Replies Created | Forums | Jamie Moore | PropertyInvesting.com

Forum Replies Created

Viewing 20 posts - 3,461 through 3,480 (of 5,007 total)

« 1 … 170 171 172 173 174 175 176 177 178 … 251 »

Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 15, 2011 - 9:32 am
dw8998 wrote:
Hi everyone
I am interested in becoming a mortgage broker myself, I have worked under one as an assistant for 6 months but wish to start my own business as I have a couple of potential clients already and felt it would be better to start up my own business rather than providing their details to my boss who would then make all the commissions and just pay me my minimum weekly wage for doing all the work. He also stated that I need to work for at least 2 years before I can become my own broker and personally i just can't wait that long while I have a long list of potential clients I could be servicing myself.
I've researched around and found that I need to complete a certificate IV in financial services and diploma in mortgage broking, I plan to complete these 2 via kaplan professional services. I will then register an ABN and work from home and/or travel around Melbourne to meet up with clients.
Besides getting certified, what other steps do I need to take before I can successfully start my business? And how long would this process take from starting the cert IV course to writing your 1st home loan and receiving the commissions?
—
Cheers,
David
I think the MFAA requires you to be mentored for two years by someone with at least 5 years industry experience, etc. Some of the aggregators might be able to line you up with a mentor (which will no doubt come at a cost).
I'm not up with the ins and outs of starting a brokerage post NCCP – but I get the feeling it's not that easy to go at it alone these days.
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]
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 15, 2011 - 9:23 am
I've organised access to properties post exchange to carry out renovations before settlement. That way, all my renos are complete in time for the tenant to move in at settlement. There's an element of risk (there's a slim chance settlement might not occur) but it's worked out well for me in the past.
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]
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 15, 2011 - 9:18 am
Shape wrote:
In 2 years time…go to Doman.com.au and i can be 100% sure if it's a massive development ( over 40 units) then there will be at least 3 up for sale! 3 month before completion and after…and it may be cheaper too ! lol Regards Michael
Yep, that's when it's time to snag a bargain
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]
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 15, 2011 - 9:14 am
Totally agree on the strata report. Spend some time going through the minutes, repairs invoices, correspondence, etc. The last time I looked through strata docs for a NSW purchase it only cost $40 and I spent an hour in their office going over everything in detail…..problem is I should have spent only 30 minutes because during that time an offer was received and accepted on the property
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]
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 14, 2011 - 9:04 am
You might find that affordable and savvy are a tradeoff…..
House of Wealth are reported to be pretty good. Not sure where abouts in Melbourne they are located though.
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]
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 14, 2011 - 9:02 am
joeandchels wrote:
will the pre approval last from now until settlement in 2013, or will we need to do another pre approval 3 months or so before exchange,
Correct. You won't be able to obtain formal approval until closer to settlement – generally 3 months out.
joeandchels wrote:
– How does guarantor work, if we used parents equity $650k property nothing owing how can we use this to our advantage. –
Your parents (if willing) could guarantee a portion of the loan (say 25% to cover deposit and costs). You won't have to pay LMI but you will still need to be able to demonstrate that you can service the loan.
joeandchels wrote:
How does mortgage insurance come into play, is it another 5% which you basically never see the money again? – Is there anything I am missing in this situation which should be considered, extra cash I need etc? Aside from of course stamp duty? Sorry if this is stuff straight from investing 101, but its causing me a bit of stress and just trying to toss up if we should just keep trying to save when we get home and then be able to buy a house there (expensive town) instead of this off the plan scenario?
You generally pay LMI if your deposit is less than 20%. You can usually add it to the loan (so don't have to use your own cash). If the OTP property is going to become an IP then the LMI will be a deductible expense.
Tread carefully with OTP – do your research and be reasonably confident that you can arrange finance when the time comes. Because if you can't, you run the risk of relinquishing your deposit.
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]
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 14, 2011 - 6:14 am
I'm not aware of the company or how they operate.
If you have the time and willingness to learn about property investing then you can probably do without these "paid" services.
This will sound bias – but utilising a decent IP savvy broker and accountant might help with answering most of the questions that you're paying the IP consultant guys for.
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]
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 13, 2011 - 10:01 am
Jameswood wrote:
From my understanding he has been advised to buy brand new property by custodian wealth builders ( I can only assume for tax benefits and it being "safe" with a builders warranty)….
……probably because there's money in selling properties.
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]
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 11, 2011 - 9:39 am
Derek wrote:
I reckon I'd be knocking on Terry's door.
Same – the guy clearly knows his stuff.
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]
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 10, 2011 - 10:05 am
Shape wrote:
For a simple question + request as yours i would say it is… It's not like it;s a complex question. But my feeling is the Fin adviser don;t see the $$$ benefit in doing this deal so he/she is dragging it along till he has nothing else better to do ( as they make more money from advising and selling life insurance and super products lol) , Not morally or professionally the right thing to do! but we do live in a cruel world! To be honest Peter; if all you want to know is how much you can afford financially because you want to upgrade your PPOR; then any good broker would be able to work this out with you. it's a question we Brokers get ask all the time " can i afford to buy this place/upgrade?" Because really you know how much your outgoing is, you know what you spend your money on and how your lifestyle is like…so with a bit of common sense + planning and number crunching and advice from a banker/broker/Fin planer or accountant ; you will get there. Regards Michael
Good post – nailed it in one. The MB probably won't charge you either!
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]
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 10, 2011 - 10:04 am
Principle Place of Residency (your home)
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]
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 10, 2011 - 9:56 am
I agree with Richard – Ron's left me a little baffled as well.
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]
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 10, 2011 - 9:54 am
Tim@Tick wrote:
ING can be a little anal at times. However on borrowings of $750k, the potential LMI savings for the customer might be too significant to ignore.
Tim could use his Offset account cash for a deposit (negotiate with real estate agent for <10% deposit), provide a Contract of Sale to ING and all would be good.
Tim McGrath
Tick Mortgage Solutions
[email protected] | (03) 9877-7077
If the aim of the game is to reduce LMI on an 85% lend then why not just use Citibank who won't charge any LMI at all….
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]
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 9, 2011 - 11:48 am
Not sure if I'd be refinancing to ING – accessing equity can be a painful exercise….that's just me though.
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]
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 9, 2011 - 11:38 am
95% lends never really left.
As Richard said though – they are scrutinized a lot more heavier.
Being an existing client with a good banking history can help quite a bit with 95% lends.
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]
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 8, 2011 - 9:28 pm
Hi Tim
No – what you've described sounds good.
Keep in mind, you could stick with STG and still keep both properties uncrossed.
It's when you get to around the $1 million mark with one lender it's time to start diversifying. I think a couple of uncrossed properties with one lender doesn't normally cause any dramas – and is a good way to organise a decrease on the rate across your total borrowings.
Having said that though, STG can start acting a little funny once your total borrowings hit $750k such as refusing to capitalise LMI so it might not be a bad idea to look elsewhere. I'd speak with a good broker about your options.
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]
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 8, 2011 - 11:09 am
You would need to pay for Microsoft Office.
But you can download "open office" for free – it's a similar spreadsheet so will do the trick as well.
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]
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 8, 2011 - 11:06 am
Real insurance, Terri Scheer, Onepath….there's heaps. Get a few quotes and make sure that they cover what you need.
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]
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 8, 2011 - 11:05 am
No worries at all – I'm sure they'll be plenty available next year as well.
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]
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 8, 2011 - 11:04 am
I must admit, I haven't sussed out the competition but I couldn't imagine life without my iPhone and iPad – especially for business. I'm heading into Optus tomorrow to pick up a 4S – I might have to check out the Galaxy while I'm there.
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]