If you’re a non-resident that’s considering buying an investment property in Australia, there are plenty of good reasons why you need the services of a mortgage broker.
1. Australia has tough mortgage lending restrictions for foreign investors.
These restrictions have tightened in recent years, making it harder for foreign investors to get property loan approvals. Mortgage brokers are fully aware of these restrictions. They can put you in touch with the right lenders and help you prepare your loan application to give you a much better chance of approval.
2. A mortgage broker has information about multiple lenders’ products at their fingertips
There are a lot of competing mortgage products on the market. They all have different fees, terms and conditions. It takes a lot of time and effort to research them all to find the best deal for your needs.
Why bother doing all that yourself when mortgage brokers already do it for a living? They’ll pre-qualify you for free, and they have the time, expertise and contacts to find you the best loan from banks in multiple countries. Mortgage brokers only get paid by the lender when they find you a good deal that you’re happy with.
Mortgage brokers also have access to the products of wholesale and other boutique lenders who don’t traditionally market their loans to individual property buyers. This gives you more choice.
3. Mortgage brokers don’t work for lenders
You are their client, so they’ll look out for your best interests. They’ll make sure you don’t get confused by all the bells and whistles that different lenders offer, so that you don’t end up paying extra for loan features that you don’t need.
On the other hand, if you deal direct with a lender, they’ll be trying to make as much money as possible from you over the life of your investment property loan.
4. Lenders like dealing with mortgage brokers
Because they are familiar with the loan approval requirements of different lenders, mortgage brokers save lenders time by only recommending clients to them that meet their lending criteria.
5. Mortgage brokers will come to you
Most mortgage brokers are prepared to visit their potential clients at a convenient time and place. For example, at your own home outside of standard working hours.
6. Mortgage brokers can help you deal with conveyancers and solicitors when buying your Australian investment property
Mortgage brokers can save you the hassle of dealing with conveyancers and/or solicitors as a part of buying your Australian investment property. That will ensure your property purchase proceeds as smoothly and as quickly as possible.
How we can help
At FindAHomeLoan, sourcing mortgage solutions from Singapore and Australia for investors looking to buy property in countries like Australia is one of our specialities.
We would be happy to speak or meet with you to discuss your needs and goals. We believe you should have a mortgage partner. Just like you engage a mechanic to make your car run smoothly, we can do the same with your investment property financing.
We’ll take the time to understand your circumstances and provide the best advice.
Contact us now to find out how we can help you!