If you have been paying any attention to the media over the last few months it would be crystal clear that the property market in Sydney and Melbourne is on fire, and that there are a range of people trying to bring it to heel. Those include the Reserve Bank, the Federal and relevant State Governments, APRA amongst others.
Investors are in the firing line, and consequently the investment lending market is undergoing regular changes. Interest rates are moving up, lending margins and application criteria are being tightened.
As a client of mine recently said to me, “Thank you so much for helping us. Without your assistance we could not have figured out what we needed to do”. They were buying their first investment property and were struggling to come to grips with the best product and most appropriate lender for their needs. And who could blame them?
Given the current climate, and ever-changing lending landscape, a better question might be – why would they want to do it themselves? In this type of market, with regulators and banks intervening to change the rules and the cost, is it any wonder that they needed help. Wouldn’t it be better to outsource that task to a professional in the field? A qualified broker can steer you through the maze, making sure that the advice you are getting is current, rates are the latest and greatest, any change in requirements are squared away – and at no cost to you.
A good broker is across all of the regulatory changes, and has a range of lenders that can be called upon to meet the different needs of different clients. It isn’t always about rate; cost is very important, but you also need to match the loan to the customer. And as to simply going back to your current lender – why not seek a range of quotes to make sure that you are getting a competitive deal.
More than ever, with the screws on investment lending being tightened almost as we speak, the guiding hand of a broker can help you with your latest investment purchase.
Marc is a Mortgage Broker based in Melbourne with nearly two decades of experience. In his 18 years mortgage broking he has helped arrange too many loans to count but he still loves his work because he loves saving people time, effort, and money.