Whether you are buying your first home, refinancing an existing property or investing in a new opportunity, securing a loan is a complex and challenging process, especially in a turbulent market. However, arranging a competitive loan can be achieved with the right team of people on your side. While the ultimate lender might not be one of the big four banks, having specialised professionals on hand to provide “industry-insider” will provide you with the advice, support and resources, enabling you to make the best decision for you.
1. Speak with a Mortgage Broker
To help you find the most competitive loan for you, a registered, qualified mortgage broker will help you navigate the process. From comparing current loan packages between banks and explaining different loan options, to crunching the numbers and understanding your borrowing capacity. Your broker can take care of this entire process for you. While you’re at work, at home, or looking at open homes, they will be doing the hard work for you.
2. Meet a Financial Advisor
Do you ever feel like your income is spent all too quickly after it hits your bank account? By speaking with a financial advisor, you will be able to identify areas to reduce spending, understand your cash flow, and map out a plan to ensure you can make repayments once a loan is secure. By having a long term financial plan in place, you will be able to understand your goals and work towards achieving them.
3. Liaise with a Solicitor
To better understand legal terminology such as ‘sunset dates’ and ‘completion’, it’s important to speak with a solicitor to understand what your contract means and what you are legally agreeing to. A solicitor can also help negotiate your contract, navigate legal requirements and outline your obligations.
4. Talk to an Inspection Agent
While going to open homes and researching current listings will give you a better understanding of what’s on the market, an inspection agent will look past the flashy finishes and decor to evaluate the property objectively. From the structural foundation and plumbing to the identification of hazardous materials, an inspection officer will be able to identify faults that affect the value of your potential new home. As well as giving you peace of mind, understanding the property’s value will help you make an informed decision about your asset.
With these four in your corner and working with the right professionals, you will be able to navigate your mortgage and make an informed decision about your finances. If you are considering applying for a loan or need more of these people on your team, reach out to Locumsgroup to start your journey.
