Mortgage Broker / Getting a Loan

Hi Nik

Welcome to the forum.

In my opinion you are never to young to start investing and purchased my first IP at the age of 18 back in the UK.

To assess an application and make recommendations on borrowing capacity, structure etc a little more information is required.

Lenders look at a variety of things but serviceability is paramount. Taking into consideration the rent you will receive on the property being purchased together with your income and subtracting on the other side of the ledger your liabilites as well as a set living allowamnce dependant on your marital status gives a broker a net disposible income figure.

From this figure he can calculate the amount of loan available to you and look at the types of lenders and the terms and conditions each would impose.

Each lender looks at rental income differently and takes a particular percentage into consideration. The same applies with liabilites so providing a broker these figures will enable him to offer you a couple of lending options.

Structure is also dependant on individual circumstances. Do I buy in Trust / Pty Ltd or personal name will be different for each client and a clients circumstances will change as years go on.

Many of my clients both here in Australian and overseas I have never actually met face to face but treat them as friends and hope they now that i am a phone call or an email away.

Most applications are lodged and processed electronically so the day of the email has revolutionised the mortgage business and competition has aided the broker work closely with his client to reach his goal both now and in the future.

Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]

Either of these guys will do a sterling job for you.

Be careful with those big franchises. There are some great brokers working there but you are also likely to be allocated the new guy…. McBrokers I call them [biggrin]

They share much of their comissions meaning they need to do more loans than us smaller operators – you may end up being advised by little more than a factory..

Cheers,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

To both Nik’s and Leebee,

Quite frankly you are doing yourselves a great diservice if you don’t use one of the great brokers who post on this site.

With regard to mortgagechoice, xinc and any other of those groups, there is a reason why they need the backing of a franchise system to drive business for them. Indepependent brokers make considerably more money per loan, but have to be good to get work in the door, as they don’t have the marketing support of these groups.

I own a broking business, and I can tell you categorically that we have never lost when competing for a client with a franchise broker.

Regards
Alistair Perry

Lee,

I am sure he is great.

Please don’t feel you need to support any of us brokers here just because we post a lot. That isn’t why I do it.

I meant my post against McBrokers in general only. There are some wonderful individuals in every organisation.

thanks for the referral – good brokers are hard to find these days.

Cheers,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Pest and building is one of those areas where the expert must be local. I am afraid I cannot help with that area.

I do have a super QS tho.

Cheers,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.