Hey All
Agree on the points that good broker versus good bank v bad broker v bad bank.
Back to original question, yes a good broker is invaluable.
How to find a good broker? Well in my opinion:
- Must be at least 30 years old.
- Ex Bank or Finance preferred.
- Must own IP/s.
- Must do most of the work
- Must understand business income versus PAYG
The last point is critical.
I just refinanced with CBA Mortgage Innovations (in house CBA only brokers). Essentially they match the competition for high net worth clients – not the very best perfect rate but we have huge other business with CBA and dear wife will not consider a move unless essential
.
We had 2 failed attempts with branch lender to get this done after being told servicing was an issue? Why? Didn’t under bus income etc… all of 20 something young and would not know an IP deal if it bit them on the a#@se.
So as a last resort before fighting wife, I went to CBA Innovations Bendigo. Used CBA Innovations in Sydney before so why not?
Long story short, servicing is
now not an issue, in fact, how much do I need?
The difference is point 5.
And by the way on timing, check this out:
We talked phone early Dec. Seemed good.
So I sent spreadsheet (as previously sent to branch) on what we wanted, move to fix on three, increase to standalone on 4, pay done LOC, etc...two weeks before X mas.
He got back in 3 days saying all seems ok send docs.
Then Wife father dies so I do nothing.
He chases me so I sent docs Tuesday 21st 6pm in email. Valuation estimates, rental proof, etc. approval had to be struck before end Dec for special fixed rate. I have little hope.
10am Friday 24th – he calls, all approved subject to one valuation.
Yesterday 29th valuation by phone only. Broker calls that night - ready to go.
We are signing up on the 3rd Jan (coming to my house)
SOOOOO EASSSSY broker invaluable!!!
FYI Peter 14.7