When you are starting to invest in property as an investment vehicle, we highly recommend you put together a team of trusted professionals to work with you and help you for the long term with your planning, strategy and ultimately management of investment portfolio. A mortgage broker like The Savings Centre, who has extensive experience in setting investment finance, should be the first person on your team to support you in achieving successful and sustainable property investments.
There are a myriad of investment products available in the market all including different features that may or may not be relevant to your unique situation. Our expertise and knowledge lies in understanding most of the available options and to know how best to match them to your current situation and your investment objective. These may include interest only loans for investors; construction loans; split loans; line of credit loans, and so on.
Over the past few years, we have spoken with and presented to, hundreds of property investors and developers across Australia through our involvement with the Brisbane, Sunshine Coast and Gold Coast Property Networking Groups.
The process we follow with investors is usually
Chat by phone, face to face, Skype to understand and/or help devise the financial aspect of your investment strategy.
Determine your borrowing capacity based on your current equity, level of debt and personal scenario.
Based on the above, assess which lender’s product may be most suited to your scenario – whether it be a mainstream bank; non-bank lender; private financier, or specialist lender.
Provide all of the available options to you and then proceed with forming an application.
Whilst we do the majority of the application paperwork for you, we do require a range of documentation from you as a part of the application process and in order to comply with ASIC regulations. The sooner you supply ALL of the required documentation, the sooner we can get your application in to the bank.
Once we receive an approval, we then follow the process through to settlement and beyond, to ensure you are happy with the progression of your investment strategy.
The Savings Centre mortgage broker 3 top tips for investors
- Self education is critical when you are looking to invest in property. Read books and blogs; trowel websites; attend property investor network meetings; talk to other investors about their experiences (everyone likes to talk about themselves!); complete an investors course; find yourself a coach or a mentor. Invest this time at the start to potentially save you time and money in the long term.
- Plan in advance and be organised. Getting loan approvals generally doesn’t happen over night. Brokers may be at the whim of a lender and their capacity, especially in more complex scenarios. Ultimately this causes stress for everyone. Have the required documentation ready to go and provide EVERYTHING that is requested to ensure the process goes as smoothly as possible.
- Be honest. If you have had a default or there has been an issue with financiers or loan re-payments in the past – we NEED to know. There are a lot of ways and means at the banks disposal to find out information, so if we don’t know, we can’t help you and it usually comes back to bite us (you) hard.