I’m looking to make my first purchase (purchase price of $350-$400k NSW coast). It will be my primary residence.
Is my timing bad considering the changes in tax laws and the way in which it will effect the market?
Also, any advice on lenders (have spoken to Wizard and St George) would be great.
Cheers
Ant
It should be fine if it is your primary residence, those new rules dont seem to appl to it from what i hear.
Banks hey, i do ANZ, but whenever you go, dont go through those blimmen brokers, they promise alot but never deliver, go directly to the bank, you get the right information and a much quicker reply, so if its a no you can goto another, whereas the brokers promise a quick response but by the time they say sorry you didnt get it, it is too late.
Kev[strum]
Im not in NSW so bit hard to say , but i would assume the market is going to come down in price alot more as some investors panic sell.
Regards Bear
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DONT MISS OUT!!!!!Yeah those brokers are sooo bad….
Hell, I got 97% lends on 5 houses through my broker… and of course they never deliver!!! Good luck getting that going through a normal banks process….
And of course the banks always give you the right info, just go here and see: http://propertyinvesting.com/forum/topic.asp?TOPIC_ID=9044
I would highly recommend you go to a mortgage broker, as almost 50% of all new loans that are taken are done through a mortgage broker. Also often you don’t have to pay an application fee, or you might get another discount. Find one who suits your goals, if they don’t – move on (also banks pay the mortgage brokers so don’t pay any ‘fees’ (unless they are actually from the bank – like loan application fees)).
Rgds.
Lucifer_auI have to agree with Lucifer.
I used a mortgage broker (actually Simon, mortgage hunter from this forum).
He promised and delivered and replied promptly.A good morgage broker has a whole smogasboard of all different kinds of loans of different lenders to select from.
If you go directly to a bank they’ll have only their limited products, of course.
It’s so much easier and faster to go through a good morgage broker.
Ask how many lenders they have available if you look for one. This can vary.Good luck finding the right loan.[biggrin]
Hi,
I have used both … initially i went through a mortgage broker. Everything was fine when I bought my own place, couldn’t ask for better service. I then however had major issues, using the same broker, when I purchased my first IP. I have since gone back to the bank directly and have had great service. Found a great mobile lender, lucky me.
The thing to remember is that you must shop around for a good broker, they are not all the same, just like the banks. The other thing to think of is that if you have any issues with your loan(s), the bank will usually direct you back to the mortgage broker since the loan went through a different department, this happened to me. So you now have a third party to go through.This can cause headaches, you have the bank blaming the broker and the broker blaming the bank (happened to me again), yet all you want is your problem fixed.
Everyone has had issues with either a broker or the banks, the important thing to remember is that regardless of who you use, find a good one. Makes life so much easier.
Good luck
Thanx for the great info all.
I have spoken directly with the banks and left feeling a little unsatisfied with thier lack of enthusiams and lack of loan options. I had a great experience with Wizard though so am tempted to try and develop a relationship with my local rep… I like the idea of using a major non-bank lender like Wizard but have no idea if this is a sensible thing to do!. Is it?
On the other hand, I’ve been warned away from brokers before and as I don’t know any good ones (in the Sydney area) I’m hesitant to use one. I’d rather develop an ongoing relationship with a lender but are concerned that it’s a bit hit and miss with the brokers. Am I being naive?
It depends if the broker works from home and has no qualifications – there are many better qualified brokers who used to work for the banks you just have to keep hunting, good luck.
As it is your residence I think you will be OK, the Coast is performing will for first home owners at this level up there, ask mortgagehunter on this site (simon) he lives there.
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