Picking right broker

Discussion in 'Loans & Mortgage Brokers' started by tamu, 21st Nov, 2019.

Join Australia's most dynamic and respected property investment community
  1. tamu

    tamu Member

    Joined:
    20th Nov, 2019
    Posts:
    15
    Location:
    Melbourne
    We have ppor and couple of IPs in Melbourne. Me and wife works payg+abn. We have never used broker and don't know how it works and also costs around it. We consider ourselves novice investors. We are planning to restructure our loans to get better rates, understand how much we can borrow more and potentially buy new properties if we can borrow more. There seem.to be lot of mortgage brokers around and like anything , there would be good and not so good ones. Any advice on how to pick the right broker for us? Thanks.
     
  2. MC1

    MC1 Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    288
    Location:
    Melbourne
    3....2......1
     

    Attached Files:

    Joseph likes this.
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

    Joined:
    9th Jun, 2006
    Posts:
    28,023
    Location:
    Australia wide
    Read a few posts by brokers and see whose style you like
     
    thydzik likes this.
  4. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    12,937
    Location:
    Sydney
    1. Brokers wont normally charge you a cent. They get paid by a lender.
    2. They will understand what you want, educate options and choices and guide lenders that suit your situation. And advise on capacity, servicing and which lenders NOT to consider. And find you the best deal for the things you need. And allow you to choose. Often many dont choose the cheapest option eg base rate, no offsets etc

    Find someone you feel listens and communicates. Most here on PC are pretty good
     
  5. Joseph

    Joseph Well-Known Member

    Joined:
    25th Jul, 2015
    Posts:
    1,401
    Location:
    AU
    I have found Redom and the team at Confidence Finance (https://www.confidencefinance.com.au) very good to work with the past 3 purchases. All interstate over phone/email as I am in SA.
     
    Redom likes this.
  6. Jess Peletier

    Jess Peletier Mortgages, Finance & Property Strategy Aust Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    6,053
    Location:
    Perth WA
    Pick one from here, they all know their stuff and you won't end up with a crappy loan structure. :)

    As Terry said, read a few posts and see who you relate too.
     
  7. Lindsay_W

    Lindsay_W Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    1,706
    Location:
    QLD
    Pick any from this forum and can't go wrong
     
  8. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    15th Aug, 2005
    Posts:
    6,827
    Location:
    Gold Coast
    From your stated goals, if your broker isnt more interested in mapping your future goals and demonstrating how u can both get ahead as a primary focus ( rather than rate and the current transaction) you might want to continue looking.

    the right broker would rather walk away from business if the borrower cant adapt to best business practice.

    I recently heard something I relate to, The best practice advisors are doorways, rather than doormats

    ta
    rolf
     
  9. tamu

    tamu Member

    Joined:
    20th Nov, 2019
    Posts:
    15
    Location:
    Melbourne
    Thanks for the responses. I will reach out to one for assistance