To early to speak with Mortgage Broker

Hi all,

My partner and I are very new to this qll and we have been bouncing around learning as much as possible.

Currently we are in the accumulation phase whilst being little sponges and learning as much as possible. (We've probably elapsed 100 hours in the past fortnight reading this forum alone).

We are on track to reach a 60k-70k savings around July 2020 ( I know its awhile off but we like to prepare as much ass possible)

My question is, is it to early to begin building a relationship or speaking with a mortgage broker?

Kind regards, Luke

 

Hi Luke

What would you like to ask from the MBs?

It may be a bit preliminary to chat.

Do you mean you are new to property generally or are you new to property investing?

Do you have an owner occupier property already?

 

We are new in general to property and do not own any property.

I guess I'd be interested in knowing how much we would be able to borrow next year, this would help us look deeper at what strategies we could put in place when looking at where to invest.

 

Accumulation phase usually refers to you are net buying property as opposed to net selling later ln for retirement.

Always a good idea to know how much you can borrow.

 

You need to engage a broker or banker as your first step.

Determine a) how much you can borrow b) how much deposit you need based on different LVR scenarios c) anything you need to know between now and when you are ready to pull the trigger for a purchase, such as closing credit cards, waiting a certain timeframe as you are self employed, paying off a car loan, etc.

Things will inevitably change between now and 2020 but you will have a really good idea of where you currently sit and what things you will need to do to be ready for finance/purchase.

 

Oh whoops haha, well I've learnt something else today!
Great, I've had ny eye on Mortgage Broker in PC for the last 2 weeks so I may just reach out.

 

Awesome! Thanks so much mate, you have been very helpful so far on our little journey.

Great I'll make the play this week and reach out. Just double checking but geting a broker from outside of my state is fine correct? As the one we have seen highly recommended on here is adelaide based.

 

No issues at all since most things are done via Email and FaceTime.

Most important thing is to get someone that knows what they doing rather than is close to you.

 

Never too early.

The feedback you'll get is that you need a certain level of deposit or other resources to purchase a property, so it may well be another year before you can start.

On the other hand, you might find there are some things you haven't though about that could bring that date forward.

There might also be things that you need to address before you're ready. Speaking to someone now might give you more opportunity to have everything lined up.

 

Of course, this thread has given me the confidence to take that step. Lots to think about but boy is it exciting.