The importance of using a broker
What does a broker do?
A mortgage broker’s job is to work with you to understand your investment property goals both in the short-term and long-term. They assess your financial situation, compare a variety of investment loans and negotiate with lenders on your behalf to find the right loan for you.
They can assist you in the loan application process from when you select a loan right through to settlement. A good broker can help you beyond settlement too, for example keeping you up to date on industry changes and negotiating a better rate on your behalf.
When do you need a broker?
Just like a buyer’s agent who can help you find your property, you’ll want to seek the advice of an expert who can help you find the right loan early in your property investment journey. It’s a good idea to speak to your broker even before you start, so you can have an idea of what to expect in getting an investment loan.
The Application Process
When you’re ready to speak to an Aussie Broker, they will take you through the steps you need to take when applying for an investment loan. During your free appointment, an Aussie Broker can:
- Find the right loan for you
- Calculate your exact borrowings and repayments
- Explain all fees, charges and Lender’s Mortgage Insurance (LMI)
- Show you ways to save money
- Answer any questions
Every loan and application process is different, and there’s no set amount of time it takes. Your Aussie Broker can advise you through each stage of the process. These are the key stages involved in your application process:
- Appointment with your Aussie Broker
- Finalise all documentation
- Loan is conditionally approved
- Full approval of your home loan
- Loan documents arrive
- Sign the loan documents
- Confirmation of settlement
- Finalise transactions
- Loan and property are settled
The bottom line is, your Aussie Broker can show you the scenarios to help you decide whether you can afford an investment property, while also helping you secure the right deal on an investment loan – speak to your Aussie Broker today for expert advice!
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- Chapter One : Things to consider before investing in property
- Chapter Two : Determining where to invest
- Chapter Three : Investment Properties by Dwelling Types
- Chapter Four : Finance for Your Investment Property Purchase
- Chapter Five : How to Invest in Property
- Chapter Six : Adding Value to Your Investment Property
- Chapter Seven : Positive and Negative Gearing
- Chapter Eight : Getting Your loan
- Chapter Nine : Selling your Investment Property