Hi All,
Has anyone ever used Deposit Power to fund a deposit for a property purchase?
Also what are the things to look for in a mortgage broker. Love to hear from anyone who’s had dealings with these areas.All have a good day
I think it boils down to two things when deciding on a broker.
That he has your best interests in mind all the time, and
That he understands what investors need – not just done mum and dads home loan and topup for a boat etc.
How do you find that?
I think the only way is through a referral from someone you trust.
So ask around is my advice.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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 Darby,
Deposit bonds are deposit bonds, it doesn’t really matter the brand, just check that the vendor will accept it and then get the one that costs you the least.
In terms of choosing a broker. I agree with Simon re getting a recommendation. I’m sure there are plenty of people on this forum who would be happy to recommend somebody to you.
Regards
AlistairHi Darby
I can certainly tell you which one not to get after having bad experiences, but life is full of learning curves and as such I would interview the next broker making sure that he has put together alot of different deals that he has seen through to the end and not dropped his bundle when the going gets tough. Being a property investor himself would be another plus when selecting a new broker.
There are alot of eager young brokers out there (not always having your best interest at heart), but saying that and having good advise given by Steven, Simon and Derek from time to time turning bad advise into good gives me alot of faith in the brokers on this forum.
Referal is the way to go!
As for deposit bonds I have used them from time to time and they are as good as money, plus you can claim the cost of a bond as a tax deduction.
Cheers, keep smiling [biggrin]
Jenny1
Originally posted by Jenny1:There are alot of eager young brokers out there (not always having your best interest at heart), but saying that and having good advise given by Steven, Simon and Derek from time to time turning bad advise into good gives me alot of faith in the brokers on this forum.
Hi Jenny,
Just to clarify for those out there who are reading this thread I am not a broker just in case people got confused.
Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958Hi Jenny,
Just to clarify for those out there who are reading this thread I am not a broker just in case people got confused.
Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958[/quote]
But if you were I’d use you [biggrin]
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
Deposit bonds are like loans, in that they have a few requirements before being approved. (like approval of your first mortgage before they will issue the bond.)
And in my experience the bank doing the mortgage aren’t very good at meeting deadlines for approval.I’d suggest you have bare minimum 14 day period clause in which to obtain a deposit bond before sale goes unconditional.
There can be problems with a deposit bond if you are purchasing in a trust/company structure….beware.
Vendors usually prefer cash deposit over a deposit bond and this may weaken your bargaining power somewhat with a bond.
In my experience they can add a little to the stress of purchasing a property and in future I think I would try to use whatever cash I had available as a deposit instead.
As for brokers, They all promise the world when you first meet them, but only a select few good ones can select the best loan for you and deliver on time. I’d follow up a referral from someone too!
Live, Learn and GrowLifexperience
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