How to go about getting a mortgage

Discussion in 'Loans & Mortgage Brokers' started by Sigemup, 8th Apr, 2019.

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  1. Sigemup

    Sigemup Well-Known Member

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    Hi guys

    I want to understand what is the first step in getting a mortgage?

    - Should I go to a mortgage broker or a bank ?
    - Should I do this before or after I find a property ?

    Thank you
     
    Sigemup, 8th Apr, 2019
    #1
  2. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    Hello!

    Clearly I'm terribly biased, but if you're an investor please see a good broker - the service is completely different than if you rock up to a bank.

    I suggest you do this before finding a property so you can be sure of your borrowing capacity, whether your capacity aligns with your goals and to give you enough time to sort out any quirks before applying - for eg, if your living expenses are higher than you thought, it's good to know this in advance.
     
    Jess Peletier, 8th Apr, 2019
    #2
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  3. Propertunity

    Propertunity Well-Known Member

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    Mortgage broker.
    Before definitely.
     
    Propertunity, 8th Apr, 2019
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  4. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Absolutely before and as serviceability can vary so much I would go to a broker who can assess your situation and strategy and work out which bank will give the best deal for you
     
    Westminster, 8th Apr, 2019
    #4
  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Hiya

    I think it would be worth your while to work out a flow chart of what to do, when and why and who does it .

    It will save you much pain

    ta

    rolf
     
    Rolf Latham, 8th Apr, 2019
    #5
  6. Sigemup

    Sigemup Well-Known Member

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    Thank you guys for the replies. Very useful in learning.

    If go with a mortgage brpker who will I repay to ? Bank or ?
     
    Sigemup, 8th Apr, 2019
    #6
  7. Propertunity

    Propertunity Well-Known Member

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    Bank.
     
    Propertunity, 8th Apr, 2019
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  8. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    @Sigemup

    Is this your first home? or an investment?

    Based on some of the other threads you have posted, you are open to buying interstate - so I am guessing its an investment.

    Getting finance right for first home is equally important to getting finance right for first investment - especially if your long term goal is to build a property portfolio.

    Also, if you are paying LMI (borrowing more than 80%), it becomes even more important - as you could get stuck with the wrong lender.

    Definitely get the advice on the front end.

    Here are two blogs we wrote:

    MYTH: CHOOSE THE PROPERTY FIRST AND THINK OF FINANCE LATER

    7 KEY THINGS TO NOTE BEFORE STARTING THE SEARCH
     
    Property Twins, 8th Apr, 2019
    #8
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  9. Sigemup

    Sigemup Well-Known Member

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    Thank you property twins !!

    Was not aware of those points !
     
    Sigemup, 8th Apr, 2019
    #9
  10. Sigemup

    Sigemup Well-Known Member

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    If I have property I am looking at investing and reno - Is it a good idea to start with requesting the listing agent to allow for pest and build as well as buyers agent inspection. Also find these experts to do the inspection?
     
    Sigemup, 8th Apr, 2019
    #10
  11. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Thats not how Buyers agents work generally speaking.

    A decent Pest and build will be 400 to 1000 depending on what you are looking to do, and most BA services for full service at 7 to 30 k depending on what you are looking for

    ta
    rolf
     
    Rolf Latham, 8th Apr, 2019
    #11
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  12. Sigemup

    Sigemup Well-Known Member

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    Hi property twins

    Please let me know why the right lender is important for LMI and what you mean by the statement about LMI?

    Also by lender do you mean mortgage brpker or bank and what is it about getting more than 80 percent for
     
    Sigemup, 11th Apr, 2019
    #12