All Topics / The Treasure Chest / The right lender???

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  • Profile photo of sebastian1sebastian1
    Member
    @sebastian1
    Join Date: 2003
    Post Count: 1

    This is my very first time I have entered this sight, How exciting!! I am hoping someone can give me some advise on how to get a lending institution that works? I have purchashed two investment properties one on the Central Coast NSW and the other in WA. The problem is that I continue to have problems with my lender. They really slow me down. I have a pretty good asset bas and am by no means a risk yet any time I go to purchash another property it takes like 12 months before the deal is complete. Too slow. Can anyone help me???

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    12 months is an awfully long time. Why not just use a mortgage broker? They have access to many lenders.

    Terryw
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of ausclaudausclaud
    Participant
    @ausclaud
    Join Date: 2003
    Post Count: 3

    I use St george and I have purchased 3 times, everytime the settlement period has been within 6 weeks. i do have problems with fees and other things that they forget to advise me but i fhave found them to be ok!!
    hope this helps!

    Profile photo of willrogerswillrogers
    Member
    @willrogers
    Join Date: 2003
    Post Count: 25

    Mortage Brokers are the go you can ask them to give you a few different options. They do most of the phone work and send over the forms to sign. Try them out its a lot easier

    quote:


    This is my very first time I have entered this sight, How exciting!! I am hoping someone can give me some advise on how to get a lending institution that works? I have purchashed two investment properties one on the Central Coast NSW and the other in WA. The problem is that I continue to have problems with my lender. They really slow me down. I have a pretty good asset bas and am by no means a risk yet any time I go to purchash another property it takes like 12 months before the deal is complete. Too slow. Can anyone help me???


    Profile photo of johndjohnd
    Member
    @johnd
    Join Date: 2003
    Post Count: 25

    Hi Sebestian,
    I agree with the previous post. Find your self a mortgage broker and they will sort it out for you. Having said that not all chef’s are the same nor are real estate agents nor are lawyers and especially nor are finance brokers. Do the hard yards now get them in talk to them and find out which ones understand your needs and requirements and then develop your relationship with them. I strongly suggest however that you define and understand what you want upfront so that you can instruct them, a bit like instructing a lawyer to act on your behalf, because they will all say yes to your business but wont always be able to deliver because at the end of the day, they don’t have the final say the lender does. It’s important to get it right the first time and everytime and because the finance industry has grown so quickly there are so many new players and so many who are new to the game. I’m speaking from experience because I interviewed and spoke and dealt with no less than 8 until I found the right one for me. It’s not easy finding good people in any field it takes time and patience but when you finally do it all becomes worth it, but more importantly once you have found that person or company or bank you wont have to worry about financing issues any more. One last piece of advise, learn and understand how financing works the frame work and the guidelines they use with that knowledge you are able to then structure your deals so your personal situation to fall with in them and once youve done that your home and hose.
    Happy Investing
    regards
    John

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