Last Updated: 31st May, 2022
Investing in property can be a tricky road to navigate. How you manage it can determine whether or not you reach your financial goals. Preparation and research are key, as the cost of owning an investment property can be surprisingly low if you choose the right property and get the benefit of a high rental income and tax deductions. One of the best ways to succeed is to use a mortgage broker for investment property with extensive knowledge and experience. Brokers not only handle time-consuming tasks like filling out forms on your behalf, but they also help you find the property and the loan deal that are best for you.
What Are The Advantages Of Using A Mortgage Broker?
A broker who specialises in investment property will take the time and energy necessary to find the right property and loan for you. Home Loan Experts’ specialist mortgage brokers can help you with:- Choosing the right property: Before even thinking about securing the loan, it is vital to gauge the property market and the best way to achieve your goals within it. Mortgage brokers possess the experience and knowledge to help you choose the right properties in the right locations, based on your needs. For example, when looking at properties, it is important to keep an open mind, as locations that were not your first choice might have huge potential for growth. Mortgage brokers have access to property and suburb reports; therefore, they are generally aware of properties and areas with strong potential for capital growth that you might have missed. They can also help you get an accurate property valuation. Call us on 1300 889 743 or fill in our free assessment form and we can order a free valuation upfront with one of our lenders that is suitable for your situation.
- Pre-approval and the application process: Since investment loans are typically classed as higher risk by the banks, the application process can be rather long and tricky. A mortgage broker can help you get a pre-approval quickly and easily. Pre-approvals are important, as they show you how much you can borrow and also let sellers know that you are serious. But the application process can be tedious. An experienced mortgage broker can help you put all your documents in order, thus saving you time and hassle. In a nutshell, mortgage brokers are there to make things simple for you, all the way to settlement.
- Securing the best loan: A mortgage broker will list all your options and identify the best choices, depending on your financial goals and needs. Without a mortgage broker, you will have access to fewer lenders’ best offers; it is extremely difficult to compare a wide range of products and identify the best solution on your own. This is perhaps where a broker can save you the most money and time. They will find you the most affordable rate and the best benefits you can get.
- Strategise: Along with securing a loan with the best rate for you, an experienced broker can help you structure your loan properly. This includes analysing your cashflow, and showing you how features such as offset accounts and strategies like positive or negative gearing will affect you. Learn more about how to calculate your investment property cashflow here.
