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Viewing 8 posts - 1 through 8 (of 8 total)
  • Profile photo of zimbyzimby
    Member
    @zimby
    Join Date: 2009
    Post Count: 40

    Howdy

    Just wondering which is the better path to follow.
    We are currently with St George and have saved around 20k for our first house, we plan to watch closely and possibly buy Jan/Feb next year when we have a bit more money, also i’m keen to see what happens when the FHOG drops back.
    We plan on using st George for the Loan.
    I’ve spoken to a few brokers and I’ve spoken directly to the bank, both seem to think its best to go through them.
    I’m Definitely leaning towards going with a broker as his advice has been solid(Thanks Richard)
    I know brokering is some peoples lively hood and I don’t wish to offend, i’d just like to know i’m on the right path.

    Cheers :)

    Denis

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,018

    Hi Denis

    Only thing i would throw in the ring is " Do you think Bank A would tell you Bank B or C was better for you …… I think not. At least a Broker can deal with everyone".

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of nataliebransonnataliebranson
    Member
    @nataliebranson
    Join Date: 2009
    Post Count: 31

    Hey Denis,

    Quick peice of advice;

    We go to doctors for specialised medical advice, right?
    We go to solictors for specialised legal advice, right?

    We should go to brokers for specialised financial advice…

    As Richard said, say you walk into a bank direct, they arent exactly going to refer you to another bank with a much better suited product for you…. you are merely a number to them, they will pretty much say anything you want to hear, as long as you sign the dotted line.

    You are doing the right thing by using a broker!

    Profile photo of BrisbaneAndyBrisbaneAndy
    Participant
    @brisbaneandy
    Join Date: 2009
    Post Count: 45

    I'll probably be shot by my friends for saying this but a good broker is worth their weight in gold (that is a GOOD broker, a BAD broker will see you want to recreate a scene from American Psycho!). 

    I was a big bank lender for 3 years and can say that in the branch network where I started there were 16 lenders of which only 8 had ever owned property!  The other 8 lenders had never even gone through the stress and headaches that is half of the property purchases that happen. 

    No matter who you use though (and I still use my bank lender friends) please, please, please ask them "so how many properties do you own?"  If they say none politely thank them for their time and walk out, it's not worth the risk of your settlement being totally bollacksed up and/or given a totally inappropriate loan.

    Good luck,

    Andy

    PS. There are some situations a good bank lender can really pay for themselves though.  I've had unconditional finance approval with signed mortgage docs just 3 hrs after signing the property contract once because I knew who to talk to and the lender knew what they were doing.

    Profile photo of zimbyzimby
    Member
    @zimby
    Join Date: 2009
    Post Count: 40

    Howdy

    I love these forums :)
    Thanks for the replies, I’ve heard great things about Richard(qlds007) on the forum and after talking to a houseless guy younger than me at mortgage choice, I think i’m fairly certain which broker to use.
    My only question is how many houses do you have in your portfolio Richard :)
    Sorry curiosity got the better of me.
    Do brokers only look after finance or can they give Property location advice, i’m in two minds about locationsize.

    Thanks again

    Denis

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,018

    Denis

    Have nothing to hide.
    Currently 40 properties in and around Brisbane but that has taken 12 years to accrue.

    Will be looking to expand that this year interstate.

    If the Broker is Licensed he can offer advice on property. Personally i dont but always happy discuss generally suburbs with clients especially if they are near where i own my properties.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of zimbyzimby
    Member
    @zimby
    Join Date: 2009
    Post Count: 40

    Hi Richard

    Wow 40 properties thats quite impressive.:)
    I don’t mean to be skeptical, I believe that advice is best viewed from many angles and from many sources.
    Christmas time will take a toll on our savings, we’ve also got to budget for fridge/drier etc.
    We’ll be ready with minimum 5% just after Christmas.
    Is it best to find the place before speaking with you or after?
    Do we need to lock in a date?
    I’m quite keen to talk with you as you’re wealth of property/finance knowledge is quite evident in all the replies to questions here.
    I know this is our First property, but we figure it will only take us about 6 months max to have saved enough in the offset for another deposit.
    Do you have many clients on this forum?

    Cheers

    Denis :)

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,018

    Sorry Denis back from the UK and over the jetlag.

    Yes has taken a few years but was lucky to be buying right through the 2000-2002 property boom in SE Qld and also having 1 or 2 real estate contacts helps.

    Certainly suggest we look at getting pre-approval prior to you going to Contract as lending market is changing by the day and saves disppointment.

    Even the last 3 monthly sucessive interest rate increases have effected borrowing capacity so market and lending conditions cannot be relied on for long. 

    Yes i am sure like Terry i have a few hundred clients on the forum here.  

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

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