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Newbie! Questions about mortgage broker

Discussion in 'Property Finance' started by Cldy, 5th Jul, 2016.

  1. Cldy

    Cldy New Member

    Joined:
    4th Jul, 2016
    Posts:
    1
    Location:
    SA
    Hi everyone, I've just recently joined and have spent a few hours being educated on loans. Thank you so much for such awesome advice. Hubby and I have a PPOR and an IP (was previously a PPOR). I only realised that they have been crossed collateralised. This term was not mentioned when we first signed up for the loan and it's only after reading this forum that I realised it's not as straightforward. The IP loan is now variable (fixed term of 2 years is over) and the PPOR loan is variable with an offset. I am considering changing/refinancing the loans for both properties as we are currently paying relatively higher rates with a credit union. Questions:
    1) Any recommendations for a mortgage broker in SA/Adelaide?
    2) I also read that it's not necessary to have a broker in the same state. However given I am a newbie, does this create some confusion especially if trying to explain loan options over phone/email?
    3) Uncrossing and then refinancing with another institution. Will it be a hassle?

    Many thanks!
     
  2. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    641
    Location:
    Sydney
    1. Corey is broker from this forum and is based in Adelaide.
    2. Doesn't have to be in the same state but start off with Corey - its always a good thing to be able to meet with your broker face to face as some things and some people find it hard to talk strategy via phone or email.
    3. You can uncross and still stick with the same lender.

    There is a misconception that you are automatically crossed if you have multiple properties with the same lender an this is certainly not the case. You can structure the properties as a standalone securities with the same lender or multiple lenders.

    Ensure you have the basics covered which is:

    1. Consider the benefits of IO repayments versus P&I
    2. Plan for the future and ensure that you are not being snookered with a lender re borrowing capacity/servicing
    3. Look beyond a rate - lender policy is super important if you are aggressive and want to grow your portfolio. By this I'm referring to cash out policies, LMI, income, security type, etc. Lenders have vastly different policies when it comes to employment, credit scoring, etc so factor this in.
     
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  3. mikey7

    mikey7 Well-Known Member

    Joined:
    30th Mar, 2016
    Posts:
    197
    Location:
    Sydney
    2. I am in Sydney, and broker is Perth. Email/Phone/Skype is easy (and works well for me with my shift work).
    You pretty much just need a printer and scanner and you're good to go.
     
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  4. York

    York Finance Broker Business Member

    Joined:
    24th Jun, 2015
    Posts:
    1,621
    Location:
    Sydney
    @Corey Batt is an Adelaide based broker. He is very professional and will look at your situation with a holistic view. That is, making sure you have the most suitable loan products for your situation and also make sure that those options are in line with your longer term goals. If you have a plan to grow a portfolio the he can definitely help with making sure you go with the right lenders at the right time to maximize your borrowing power based on lender policy. If you are happy to not grow your portfolio any further then he can also help with going with the best lender for your needs.
    Alternatively there are several great brokers here that can help, interstate dealings with brokers are made easier these days with modern technology like email and Skype.
    Read some posts and get a feel of which broker you think you understand the best.
    Regarding your refinance question, it is certainly doable depending on factors such as serviceability and equity in your properties.
     
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  5. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,781
    Location:
    Perth WA
    Shahin has wrapped it up nicely there :)In terms of uncrossing with another lender, it's no hassle at all, only marginally more effort than to uncross with the same lender.
     
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  6. bob shovel

    bob shovel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,383
    Location:
    Somewhere in the land of Oz
    You don't even need that. I do electronic and then go to the library for any fancy printing and/or scanning :D
     
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  7. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    1,173
    Location:
    Adelaide, SA
    Uncrossing and moving to another lender isn't that difficult at all - the problems are when:

    • some of the loans are fixed
    • any of the values on the property have fallen
    • circumstances have changed reducing the borrowing capacity of the borrowers
    It's always best to nip any identified problem in the bud whilst it's still possible - as anyone who has watched the lending market for the last 2 years realises what is available today cannot be relied upon as being available tomorrow.
     
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  8. markson

    markson Well-Known Member

    Joined:
    14th Feb, 2016
    Posts:
    310
    Location:
    NSW
    I use a free iPhone app called "Tiny Scanner". Simply takes a photo of your page and converts it to scanned PDF. Then simply email it

    [​IMG] [​IMG]
     
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  9. Nemo30

    Nemo30 Well-Known Member

    Joined:
    31st Dec, 2015
    Posts:
    438
    Location:
    Somewhere
    @Corey Batt is organising a couple of loans for me at the moment and has done so previously over a number of years. Cant recommend him more highly,he's very knowledgeable, but most importantly for me is that he thinks very strategically from an investor perspective.
     
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  10. Marty McDonald

    Marty McDonald Mortgage broker

    Joined:
    22nd Jun, 2015
    Posts:
    228
    Location:
    Sydney North Shore and Norther beaches
    I use CamScanner but downloaded this one too. Nice.
     
  11. Taku Ekanayake

    Taku Ekanayake Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    765
    Location:
    Sydney, Australia
    Sweet - thanks for the tip!
     
  12. markson

    markson Well-Known Member

    Joined:
    14th Feb, 2016
    Posts:
    310
    Location:
    NSW
    No worries. I use to drive to work every time I needed to scan and email something. Now it is done in 5 mins flat. I can then even upload it straight to my dropbox account for safe storage.