All Topics / Help Needed! / Just bought first IP!

Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of laminarialeslaminariales
    Participant
    @laminariales
    Join Date: 2012
    Post Count: 9
    February 17, 2012 - 1:55 am

    Hi Everyone!

    I bought a house yesterday. It is purely investment, never to be PPOR.

    As i am new to this i do not have a mortgage broker lined up.

    So the real estate agent who sold the property of course gave my number to a mortgage broker (e-select) who called me. I thought I might as well hear what he can offer. So he is coming over tomorrow morning to discuss my options.

    Is there anything i should watch out for regarding mortgage brokers or should i be pretty safe in assuming this guy will get me a decent deal? I have already been to a few banks to see what they offer/ have got pre-approval.

    With regards to the loan itself, after reading up (on these forums in particular) it seems an IO loan with 100% offset account would be perfect, given that i don’t own a house, have a moderately high income, work pays for accommodation and i have no other debts. Also, i would be borrowing 90%. Does that sound about right? I would have gone with ME of the banks i visited due to a .45% interest reduction as I have superannuation with them.

    Thanks in advance for help!

    Regards,

    Marcus

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 17, 2012 - 3:14 am

    Hi Marcus

    Congrats on your first IP.

    Personally, I'd look to use a broker independent of the selling agent.

    ME aren't the most competitive lender out there – from memory, their offset product is a tad on the expensive side.

    There's a few decent brokers on this forum that could help.

    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]

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544
    February 17, 2012 - 3:27 am

    Hi Marcus,

    Well done on you rpurchase.

    As Jamie has said grab a broker who is a little more upmarket than ME.

    Not sure where you live but the brokers on here do know  their stuff and having a knoweldgeable person in the brokering profession will be invaluable to you.

    Why not give Jamie a call and chat – see how you go. You may be surprised to know how much business now gets conducted without the need for face to face contact.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    February 17, 2012 - 3:40 am

    Marcus

    Jamie is being far to polite.

    Do not use a Broker recommended by the Selling Agent.
    Honestly do you think it is in that Brokers interest to be acting on your behalf or his mate the local agent.
    One thing is for sure the property wont be downvalued as he will make sure that is the case or he wont get any further business from that referrer.

    I would ring and cancel the appointment and then second call would be to ring Jamie.

    Get an expert on your side and someone who is acting for you and not the agent selling the property.

    Sure the Broker might be a nice chap, even read the books and dont the course but wont have Jamies experience.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of mattstamattsta
    Participant
    @mattsta
    Join Date: 2011
    Post Count: 604
    February 19, 2012 - 3:12 pm

    I'd also recommend to check out other mortgage brokers, and compare them, and do not use the broker from the selling agent!

    Profile photo of laminarialeslaminariales
    Participant
    @laminariales
    Join Date: 2012
    Post Count: 9
    February 20, 2012 - 11:43 am

    Thanks for the advice. I have decided to go ahead with Jamie :)
    Also, the thing that made me kind of think maybe i should go down another track (and make this thread) after getting a call from the REA’s mortgage broker was how super confident he was that i would go through with his deal. After he said he’d come over to my place, i confirmed with him that i have no obligation to go with his offer and he said that he knew he would leave my place with me having chosen him as a mortgage broker. I would almost have decided against him simply for saying that. Just my thoughts.

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544
    February 20, 2012 - 12:33 pm
    laminariales wrote:
    After he said he'd come over to my place, i confirmed with him that i have no obligation to go with his offer and he said that he knew he would leave my place with me having chosen him as a mortgage broker..

    Very confident person. One would almost say cocky!

    Methinks I would ring him and say I have found someone else because of this attitude/belief.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    February 20, 2012 - 10:42 pm

    Good for you.

    You will be in great hands with Jamie and have someone you really wants to get to know your requirements and act in your best interest.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of LauryLaury
    Member
    @laury
    Join Date: 2012
    Post Count: 35
    February 27, 2012 - 2:28 pm

    Sorry dont have any words of wisdom for you – but congrats on the purchase

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