Hi all,
Just wanted advice on the financing process and its interaction with buying and building on my first block of land.
Paid the deposit and have until mid June to obtain approval for financing.
DOes this mean one needs to have drafted building design plans prior to seeking finance approval? or for the purposes of the property can I just seek financing approval on that portion now,a nd deal with the building portion later?
I assume I shoudl then begin a solid finance broker relationship than DIY finding my own loan product?
Any tips in selecting one, or recommended brokers?
There appears to be so many - how does one sort the wheat from the chaff?
Currently my initial thoughts are to sort by:
1) Educational and current background considerations. Motivation, goals, time in industry?
2) A broker who can independently hunt down and "FIGHT" for a great deal/package. The issue is without DIY searching yourself to confirm, do you just have to blindly hope your broker is scouring the ends of the earth for the cheapest/best product and rate?
3) A broker who will act (important point) as a strategic advisor in regards to financing and structure/strategy. Having seen some of the broker created topics here on building a portfolio, and other questions/threads it appears obviously the strategy from first property onwards is crucial to building your portfolio momentum and achieving goals. So ideally I would like someone with a good head around property themselves, and can act as a long term adviser. I.e. willing to sit down, chat and really explain and educate me along the way.
4) What due process did you go through in selecting a broker? Currently I am looking at discussing with local brokers and seeing who i feel is comfortable and suits the above.
Is it an acceptable/viable thing to seek consultations and strategy/advice with the intention that you are shopping around? Or is this tabboo until you have committed?
I wouldn't want to come across as a time waster but can't see any better way to test the waters with so many brokers out there. I'd really like to establish a relationship with a trusted, GREAT broker to achieve my financial/property goals.Therefore want to get it right the first time around.
5) Do you use local or long distance brokers? Happy to accept a PM if anyone wishes to recommend any great brokers anonymously. I'm sure there are many held in wide regard on Sommersoft for their educational contributions and know how/strategy, so would be great for people to speak up and nominate them
Just wanted advice on the financing process and its interaction with buying and building on my first block of land.
Paid the deposit and have until mid June to obtain approval for financing.
DOes this mean one needs to have drafted building design plans prior to seeking finance approval? or for the purposes of the property can I just seek financing approval on that portion now,a nd deal with the building portion later?
I assume I shoudl then begin a solid finance broker relationship than DIY finding my own loan product?
Any tips in selecting one, or recommended brokers?
There appears to be so many - how does one sort the wheat from the chaff?
Currently my initial thoughts are to sort by:
1) Educational and current background considerations. Motivation, goals, time in industry?
2) A broker who can independently hunt down and "FIGHT" for a great deal/package. The issue is without DIY searching yourself to confirm, do you just have to blindly hope your broker is scouring the ends of the earth for the cheapest/best product and rate?
3) A broker who will act (important point) as a strategic advisor in regards to financing and structure/strategy. Having seen some of the broker created topics here on building a portfolio, and other questions/threads it appears obviously the strategy from first property onwards is crucial to building your portfolio momentum and achieving goals. So ideally I would like someone with a good head around property themselves, and can act as a long term adviser. I.e. willing to sit down, chat and really explain and educate me along the way.
4) What due process did you go through in selecting a broker? Currently I am looking at discussing with local brokers and seeing who i feel is comfortable and suits the above.
Is it an acceptable/viable thing to seek consultations and strategy/advice with the intention that you are shopping around? Or is this tabboo until you have committed?
I wouldn't want to come across as a time waster but can't see any better way to test the waters with so many brokers out there. I'd really like to establish a relationship with a trusted, GREAT broker to achieve my financial/property goals.Therefore want to get it right the first time around.
5) Do you use local or long distance brokers? Happy to accept a PM if anyone wishes to recommend any great brokers anonymously. I'm sure there are many held in wide regard on Sommersoft for their educational contributions and know how/strategy, so would be great for people to speak up and nominate them