Mortgage Brokers

[phm]

Hi all.

I thought I could share some info that I have regarding my venture into gaining finance for an IP.

With today's technology, it was very easy. I knew what I wanted, so simply rang 3 different mortgage brokers in Australia and told them what I was after. This is alot simpler for me as I don't live in a city and travelling is involved, otherwise. One of the brokers was able to get me a 95% loan with a good effective interest rate. I fixed half of the mortgage for 3 years and left the other half variable. The easy bit... I have never personally met the broker. Everything necessary was done over the phone and all that was needed was my computer, phone, fax and scanner.

This is the type of shopping that I like!

Hope this is useful to others.

[Luke]

Congratulations Gunna, - You did it!
;)
Luke

[Rolf Latham]

Hi Gunna

Well done !


I have moved your post to the Finance area

Ta

Rolf

[Roz]

Great time saving tip. I was wondering if it can be done long distance with a solicitor and an accountant?
Roz

[Sim]

Given my accountant is in Canberra, I do most things by remote control with them - usually email.

We do get together when we can - he comes to Sydney every so often and gets a serviced apartment and sees clients at the dinner table, or he uses an office at one of his clients premises for the day and slots other people like me in for some time where possible. These sessions are good for talking through the big picture planning stuff - but the rest of it is all run of the mill stuff that doesn't need to be done face to face.

Works quite well.

[nakal]

Roz,

I have dealt with the solicitors, banks, accountants and quantity surveyors from overseas on two IPs that I have bought. Very easy doing everything via fax and emails.

[asy]

I have had overseas clients, both as vendors and purchasers...

From England, Europe, Saudi Arabia..

I love the internet...

Although when they are purchasers I usually like them to have a relative or friend come and have a look at the property just so they have another description.

It can be done, you just have to find professionals who are prepared to work with you.

asy :D

[rickmick]

G'day

I also have had no problem dealing long range.

Just recently we bought a property whilst I was in NQ and my wife was at home in NSW. We used a NSW broker for finance and a NQ solicitor. The property is in NQ and the vendors are in NSW.

As long as you have access to a phone and a fax and are prepared to keep the communication lines going there shouldn't be a problem.

In another transaction to settle shortly we sold some land although we've never met the selling agent and we used the same solicitor as above, we've never met him either.

All of the proceedings for these two transactions have been done via phone and fax. (and post for original signatures)

All a bit sterile isn't it but quick and efficient.

Cheers

Rick