Picking right broker

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

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  1. tamu

    tamu Member

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    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.
     
    tamu, 21st Nov, 2019
    #1
  2. MC1

    MC1 Well-Known Member

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    3....2......1
     

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    MC1, 21st Nov, 2019
    #2
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  3. Terry_w

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

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    Read a few posts by brokers and see whose style you like
     
    Terry_w, 21st Nov, 2019
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  4. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    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
     
    Paul@PAS, 21st Nov, 2019
    #4
  5. Guest

    Guest Guest

    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.
     
    Guest, 21st Nov, 2019
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  6. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    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.
     
    Jess Peletier, 21st Nov, 2019
    #6
  7. Lindsay_W

    Lindsay_W Well-Known Member

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    Pick any from this forum and can't go wrong
     
    Lindsay_W, 21st Nov, 2019
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  8. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    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
     
    Rolf Latham, 22nd Nov, 2019
    #8
  9. tamu

    tamu Member

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    Thanks for the responses. I will reach out to one for assistance
     
    tamu, 22nd Nov, 2019
    #9
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