Shifting current lending to mortgage broker question

[Hosko]

Possibly one for the brokers.
Given that I am currently financed with a bank directly, is it possible for a mortgage broker to pick up an earn on this while I still keep my current lending where it is? Or would it need to be refinanced?
Only early in the property investing journey and looking to start a mutually beneficial long term relationship with a reputable broker.
Thanks

 

[Rolf Latham]

Unless there is benefit for all, a decent broker wont churn your existing business and look to serve going fwd

ta
rolf

 

[Aaron_C]

It depends. If the broker obtains a new loan with your lender then they may be entitled to earn some money (apart from the upfront commission) on the new loan. Sometimes they aren't. Which bank are you with?

 

[Hosko]

WBC.
I'm not seeking a new loan today, more likely 4-6 months down the track for next property. More so asking to see if it is worthwhile starting the conversation now with brokers for actions that will take place into the future.

 

[Aaron_C]

WBC.
I'm not seeking a new loan today, more likely 4-6 months down the track for next property. More so asking to see if it is worthwhile starting the conversation now with brokers for actions that will take place into the future.

Sure, it is a good time to have a conversation and see where you can go next.

 

[jonmardell]

Possibly one for the brokers.
Given that I am currently financed with a bank directly, is it possible for a mortgage broker to pick up an earn on this while I still keep my current lending where it is? Or would it need to be refinanced?
Only early in the property investing journey and looking to start a mutually beneficial long term relationship with a reputable broker.
Thanks

From a money point of view depending on the bank the broker could do an increase and rewrite the current loans to pick up the trail on the whole debt but any reputable broker would not do this as what is the benefit for you? If you dont need the increase then you are going through the hassle of an application for no benefit. By all means start having conversations with a broker to come up with a medium to long term plan.

 

[Peter_Tersteeg]

It's really not a big deal, if your existing loans are properly structured the new broker simply needs to pick up the job for the next purchase.

It would be well worthwhile speaking with a broker well in advance of the purchase. If all of your finance is currently with Westpac there's a good chance that the properties are cross collateralized. Alternately you may need to access some equity to set yourself up for the next purchase. Either way, it's good to get this sort of thing sorted out in advance of the next purchase to help things proceed smoothly.

Outside of this, there's probably no need to move or restructure all your lending. Keep in mind that many brokers may recommend this simply because it earns them more money. You should understand why the broker makes any recommendations they do and how it benefits yourself.

 

[Mick C]

most of the time we won't touch a clients existing portfolio unless it's structured incorrectly, tax reasons, rate, conditions LMI cost, LMI approval, spreading risk ,equity ( depends on the val), policy reasons and serviceability issues.

You will find most brokers will be happy to bridge and start a long term relationship even if you have no intention to refinance or buy in the near future.

I catch up regularly with some of my FH (first home) buyers every 6-12 month and they still haven't found their property after 3 years- which is fine as it's not something you can rush.