Hey guys,
Is it smart to have a mortgage broker that lives and operates in your local area? Or is that not so big a deal?
Is there a risk in having a broker that you haven’t met and discussed things in person with?
Hi Mike
I think this day and age with the advancement of technology most loan applications are lodged electronically so the whearabouts of your Mortgage Broker is really neither here not there.
I have hundreds of forum clients who I have never met and realistically are unlikely to do so in the future.
These include clients intra / inter state as well as expat clients from all parts of the world.
Sure you are going to get the odd first time buyer who wants to see down and feel all warm and fuzzy as they chat with you and that is then possible where travel allows but more often or not clients have a rough idea on where they want to go and want some advice on how to get there and with whom.
Investors are certainly looking for advice on how to structure the loan to avoid future pitfalls as well as have their Broker look at a range of lending options of which some of this research is only possible when he is back in his office.
As long as the compliance issues are covered off i have no problem in taking business from clients anywhere and most clients seem to think the same thing.
In saying this every person to their own level of comfort.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
A very small percentage of brokers are properly equiped to service investor clients. If you find a good one, wherever they are, i suggest you use them. There is a mindset amongst most people that brokers will come and visit you in your home and hold your hand through the loan process, but the simple fact is that those brokers who can effectively service investors generally are so busy that you have buckly's of them coming to see you, whether they are local or not, so it really shouldn't and doesn't matter where they are.
Hi Mike,
Definitely you can use who you like. I have interstate clients but also clients who work overseas and cannot physically meet any Australian broker, and technology is sufficient to do all aspects of the loan and continual contact. There's no difference here with dealing with a broker interstate or intrastate.
We tend to rely on technology for so many things these days, getting a home-loan is slowly starting to fall into that picture as well.
You just need to find the right broker who is transparent and who you can research well before making the decision to use them.
As outlined above technology means it should not matter where you are located. I service existing clients from all parts of the world and also when I am in the USA. So long as the broker is competent, understands your needs and all compliance issues are dealt with it should not matter. That being said I have one or two clients who insist everything be done face to face!
Agree with all of the above.
My former broker is based in Melbourne while I live in Canberra. I purchased three IP's with him before we met.
Your best bet is to just give them (interstate broker you're interested in using) a buzz. If they understand your requirements, answer your questions and leave you feeling confident in their abilities then go for it.
Most of us travel from state to state at times so you might end up meeting them at some point. I like to visit my interstate clients when I'm in the area.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Cool, thanks for the answers guys, much appreciated. I actually thought as much but it’s always good to get confirmation.
My current loan is with the Bendigo Bank, and in hindsight, I’m pretty sure that I can be getting a way better deal than I am currently. As soon as the new mortgage exit changes come into play, I’ll have to have a look around and see what’s up.
Hi Mike
Hate to say i dont think you will find lenders amending existing loan contracts to let you out for nothing will only be new lending.
If the loan is a variable rate loan then probably wouldnt be much to get out of the loan anyway. Fixed rate different matter and not sure i would ever suggest that.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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