What would be a good approach for getting a good broker in Melbourne? Had a recommendation from someone at work, but after meeting the guy, realised he was part of ANZ Also same Q but for conveyancer? Thanks
Hi @jakc Look at if they are helping people like you... Is this for home purchase or investment? Do they care about your goals? Do they simply do the loan or also address WHY they are recommending what they are recommending? Are they only focused on the rate, package fees, interest rates or do they care about what your vision is, where you want to be going? Are they maximising your resources and thinking two steps ahead of you? Having said this, technology makes it easier - you don't need your broker in the same state or city. Makes sense?
what do you believe would make a good broker...... that would be the first question to tackle ta rolf
For me if these two criteria are met then most likely a whole host of others will be to. 1. A broker who invests in real estate themselves and is successful, 2. Is well recommended by other successful real estate investors you trust.
Thanks for the replies This is for a first Home purchase. Fairly simple scenario. My numbers are easy. Looking for someone independent and provides objective advice. Will hunt around on these forums
1. How would I even start to find that? Ask the broker to view their prior portfolio performance? 2. I don’t know any real re investors
Ask the broker. Also ask how they've helped other investors strategically grow their portfolio. There are a ton of real RE investors here to ask.
I’m biased but I don’t think you could go too far wrong hitting up a broker from these forums - the ones that have been around for long enough have built up solid reps. If you require face to face there’s some good options in Melb - check out the finance section of the forum and have a read of their posts. Cheers Jamie
This! My broker is in Qld. I'm in NSW. What you need to understand is that many of the brokers that hang out here are dealing with people who are addicted to buying property. They know how to get the best for their clients. Other brokers deal predominantly with people who want to buy a home. One home & that's it! While there's nothing wrong with that, if you want to later develop a portfolio, you are best off starting off with someone that can help you make that happen.
The scenario is never simple - the future holds many surprises, and you will also have expectations that differ from others. The Y-man
Sage words............ Most of our inherited clients have had primarily transactional, and/or product fulfillment broking/banking work done. That isnt an issue, if all one needs is a Ma n Pa loan that one will pay off over time, and current AND future needs remain simple. If one's banker/broker isnt looking 5 to 10 years ahead, and pushing for related data, questions and information ( peeling the onion) then maybe this isnt in the borrowers best interest much of the time. Often, we would rather walk away from work where the borrower demands we be a doormat rather than a doorway............ Contexts like Active Debt Recycling, or property investing often come into view a few months or a couple of years after the initial honeymoon of the PPOR wears off.......... and commonly the loan mix is rubbish, and needs a refinance. This is ok where the borrower has the capacity to move, but often LMI considerations, mat leave, market fluctuations et al may prevent that. The financial cost of such a mortgage "prison" is often not evident at the start, simply because the credit adviser hasnt done enough probing and challenging the client's thinking, usually at the risk of offending the client and losing the deal. Our industry doesnt yet teach that, and it takes a bit of tough love and courage sometimes to walk through that confrontation. Loans aint loans ta rolf
