark & Kelly

 

Jamie is an excellent Broker and has been around for a long time

 

Hardly a prolific poster (6 posts in the last 3 months, mostly one liners) - what was it in his posts that won you over?

 

Thanks for the kind words Mark - it’s really appreciated and unexpected! I’m glad I could assist you guys - you were great to work with.

@Tonibell yeah you’re right. I was overseas for a little while but now back in action. Hoping to contribute more when/if I have time. It was nice to click on the red alert button and see some positive feedback from a client.

Cheers

Jamie

 

@Jamie Moore No issue - people are saying you are a good poster and a good broker.

However if we are selecting a broker based solely on their posting here - the competition is pretty strong. Interested how @digler could make that call on posting alone.

 

I've known Jamie for about 17 years. We talk and help each other out all the time, he knows what he's doing.

Quite a few lenders allow brokers to write their own loans, but quite a few don't. I recently wanted to refinance my own home loan to a lender that doesn't allow me to do it myself. There's several brokers on this forum that I'd be happy to send my own business to, but Jamie was my first call.

 

Can't get a better reccomendation than that...

Like a "players player" award in a sporting team..

Kudos

 

Who are the better lenders allowing brokers to write their own loans. I know Macq is one, but who else?

 

Here's a matrix I found on Finance & Coffee earlier this year. I know a few of them aren't correct though, but it's a reasonable summary.

 

I have learnt a lot from my fellow brokers over the years on PC and @Jamie Moore is definitely one of them along with others who have commented above.

I have had 3 people contact me recently, not necessarily from here as can't recall, and they said something interesting along the lines of already talking to a few other brokers (didn't say they were from here) and not "feeling" like they connected, then went on to say that talking to me was like talking to a normal person.

Posts may pique interest, even if short and sweet, if they dont get good vibes when they make IRL contact, it's irrelevant.

 

Thanks Peter

 

Do all M.brokers play in debt recycling field specifically when want to know how to minimise PPOR loan by transfering Debt to potential purchase/owner

 

Can all brokers do it? Probably

Can all do it well? Unlikely. There are some on PC that are pretty great at it who might have even written a tip or two about it if you do a search!

 

You're essentially seeking a Master Limit Product which is available via only a few lenders, it's not the only way to do it but it's the most straightforward.
The product itself can be applied for via a Broker but that doesn't necessarily help you 'debt recycle'.

From what you've posted I think you need to understand how debt recycling works first.

 

Thanks @Lindsay_W

My understanding of DR is to covert bad debt into good debt for tax purposes.

I am sure, I am no expert but main aim is to not mix loans/funds and have splits in place if using redraw facility to invest in income producing options.

Furthrmore, there are active vs passive strategies but I cont to read gr8 content posted by amazing contributors of PC and some online stuff.

 

Agreed, @Rolf Latham is the man to speak to regarding DR strategies

 

Thanks @Lindsay_W

Hi @Rolf Latham , I am having trouble understanding how the ppor loan can be paid off and still all $$$$ can be claimable under IP loan?

 

that’s a tax question. Deductibility depends on use not security