[AMA] I Work as a Financial Advisor / Mortgage Broker. Ask Me Questions

Been working for the past 2 years and try to do about 2 loans per week. Never gotten a loan declined.
Ask me questions and i will try my best to answer them all!

closed Comments

    • +1

      I wouldn't look at renting as losing money. Go check out https://www.infochoice.com.au/calculators/principal-and-inte…

      See how much you lose in interest and LMI and do the numbers based on if you believe the places you want are going to go up in value while you save. But yeah many factors such as not having to worry about moving again..

      I was impatient and bought with 5% 2 years ago, but house has gone up in value enough that it wasn't really a mistake.

    • I agree with @jaybot.
      Sometimes, LMI can really suck up your savings.

      If you go for 20%, in the end you are saving money on interest as that is the amount you have not borrowed.
      If you like interest rates, 20% will get you the lowest one possible, however, if you are looking for investment propoerty then the deposit is not too big of a factor to be concerened about.

      However in all cases, i would prefer everyone to save up 10% atleast.
      Also, a helpful tip, remeber that genuine savings can be proven through a rental ledger, which has no late rental payments. You don’t always need to show the genuine savings sitting in an account for 3 months.

  • +2

    Do you have a soul / conscience?

    • Personally, i do.
      I always do a loan for a client whom is a genuine customer, whom i believe would benifit from the loan.
      After being in the industry, you get a sense of the good and bad clients and whom to help and not.

  • Few questions
    1. I want to refinance my variable home loan + 100% offset to a new lender from St George. Current loan is IO and is now fully offset, so I am not paying any interest.
    2. I want to buy a new home and them sell current one after few months (don't want to rent it), are there any exit costs? Obviously I won't let the new lender know that I plan to sell.
    3. What are best refinance offers currently, like with cashback etc.
    4. I am an IT contractor now. I left full time employment more than 1 year back. My current contract runs till March. Either it gets extended or I find a new one but I have experience in my field and track record of never been out of job or contract. I am not on ABN buy paid by a payroll management agency. Which banks will be favourably looking in my situation.

    • hello,
      1. An interest only loan??. Never a great thing, however, well done on the fully offset amount.
      2. Lenders are not allowed to charge exit fees on any variable loans. If you are on a fixed loan, then there may be a break fee.
      3. NAB had an offer where they did a cashback upto a couple hundred or thousand dollars about a month ago. Not sure if its still on, as i dont often use NAB.
      4. Your broker should be able to fix that up for you. Your broker should ideally try to put you into a full time job somewhere(on paper, not in reality). Nearly all banks favour IT workers.

  • I have heard that the brokers are going to be a thing of the past as banks are going to stop paying trailing commission and just pay a fixed fee. Since there are so many dodgy brokers faking payslips and employment letters and whatnot. The banks and the regulators have had enough. What are your thoughts on this?

    • I highly doubt they would make such a huge move and stop trailing commission. Thats like stopping a billion dollar industry. As i have said in the past comments, 50% of all home loans are done through brokers, so do you think any lender would wanna cut their income in half? Especially the online lenders, exclusively accessible through brokers.

      Plus even if they did stop trail, brokers would have no choice but to charge their clients.

      • Wait aren't you a financial planner as well? Most likely the RC will go down the same path with mortgage broking as FOFA did with financial planning.

  • what are the conditions to buy investment property by withdrawing super ?
    If we sell investment property, should the profit/principal be deposited back into super ?

    Thanks

    • Probably not a great thing if you have to withdraw your super to buy an inv property.
      Plus, never really paid much attention to the new super withdraw feature that was introduced and my clients have never needed it.

      However, for ones sake, one should deposit the origional amount that was withdrawn back into their super account.

  • What sort of qualifications do you need to become a mortgage broker?

    • As a minimum, a CERT IV IN FINANCE AND MORTGAGE BROKING.
      Thats about it really as on the qualifications side.

  • I bought an off the plan apartment in Liverpool in June 2018 at peak. And only paid 10% deposit and planning to borrow 90% when it’s finished. What are the chances that I the bank might value my apartment lower than the price I bought which was 580k for 2 bedrooms. What’s the best way to negate my risks?

    • The chances are high, I know someone that this happened to. Did you get legal advice on the contract?

  • I am able to pay my mortgage off completely now.
    Should I pay it off or should I keep it there in case I want to borrow more money to buy an investment property?
    If I do pay it off it is a sense of liberation.
    On the other hand I can borrow money from my house to invest in a new investment .
    Please advice

    • +1

      They won’t be advising; their account is disabled for some reason …

  • Dammit! Disabled user!

    I wanted some unscrupulous doctoring of all my documents so I could borrow more. My current broker is too ethical!

    (Only half joking)

  • Is that normal when Mortgage Broker charges you for service and get you to sign a 2 year "guarantee obligation" that means if you leave your bank before 2 years expire, you will pay the broker his outstanding commission because the broker would not get it from the bank in that case?

  • What benefits would I get from getting a home loan thru a mortgage broker instead of going directly to a bank?
    From what I've read here the financial checks done on someones ability to repay the loan are somewhat 'looser' using a broker. Is this true?
    Any other reasons to use a mortgage broker over a bank?

    • I would assume knowledge of a much wider range of products plus they do all the work for free

  • reason for disable?

  • Do you recommend buying shitcoins like Verge, Cardano and Lisk? Also, how do I hide tax as I have accumulated too many Bitcoins due to shitcoins mooning in 2017. I was thinking of renouncing my citizenship and cashing out in a tax haven country and then retire in Panama or something.

  • Thread locked, OP disabled account and is not able to reply anymore.

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