10 Questions To Ask Your (Prospective) Broker

Viewing 5 posts - 1 through 5 (of 5 total)

Derek
Member
@derek
Join Date: 2004
Post Count: 3,544
November 16, 2012 - 2:10 am
Hi All,
Caught this online article this morning and thought I would share it to assist those looking for a broker to assist them along the way.
Article can be read here
A few questions missing for me – particularly for property investors.
1. Are you a property investor too?
2. How would you structure my loans? Why? (assumption being you have discussed you current situation and plans)
3. What is your position on cross collateralisation?
Just a few extras that quickly come to mind.
jmsrachel
Participant
@jmsrachel
Join Date: 2012
Post Count: 711
November 16, 2012 - 5:31 am
Derek you make a good point about asking your broker if they are a property investor. The last 2 brokers I met weren’t property investors, in fact one of them was renting and still saving for a deposit. He was 36.
I think a good broker definitely needs a couple of IP’s under there belt.
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 16, 2012 - 5:50 am
It's hugely important to use a broker that walks the talk when it comes to property investing.
You can tell the brokers/bankers that invest from the ones that don't have a clue. It's something that will become apparent within 2 minutes of speaking with them. You don't need to go through a list of 10 or 20 questions to find out. Call them, have a chat, complete their fact find or client analysis form and see what sort of advice they offer up.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
November 17, 2012 - 2:45 am
Totally agree and have said it so many times before.
Would you have confidence in undertaking major surgery from a Dr who had never performed an operation before.
You want a Broker who shares the same passion and desire as you and also can lead by example.
Jamie is so right if you can't assess whether your Broker knows what he / she is talking about in the first 5 minutes of a conversation then getting them to answer a 100 questions will do you know good.
Hate to say anyone who emailed me 20 questions would not get a reply.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Ailime
Participant
@ailime
Join Date: 2008
Post Count: 28
November 18, 2012 - 4:37 am
I am very thankful for Richard's reply… there are several things to learn and think about that I hadn't known or thought of.