hi all,
i am very new to property investing, i dont have my own home or equity and i am looking into property investing from quiet some time.Now for me the problem is that i cant arrange finance can any body help in letting me know how should i go about it.Hello BS,
I would go and see a good mortgage broker to determine your situation re finance.
But more importantly I would thoroughly research what you wish to buy, and for what purpose.e.g. you may want to buy a ppor before investing, or you may be better to get straight into an investment property.
There are a myriad of diverse factors involved in your decision.
First read all the old threads on this site.Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
I agree, a mortgage broker will be able to help you identify your needs and indicate a suitable lender.
I suggest you ask your family and friends for a referral to a good one – there are a few cowboys out there!
Cheers,
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
hi all
Sorry to disappoint you but the cowboys are not confined to the brokers, recommendation from family is good but not much good if the family members is one of the cowboys,
I would get a deal from a broker and check against a second broker.
If they are the same or similar work with the one your happy to work with because at the end of the day (and you wish to be a property investor) you will hopefully be working with this person very closely for some time.
My family and freinds broker cost me (they asked to give him a chance).
The following.
3.9 mil lend, equity should have been 5.85 mil,
broker put forward 7.3 mil of our equity.
bank accepted ( and why wouldn’t they) ( he thought the more the better)
cost of stamp duty legals and a like is very expensive.
His fee $37,000.00.
Our cost more then double.
you live and learn no he’s not going to do any more deals for us.
I ended up taking control of the deal.here to help
thanks a lot Giddo,Simon, Grossrealisation for your suggestions i will try to find mortgage brokeers lets c how i go. thanks once again
There are great brokers out there that DON’T charge. They get commissions from the bank. They can also make the whole process of applying for a loan a much nicer experience!
see if you can get a savings plan happening, every pay make sure you are putting aside a nice chunk of money into an account like ING Direct or something similar. If you can demonstrate genuine savings you will have a lot more options for finance. (making a budget will help with working out how much you can save)
More stuff on the voigtstr at http://users.bigpond.net.au/voigtstr
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