Hi guys
I am looking at investing in my 1st property … I went to Mortgage House at the recommendation of a work colleague … They can either help you with the loan (no fee) or help you with strategies, loan, property choice, plus further property purchases etc … They claimed they would charge a one-off fee of $3000 for all the additional help beyond the loan … I am not sure whether to be cynical of this or whether it might be money well spent … They did a great sell on how their aim is to minimise the cost to me as well as the time it takes to pay off the loan … Plus then get me on to the next property investment …
Can anyone offer any advice or suggestions based on their experience with this company or any other like it ?? … I am a little bit naieve in terms of knowledge and making decisions and I’m a bit scared of being “sucked in”
Many thanks for any advice offered
Derek
Dereksam,
Just some background information.
I heard the other day that MH do not have the CBA in their suit of loan products…Some dispute between the two organisations on training(?) costs. The other motgage brokers might be closer to the scene.
James
hey James ..
What do you mean by CBA ??? I have no understanding of the phrase.
Thanks for your response
DerekP.S. If you don’t recommend this company, do you recommend somewhere else or should i just try to do it on my own ??
CBA = Commonwealth Bank
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hey Derek,
Sounds like they’re offering a managed mortage reduction/investment programme. My company offers similar sevices – for people who want it all done for them.. Nothing you can’t do yourself with a hands on attitude and a lttle education – for a fraction of the cost..
theloanarranger
Hi Derek,
Don’t forget that in addition to your $3000 MH will also get a brokerage fee from the bank for each loan product you purchase.
Without knowing your particular situation it (the final cost) could possibly look like this – refinance current loan/s (fee from bank) + line of credit (fee from bank), find property ($3K fee) + write new loan (fee from bank – assuming the properties are not cross collateralised).
Now one has to also wonder how extensive are MH’s property location resources and what else do you get for your $3K.
Me thinks you can do better.
Derek too
Not 100% about this, but wasn’t it Mortgage Choice who had the dispute with CBA?
Or is Mortgage House in dispute with the CBA too. Not surprising given their ‘quality’ customer service!
Brendon
Acute Mortgage Reductions
‘Better Finance for More Homes Sooner’
[email protected]
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