Join Australia's most dynamic and respected property investment community

Looking for Broker

Discussion in 'Property Finance' started by Watsy, 4th May, 2016.

  1. Watsy

    Watsy New Member

    Joined:
    4th May, 2016
    Posts:
    4
    Location:
    Melbourne
    We are a company of 3 directors (new start up) looking to purchase property for investment, to resell with plans permit. Maybe eventually to even purchase to develop. We are currently looking at a residential property to purchase and also a small commercial property. Both properties would only be purchase to keep and then resell with plan/permits. I am looking for a good broker who can deal with this type of scenario based in Melbourne, preferably Northern suburbs. I am ready now to discuss, can anyone recommed a good broker in the specified locations? Thanks.
     
  2. albanga

    albanga Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    1,117
    Location:
    Melbourne
    Most brokers will probably charge you an upfront fee for this kind of deal as they will recieve a clawback.
     
  3. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,596
    Location:
    Adelaide, SA
    2 options here

    1) Do it as a fee for service, ie pay the broker for their time and expertise

    2) Put it with a bank that doesn't do clawbacks, deal / customer permitting

    I looked into this when i was considering doing some renovation deals with Corey Batt
     
  4. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,781
    Location:
    Perth WA
    Yep - whoever you get to help will undoubtedly charge fee for service for this one. @Peter_Tersteeg might be around the area, not sure where in Melbs he is.
     
  5. York

    York Finance Broker Business Member

    Joined:
    24th Jun, 2015
    Posts:
    1,622
    Location:
    Sydney
    I believe Peter is in Nudawading which is on the east side.
     
  6. Watsy

    Watsy New Member

    Joined:
    4th May, 2016
    Posts:
    4
    Location:
    Melbourne
    Thanks Albanga / D.T & Jess Peletier for your responses. I am quite new to this and as a result, I am not aware of what a 'Clawback' is? Does it mean when a bank takes back money from the Broker if the loan is paid out within a certain time frame? If this is the case, I can understand the reasoning behind a fee. SO the contacts I have are Peter Tersteeg (Melbourne) and Corey Batt (presuming Adelaide). If I were to go with a bank who doesn't do clawbacks then I'm presuming the deal wouldn't be as good? Thanks
     
  7. Watsy

    Watsy New Member

    Joined:
    4th May, 2016
    Posts:
    4
    Location:
    Melbourne
    Thanks York also. Nunawading may be a little far for me. Even happy to see someone in Melb CBD, not just Northern suburbs.
     
  8. JacM

    JacM VIC Buyer's Agent Business Member

    Joined:
    12th Jul, 2015
    Posts:
    1,118
    Location:
    Melbourne, Australia
    Hi @Watsy, yes that's what a clawback is.

    Complex deals are just that - complex. You haven't done it before and will be on your own if you choose to go direct to the bank. Have a broker go into bat for you.
     
  9. JacM

    JacM VIC Buyer's Agent Business Member

    Joined:
    12th Jul, 2015
    Posts:
    1,118
    Location:
    Melbourne, Australia
    ps you don't normally sit down on front of a broker these days. It's mostly email / phone / skype.
     
  10. Watsy

    Watsy New Member

    Joined:
    4th May, 2016
    Posts:
    4
    Location:
    Melbourne
    Thanks Jacqui - Yes, I definitely want to go with a broker. I'm ready to make an offer on one particular property now and looking into the second property also...
     
  11. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,781
    Location:
    Perth WA
    I would definitely not go into a bank directly for a complex deal. What you want is beyond many brokers, let alone a branchie - you want both resi and commercial finance, and have a structure that is not so straight forward.

    What kind of trust are you operating out of? Many banks won't touch certain types of trusts.