Need a Decent Mortgage Broker!

K

Karratha_Guy

Yes this is most likely the stupidest question on this forum but I want to find a good Mortgage Broker, someone thats interested in my situation, willing to help and find the best deals and the best way to help me get money from the bank! and not the easiest way as has happened in the past and someone that I can contact directly every now and then not their assistant or someone else in the office.

Also importantly someone that is willing and happy to deal with me several thousand km's away!

I have had 1 average and 1 shocking experience with brokers, the 2nd one cost me a crap load more in LMI and my savings but long story short just want someone decent!

I guess I was young and stupid/misinformed and have learnt quite a lot from the first 2 property's but want to start making money and building a portfolio while I have the income and ability to do so, just need someone to help me get to place where I can start achieving these goals without forking out 30k cash again like I did for 2nd property as the equity wasn't there in the first IP. I want to be able to buy a property with as little of my cash as possible and reading this forum seems to point that it is remotely possible.

My situation is average...Hell not even sure if I can do anything in my situation but here it is........

Income $228k (serviceability is not an issue at all)
Quite a bit of credit card debt....like above 30k kind :rolleyes: (Yes...I know!)
1 x 68k car loan
2x IP's 1 valued desktop at $445k(ANZ) and visit at $435k (B/West) in Jan last year so guess it would have gone up by now and owe $400k. Just refinanced that bloody thing through the bank went from 7.44% Fixed to 4.84% Fixed :eek::eek:
1 IP has just been built and tenanted and owe 370k on it and have no idea what it's worth, I'd guess the $400k mark.

Anyways if any brokers are interested in my situation give me a shout but also if anyone can recommend someone that would be awesome!:)
 
68k car loan and 30k credit card. FML.

On the good debt side, you owe 770k on 880k worth of property (87.5%). Are they cross collaterised? What rents you getting on them?
What are you doing for a PPOR? Renting at the moment?

whats the next step for you? What are you actually trying to achieve?
 
Plenty of good brokers on this forum.

Or else for a wa based one pm me for more details.
Wa broker of the year 2014 so well informed and knows how to make use of the banks money rather than your own.

Cheers
 
D.T. said:
68k car loan and 30k credit card. FML.

On the good debt side, you owe 770k on 880k worth of property (87.5%). Are they cross collaterised? What rents you getting on them?
What are you doing for a PPOR? Renting at the moment?

whats the next step for you? What are you actually trying to achieve?
Click to expand...

Yeah I know....I went through my early 20's V8 commodore stage but go over that so had to go to a more practical 4x4 lol, also credit card debt....had a bit of crap happen this year and big holiday coming up but could pay majority of it off but just like my savings in case of a rainy day.

Nope both separate loans, i used a cash deposit for both but with the same lender (Bankwest).

1: $440 p/w
2: $390 p/w

No PPOR required atm, living in company housing which after their reimbursement and crap comes out at $25p/w.

For me my next step is to work towards something modest and achievable and at the moment my goal is 5 houses but my priority is cash flow positive so they start paying for themselves and eventually end goal is income replacement and personal debt free early retirement with only debts being investment loans. Within 5 years I want to be able to leave this 'lovely' town and move to the real world and have 5-10 houses and a bit of cash in the bank but be making enough money to supplement the drop in income.

Cheers,
 
It sounds like your current structuring is a little scattered at best (especially when you show lenders like Bankwest in the mix!). To make sure your finances are working for your strategy, you need to have one in place.

You've mentioned you would like to own 5 houses, how will you get to this stage? Serviceability isn't an issue, equity/deposits are. Get a savings regime in place, clear bad debt while you can and start ticking over the deposits. A consistent measured approach will get you there in no time. :)

Lender wise it's important that the policy fits your goals, particularly if you start getting into the creative area of investment such as renovations/development etc.
 
If your buying in WA, the broker will need to meet you face to face at least once...we do have a WA broker on this forum Aka FMS - regular poster with some great reviews!

Colin Rice from Financial Momentum Solutions.


Else i do travel to perth once a month.


Cheers
 
Karratha_Guy said:
...

Income $228k (serviceability is not an issue at all)
Quite a bit of credit card debt....like above 30k kind :rolleyes: (Yes...I know!)
1 x 68k car loan
2x IP's 1 valued desktop at $445k(ANZ) and visit at $435k (B/West) in Jan last year so guess it would have gone up by now and owe $400k. Just refinanced that bloody thing through the bank went from 7.44% Fixed to 4.84% Fixed :eek::eek:
1 IP has just been built and tenanted and owe 370k on it and have no idea what it's worth, I'd guess the $400k mark.
Click to expand...

Going off this only;

Positive; Good serviceability

Negative:
* Low/no deposit ( Most likely replying on equity to buy your next place?)
* High credit inquiries/ credit file would be slightly weak ( min 2 IP enquires, 1 refinance, multiple cards, 1 car etc..)

My advice----
1. Getting your next loan is gonna be a lot harder than your first 2, as your credit file now has a bit of active + less savings and hgher consumers debt.

I would def consider getting a copy of your credit file if you don't have one already and target lenders with DUA or who one doesn't credit score if that's required

2. If your gonna rely on your equity for deposit; consider getting an upfront valuation without any credit hits ....however if your with Bankwest than you will need to do some research before placing this file through.

3. Max lvr of 90% for equity release

4. I have a feeling, you won't have enough "usable" equity to do anything now + your probably best to pay out your credit card debt first as this has an 18%+ interest that's not tax deductible ....yes you can "balance" transfer but this will trash your credit file + you will need to pay this out eventually.
 
The best mortgage broker can only work with what you have. You can improve what you have.

Controlling your spending is a key issue here.
 
Mick C said:
If your buying in WA, the broker will need to meet you face to face at least once...we do have a WA broker on this forum Aka FMS - regular poster with some great reviews!
Click to expand...

Can also verify identity in other ways; I've done this for my own borrowings.
 
Mick C said:
Yep some banks will allow the client to be ID via Aus post etc...but that will limit the "choice of lenders" to an ID policy :(
Click to expand...

I identified at Westpac branch then scanned it and sent it to interstate broker. I can't see it affecting choice of lender?
 
^ not all banks have a branch access etc...works for some banks but not others; others are strict on the face to face esp in WA and face to face is there only means of ID to meet the WA landgates requirements
 
far out, $68k for a commodore,
$30k credit card debt
$228k income
You couldnt have fitted the steretype of a irresponsible youngster, no offence

judging by your location, I assume you are FIFO worker on big $$$

at $228k, you have after tax of $151k

if you are serious, you could easily pay back both your loans in 12 months!!!!!
 
Thanks guys, its good to have the advice be it critical/positive. It's good that people can say what they think/feel and appreciate it all as it's all a learning curve for me!

TMNT, def not 68k Commodore lol, got a Landcruiser and wish I was FIFO but live in the Pilbara and work some pretty crap hrs to get the money I do so yes young and reckless but I have seen the world and had a bloody good life for the last few years but at the same time haven't really thought about a future plan until the last few months which is why I decided to start getting my a into g and sorting my life/finances out.

Also I feel I should explain, I kind of lived off my credit card for a bit there as had a heap of bills come in at once and at one stage was paying both mortgages so just chucked everything on the credit card, plus had an emergency family trip to NZ and have been paying my major holiday this year on credit card. However all will be paid off with Tax as should get between 20-30k back in tax this year, got 24 last year which paid off quite a large amount of my debt. This year round will prob look at getting the tax paid back each month rather than each EOFY.

But anyways all good learning curves! Then the decision do I use tax money for a deposit or for debt servicing but anyways thanks for the opinions/advice and all of the offers via PM. Really appreciate it.

Cheers.
 
Also took the advice, purchased my credit file and Veda Score which is 788....says it's very good but dunno if that actually means anything??

But yeah 18 inquiries and most of them are all to do with mortgages and pre approvals dating back to 2009.
 
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