“Your greatest resource is your time”
– Brian Tracy
You’ve found your dream home or your new investment property and now it’s time to arrange the finance. While it’s generally not the most exciting step in the process of purchasing a property, it is an incredibly important one, and by making smarter choices at the beginning, you can save yourself time and money in the long run. One of the greatest advantages of working with an investment savvy mortgage broker is the time that they save you throughout the process.
Below we’ve highlighted the top ways the right mortgage broker can save you time.
1. The right mortgage broker can compare many loans instantly
As mortgage brokers, we are always talking to the banks and other lenders to stay up-to-date on what’s currently available and what’s in the pipeline for our clients. Armed with this information, a mortgage broker can instantly compare the various lenders and options for you to identify which is going to be most suitable. You may think a standard comparison site will do the job, but often there are many important details that aren’t included that may have a substantial impact on your strategy.
This is even more important for Australian expats in Singapore and across the globe, as each lender will treat Aussie expats differently when it comes to the financing. This includes differences in Loan to Value Ratios (LVR), serviceability calculations, treatment of foreign currencies and whether or not your bonus can be included as part of your income. While you could certainly start calling all of the lenders in Australia to determine which bank will lend to you as an Aussie expat, having an investment savvy mortgage broker who deals with Australian expats on a daily basis is going to save you a great deal of time with instant comparisons.
Once your mortgage broker has discussed your situation and scoured the market for the right lender and loan for you, they will often provide you with a range of options the rank each for you to allow you to make an informed decision.
2. A mortgage broker will meet when and where it suits you
Arranging a meeting with a bank can be a difficult process, and often quite a task when it comes to fitting around your work hours. The majority of our clients are busy professionals, and it just isn’t feasible to take time out of their work schedule to go and speak with the bank. This is where the right mortgage broker can save you a great deal of time by meeting with you at a time and location that suits you. Whether it be at your office, a café nearby or at your home on the weekend, a mortgage broker will work around your schedule.
Working with Australian expats across the globe typically means we are also regularly having many meetings via Skype and other video-conferencing software. Wherever you’re based in the world, with the rapid advances in technology means the right mortgage broker can work with you to find the right strategy and financing solution for you.
3. Learn from the mistakes of others
There are many considerations when it comes to the financing strategy for your property, such as:
- Interest-only or principal and interest?
- Ownership of the property vs. the loan structure
- Fixed or variable rate loan?
- Partial or full offset accounts
- Multiple offset accounts
- Prepaying interest for your investment property
- Early repayment options
These are just the tip of the iceberg, and you may not be 100% familiar with all of them. An investment savvy mortgage broker has seen what works and what doesn’t when it comes to financing strategies and can help you to avoid the common mistakes. The right mortgage broker will also encourage you to obtain tax or financial advice where necessary to ensure that nothing is being overlooked, which may save you money in the long run.
Fixing up a mistake with your financing can be a costly exercise, both in terms of time and money, so partner with the right mortgage broker at the start and ensure that you’re on the right track.
4. A mortgage broker will help you with the paperwork
Let’s face it, the last thing most of us want to be doing at the end of a long day at work is coming home to complete forms for the bank. To make matters worse, when it comes to loan documents, they must be completed correctly without any error, which can take a great deal of time and can often be an anxiety producing process, particularly if you haven’t been through the exercise previously.
The right mortgage broker will complete the relevant documentation for you, and walk you through exactly what you need to complete and when. We know that our clients don’t want to be spending their time completing forms, so wherever possible we aim to reduce the burden by completing as much as possible for them.
5. Ongoing advice and guidance
Working with an investment savvy mortgage broker is a relationship, not a transaction, and that’s exactly how we treat our clients. Interest rates are constantly changing and the lenders are continually introducing new offers and products to the market. The right mortgage broker will keep you informed about any changes that can impact you and any options that may be suitable for you to consider. This could be refinancing an existing loan, reducing the rates on your existing loan or changing the features to benefit you.
It’s also valuable to work with a mortgage broker who understands your situation and overall financial goals, as this means you can quickly pick up the phone and ask your mortgage broker a question. Whether you’re repatriating to Australia and moving into your investment property, about to become an Aussie expat, or looking at ways to help your child purchase their first property, the right mortgage broker can become an adviser for life and save you a great deal of time over the years.
Reach out to our team at LoanSuite Pty Ltd and discover how the right mortgage broker can save you time to spend on what’s most important to you.
LoanSuite Pty Ltd is your lending partner for all of your home loan, investment property, business and commercial financing needs. With our wide range of lending solutions, expertise in financial planning and investment strategies, and extensive experience in working with both Australian residents and Australian expats, we are your partners for your lending needs.
Book a obligation-free, complimentary consultation here today.
LoanSuite Pty Ltd is an Authorised Credit Representative (Credit Representative Number – 494608) of My Local Broker (Australian Credit License – 481374). Important Disclaimer: Your complete financial situation will need to be assessed before acceptance of any proposal or product.