Mortgage Broker

[Odies]

Hi All,

My wife and I are looking for a mortgage broker based in Melbourne.

We have previously held two properties in Sydney that we had to sell and are now looking to purchase something in Melbourne. We also have two children, 11 and 14.

We do have a lot of non-deductible debt (about $80K - credit cards and 1 PL) but my income is $150K (10 years in current job) and my wife earns $125K (16 years in current job).

To say that we have changed our money habits is an understatement!

We currently have $20K saved and are able to save $5K a month plus we pay rent of $2340 per month. We have never been late with any payments.

We really want to buy something but we understand that we currently do not have the deposit. Would be interested to speak to any brokers to gain their advice as to what are the best steps to take to be able to make a purchase as soon as possible.

(Based on the responses to other similar threads, I am ready to take onboard any commentary about our debt, etc. )

Any brokers that are able to offer some advice, please contact me via PM.

Thanks,

Odies

 

[Jamie M]

Pete Tersteeg (PT Bear) and Aaron C are SS brokers from Melbourne and big contributors to this forum. I think Tobe is also a Mexican.

Cheers

Jamie

 

[MsAli]

Why does the broker need to be in Melbourne? Doesn't matter where the broker is.

 

[alexlee]

The question is, whether you should focus on paying off the credit card / personal loans before looking at investing.

Really cutting expenses and doubling your savings rate, for example, will help a lot here. Saving 25%, at your level of income, doesn't indicate an actual savings plan.

 

[Mr. Fabulous]

The question is, whether you should focus on paying off the credit card / personal loans before looking at investing.

My initial thoughts after reading this were that you should pay down the debt first. By keeping your savings in a cash account that pays you less interest than you pay on your loan and cc's you are actually going backwards every month (well, moving forwards more slowly, at least).

Get rid of the debts first, then save for the deposit.

Both Peter and Aaron are good dudes. If you don't mind considering someone out of state, TerryW is also good, but he's in Sydney.

 

[Lil Skater]

No advice on your current situation, but PT Bear is definitely worth a chat.

There's a number of good brokers here, a few in Melbourne and a number out of state (Such as Jamie up there, or Rolf Latham as well). You don't need face to face, but if that's what you're wanting I'd speak to Pete.

 

[Hodge]

Agree with lil skater, gone are the days meeting a broker face to face. I'm in Melbourne and have been dealing with Jamie in canberra. Can't fault it so far and works really well. Although this does depend on how switched on the broker is.

 

[Evachange]

Just my view, but I always prefer to sit and meet with my clients, happy to discuss over the phone and email etc.

There is still something to say about face to face meetings however.

 

[beachy]

I can highly recommend Aaron C from Ace Capital - the best I've come across so far, very knowledgeable and super efficient! Answers emails within minutes.

 

[Terry_w]

Hi All,

My wife and I are looking for a mortgage broker based in Melbourne.

We have previously held two properties in Sydney that we had to sell and are now looking to purchase something in Melbourne. We also have two children, 11 and 14.

We do have a lot of non-deductible debt (about $80K - credit cards and 1 PL) but my income is $150K (10 years in current job) and my wife earns $125K (16 years in current job).

To say that we have changed our money habits is an understatement!

We currently have $20K saved and are able to save $5K a month plus we pay rent of $2340 per month. We have never been late with any payments.

We really want to buy something but we understand that we currently do not have the deposit. Would be interested to speak to any brokers to gain their advice as to what are the best steps to take to be able to make a purchase as soon as possible.

(Based on the responses to other similar threads, I am ready to take onboard any commentary about our debt, etc. )

Any brokers that are able to offer some advice, please contact me via PM.

Thanks,

Odies

$80k debt and a personal loan,
$20k savings?
Very high income. I take it you were in financial difficulties and hope you are coming out of that now - have you any credit issues? Best to order a copy of your credit report asap.

You will find it very hard to get finance - mainly due to the lack of deposit. You will need around 15% of the purchase price.

 

[impala67]

Agree with lil skater, gone are the days meeting a broker face to face....

+1 - shopping, banking, broking, superannuation & financial planning (met him face to face after 3 years), property purchases etc, only my accountant is face to face (long term).

In terms of the brokers on the forum, they are really quite good & I have changed to using one also, who is interstate.

Looking at your situation, I would start on the non-deductible debt and PM the brokers already mentioned on the thread.

 

[Odies]

Thanks for all the feedback and suggestions.

I have contacted one of the brokers here and had a great chat - thanks Aaron C.

We are going to focus on paying down the non-deductible first and save. Just renewed our lease for another 12 months - no rental increase for the second year! (Balwyn is a lovely area!)

Should have saved over $100K by then with bonuses/tax return etc.

Once again, a very welcoming and informative community!

Odies

 

[Spades]

Agree with lil skater, gone are the days meeting a broker face to face. I'm in Melbourne and have been dealing with Jamie in canberra. Can't fault it so far and works really well. Although this does depend on how switched on the broker is.

+1 for Jamie as well....Though if you need a face to face,see Peter Tersteege aka PT_Bear.
Get rid of the bad debt ie:cc debt and your both on a combined salary before tax 275k,wtf is with debt?
Clear debt,rain in the savings before it pours,

Cheers Spades.