Hi everyone. This is my first post and would appreciate some advice where to begin when looking for an IP. Although I am keen to purchase my first IP I am also a bit apprehensive fearing that I will make many mistakes from selecting the right property to arranging and structuring the loan. This combined with time constraints has made me decide to use a buyer’s agent (BA) to ensure I don’t get stressed. The question I have is if I am using a BA, will I still require the services of a MB? If so, how would the process work? Would I approach a MB first to arrange finance and then get a BA to find me an IP? Or would I simply get pre-approval from a bank first, then employ a BA to find the right IP before finally approaching a MB to structure the loan? Finally, can anyone recommend a good BA or MB in Sydney? I live in the North Shore area. Sorry if any of these questions appear silly but is probably a reflection of my inexperience when it comes to property investing. Thanks. Cheers
A buyers agent finds you the property whereas a Mortgage Broker finds you the loan. They are separate. If you are going to look for a property, then it may be better to approach the mortgage broker first and get your pre-approval. otherwise you may not know what price range you can afford.
I am in Sydney but am not taking any more clients on, but I can refer you to someone if you send me an email with your details.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Alpha
Firstly welcome to the forum and I hope you enjoy your time with us.
As Terry has mentioned the two are totally separate beasts and perform different functions.
You would be better of not only to approach a mortgage broker to obtain a pre-approval but more importantly put the wheels in motion on how to structure your deal to enable you to move ahead without complications.
You want to avoid cross collateralising your loan where possible and getting this set up will take a while so best to act sooner rather than later.
Richard Taylor | Australia's leading private lender
Hi Alpha, I'm a MB based in Sydney. Happy to assist with any questions.
Hi Guys,
Thanks for the replies. Richard, since Terry is no longer taking any clients, I was hoping to contact you but noticed you have a Queensland number. Would this be a problem having a MB in a different state to where I am looking to purchase property?
Thanks.
Hi Alpha
Not at all i have dozens of NSW forum clients so feel to drop me an email and we can start communicating.
Richard Taylor | Australia's leading private lender
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