HI Guys, Ive been a member of SS and now moved to hear, i dont post much. Mostly read. In essence im trying to find a good broker to refinance 6 IPs i have. Im moving from a old broker, who was brilliant, however, no longer retruns calls/emails/completes tasks of provides basic advise which was once regularly completed. Reason for refinance, release Equity to buy and build. I wish for the money to be deposited prior to moving forward with a purchase of land. Im in Sydney NSW Parramatta usually, any advise regarding good brokers would be awesome. Thanks.
It's worth spending some time reading here. You'll see posts from a bunch of brokers and get a good idea of their personality, ideas and experience and whether they might be someone you'd like to worth with. Don't limit yourself by location either – most of us have clients all over the country. Sounds like a solid portfolio btw. Well done
@Steven Ryan would be a top start! Steven didn't you just win API young investor of the year as well?
Best to read through the finance section of the forums and find one you like - it doesn't take too long to work out who's good at what. With a portfolio that size you may have to juggle borrowing power restrictions that have been put in place through the course of this year post APRA/ASIC interventions mid/late last year. It can be a little more difficult to manoeuvre around once the portfolio size exceeds a certain limit that wipes a number of lender choices out. Nonetheless, assuming the situation has remained the same during the accumulation of those properties, there are usually some options for most borrowers to do equity pulls with lenders that haven't moved quite as much with the environmental changes.
When's the best time to change broker, whilst being fair to the current broker? Does the commission clawback kick in within 12 months or within 24 months?
Clawback periods are generally between 18-24 months, depending on the specific lender. To the OP as per other replies, have a read of some of the members on the forum and get a feel for their style and whether the way they explain things - it's good when the client and broker's communication style/personality suits.
6 IPs is a reasonably impressive accomplishment and a lot of that is in part to your existing broker. Have you made a truly reasonable effort to get in touch with them? When you get 60+ emails a day and 20 phone calls, it's easy for something to slip through the cracks. The brokers on this forum are generally quite good (bad ones either get educated or run out very quickly), but with a sizeable portfolio you could be throwing everything into upheaval by moving if it isn't necessary.
As @Redom suggested best to see if you can still service the debts as the goal posts have shifted considerably in the past 12 months. If you have purchased recently (under 12 months) then you may still be ok. Have a broker review your current set up and decide from there.
Thanks for all the replies in relation to my question, greatly appreciated. Ill take the advice on board and take it form there. Thanks too to @Peter_Tersteeg, appreciate seeing the other side of the coin too. He has been pretty good too. Im under 30 years of age and the mortgage brokerage firm has been fairly helpful with alot of my simple questions. Thanks again.
