Mortgage broker Melbourne

Hey all not sure if it's too late to get the help of a mortgage broker. We have purchased an IP in Adelaide, live in South East Melbourne. Offer has just been accepted and our existing bank is Westpac. Have ppor with them too. Would love to know if we can get better rates with them (they say what they've offered is already the best) or someone else.

We do have a contact there as all our business accounts are also with them so that has been convenient so in two minds whether to leave after 15 years with them

Would also love someone to help structure our loans in a way that we can reinvest in another IP pretty quickly after this.

We do want to move quickly if we decide not to start this as we don't want to hold up the settlement of the property.

Please PM any recommendations or welcome to post here

 

These days you don't need your broker to be in the same City as you, however I believe @Peter_Tersteeg is from Melbourne.

 

Always pays to talk to a broker as loyalty to a bank doesn't tend to be rewarded. Also, not a bad idea to leave your business banking somewhere and take your personal lending elsewhere if you can separate the two.

 

Thanks I didn't know that. Does a broker advise on loan structures? Or is that an accountant/someone else?

 

I would suggest you speak to the broker. Brokers, like accountants aren't allowed to give financial advice, however they can look at what you've currently got and show you what else is available. Up to you, then, to work out what's best for you, in your situation.

 

Thanks. If it doesn't matter on location im open to any recommendations then

 

How long have you got for finance and settlement?

If your structure is complex, it's gonna depend how much time there is to get your head around the deal, and make it happen. Do you need to get equity out of current properties, or is it just a straight purchase?

Regardless, if there's time I'd suggest speaking to a broker for sure - WBC are likely to cross secure everything and make a fat mess to tidy up after the fact.

 

My business structure is complex but for now we just have our ppor. Only just sold our commercial property and starting fresh with this property in Adelaide that will be positively geared with the ability to develop/subdivide down the track.

We just got the signed contract on Friday. Settlement 12th October but is it natural to have multiple lenders looking at finance? I thought perhaps once I have the contract over it would have to be to who we're definitely going with?

 

No need for multiple applications. Use a broker, or don't.

Best to not have PPOR with the same bank as biz stuff - but the bank won't tell you that.