Finding a Broker who has my goals

Hi guys,

Just wondering if anybody could recommend a particular broker to me.. whether they trawl on this forum or not.

I currently have a broker who has helped me out a bit, but just for restructuring my loan, she wants to charge me. I'm not sure if this is normal practice. And i feel she is probably got more knowledge on Syndye, rather than Brisbane.

Anywho, i'm looking for a broker who can help me with a purchase in Brisbane. One who can guide me on where to purchase, how to set up the loan to benefit me on potentially building a portfolio quicker, etc.

I'd like a broker who has made many purchases in Brisbane and been successful with them. It would also be handy if they have good contacts that could help me out.

I live in Sydney so i am finding it difficult to get a grasp of buying interstate. I've been following many threads on here and doing my own research.. but can't seem to narrow down what suburbs to buy in. I think it would be made clearer to me if i got a pre approval done so i could work out my finances as i am planning a big Europe trip this year too.

I have one existing investment property in Western Sydney and it has been revalued 60k above purchase price . Although if i use the equity, i could bring my loan down to 75% LVR as it's currently approx 88% LVR. I have had this property for just over a year.

I am trying to look for a property within a 15km radius to Brisbane cbd, but am finding it difficult narrowing it down. I can only probably afford a property that is mostly neutral geared.

So if anyone has a suggestion on a broker that could help out, please let me know. I have spoken to a few on here in other threads, but i want other Somersoft users to throw their recommendations to me please.

Its really nice brokers get involved on here and guide people.. that's why i love this forum.. but i really don't know who would benefit me more with knowledge of Brisbane and their loan products, etc.

Thank you.

P.S. I am currently with ANZ.. whether that makes a difference with things, i don't know.
 
I currently have a broker who has helped me out a bit, but just for restructuring my loan, she wants to charge me. I'm not sure if this is normal practice.

Hiya

No - we get paid a monthly trail commission to maintain our clients loans. I don't think it's reasonable to charge a fee to make a change.

I wouldn't necessarily look for a broker that's had success purchasing in the area that you're looking to purchase in. A finance brokers core role is to structure finances in accordance with your longer term goals - a decent BA would be able to advise on a location to purchase in.

Cheers

Jamie
 
Seems almost like you want a mentor, not just a mortgage broker...

Agree sounds like you want more than a broker in regards to advice on the property / property location itself. Not saying cant be done but be careful you don't fall for a one stop shop that "sources" property and arranges every thing for you.
 
Brokers are licenced to give credit advice. This is advice relating to the loan, structuring the loan, type of loan etc.

There is no licence requirement to advise on property so brokers could potentially assist in suggesting types of property, where to buy etc.

I myself wouldn't advise on type of property, where to buy etc, unless in a very broad manner, as:

1. not sure if my insurance would cover it.
2. I would be blamed for getting it wrong
3. I have no idea where to invest.
 
As the other posters have touched on, it sounds like you're needing the services of a BA + a broker who isn't trying to stitch you up with a fee for a restructure.

Some brokers (such as myself) do like to assist clients in their research by providing complimentary Residex/Rpdata reports and can relay their general experiences of investments in the area, but cannot actively provide you with areas in which to research, select properties etc.
 
There is a broker/ba on here that does both and based in Qld ( pretty sure it's brisbane)
He has a large portfolio and seems quite happy to remind
Every one about it , a simple search will reveal him

You two maybe could sit down and have tea and biscuits
 
Hi Kimba,

I think its valuable to have a broker who can help you achieve your goals, rather than exactly share your investing strategy. Someone experienced in your strategy is important, but i'm sure most of the brokers focus on investor clients and have 'skin in the game'.

I know a few SS'ers email a number of brokers asking them specific questions in relation to their strategy and finance. They're effectively searching for the right broker that suits them and then go from there.

In relation to your specific question, i know plenty of brokers here who are investing in Brissy.

Regarding your pre-approval - really only go ahead if your planning on purchasing within the next 3 months. Brokers can assess your situation and tell you how much you can borrow and what the banks will say with reasonable degree of certainty (assuming full disclosure). No point burning your credit file with multiple enquiries if its not going to be used.

Cheers,
Redom
 
There is a broker/ba on here that does both and based in Qld ( pretty sure it's brisbane)
He has a large portfolio and seems quite happy to remind
Every one about it , a simple search will reveal him

You two maybe could sit down and have tea and biscuits

Yes, Richard Taylor may be suitable for this poster as he is both a broker and buyers agent. QLDs007
 
Yes, Richard Taylor may be suitable for this poster as he is both a broker and buyers agent. QLDs007

I'm pretty sure he outsources the BA side. He has some pretty good connections in QLD though, particularly Brisbane.

Heard his businesses are moving into new areas now as well. Would love to read more about his journey, that's for sure.
 
I currently have a broker who has helped me out a bit, but just for restructuring my loan, she wants to charge me.


on this bit..................

structural misunderstanding I guess.

"Just" a restructure or top up..........quite often has more business cost associated with it than a full loan app, and typically return very little in payment from a lender.

One thing I teach my mentorees is that a main challenge many established brokers will face is that if you spend lots of your best time with your "worst" income clients, what time do you have left for your "best" income clients.

This isnt to say that one shouldnt do a 30 k top up and turn the client away, but make a wise and astute decision for both the broker and borrower, it needs to work for everyone.

Many smaller transactions lead to much bigger things, but many dont.

ta
rolf
 
I suppose i was hoping for a broker with knowledge of the Brisbane market, as my current broker helped me to purchase my current i/p. She has contact with real estate agents who send her information on properties they have acquired before they try advertising it.

As mentioned in one of the posts above (I can't remember who mentioned it - sorry) - she seems to be a one stop shop too - where she acts like a BA. She said that would cost me $10,000 for that service.. but seemed to forward onto me my current property anyway. She also tries to encourage me to purchase OTP developments she gets sent.. but that's not part of my investment strategy, so i don't go ahead.
 
As mentioned in one of the posts above (I can't remember who mentioned it - sorry) - she seems to be a one stop shop too - where she acts like a BA. She said that would cost me $10,000 for that service.. but seemed to forward onto me my current property anyway. She also tries to encourage me to purchase OTP developments she gets sent.. but that's not part of my investment strategy, so i don't go ahead.

Eeek, im not sure why youd want a broker that sells stock. Incentives are misaligned and generally the finance wont match your best interest. The fact shes trying to sell you OTP isnt a good thing.
 
Eeek, im not sure why youd want a broker that sells stock. Incentives are misaligned and generally the finance wont match your best interest. The fact shes trying to sell you OTP isnt a good thing.

Yeah i had a feeling she would probably be getting some benefits from that purchase on top of financing me. Hence why i didn't go ahead with it. But i guess i'm pretty grateful for my current i/p as the price has increased 20% in just over a year.. but i suppose a lot of Sydney suburbs would have within this current market.
 
Kimba I'd run for the hills. A broker suggesting OTP stock is dodgy IMO - it's a massive conflict of interest and they're no doubt pocketing massive commissions via it.

Cheers

Jamie
 
As mentioned in one of the posts above (I can't remember who mentioned it - sorry) - she seems to be a one stop shop too - where she acts like a BA. She said that would cost me $10,000 for that service.. but seemed to forward onto me my current property anyway. She also tries to encourage me to purchase OTP developments she gets sent.. but that's not part of my investment strategy, so i don't go ahead.

Sounds like a sales person. I wonder if she was licenced to act as a buyers agent. Probably gets 4 to 10% commission on the off the plan sales too.
 
i suppose i was hoping for a broker with knowledge of the brisbane market, as my current broker helped me to purchase my current i/p. She has contact with real estate agents who send her information on properties they have acquired before they try advertising it.

RUN!

lT'S

A

TRAP

!!
 
She is also a buyers Agent.. but not performing that role when sending me those OTP projects. She just sends them to me randomly. These OTP projects have been forwarded to her. Not sure if that makes a difference
 
She is also a buyers Agent.. but not performing that role when sending me those OTP projects. She just sends them to me randomly. These OTP projects have been forwarded to her. Not sure if that makes a difference

Even worse. She hasn't put any effort into it!
 
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