NEVER USE A ONE-STOP-SHOP
The absolute first rule is to avoid the trap of the ‘one stop shop’. While it might seem like you’re going to save a little time, you won’t get the best long term result. You want the best advice from each specialist, and to achieve this your specialists need to be independent of each other.
We have listed below the best practitioners we have found in the three ‘finance’ fields of mortgage broking, financial advisers and accountants. Occasionally you may find some service duality – for example your finance advisor may coordinate your mortgage finance.
For optimum results, aim to have at least one independent component and always get independent advice if one of your finance service providers ‘selects’ a property for you. Guaranteed you will be paying a premium price and the person ‘selecting’ the property will be receiving the kick-backs for the sale.
The people listed below have been selected based on the quality of their advice, the depth of their experience and their high level of ethics. While this is a vetted list of the highest standand, it should be used just as an exceptionally good starting point.
When selecting advisors, the critical next step is to ensure you gel well with the advisor. You will be sharing some very personal aspects of your life with these people, so you need to ensure they match your personality, communication style and focus. ‘Focus’ is included because many advisors aren’t property focused, so if that’s your focus you need to work with advisors who understand the nuances of building a positive property portfolio and, ideally, have portfolios of their own.
ASSEMBLE YOUR FINANCE TEAM
• Ken Hew – Avvora Finance https://avvora.com.au/
• Paula Hardin – Aussie Home Loans https://www.aussie.com.au/findstore/nsw/annandale.html
• Nicole Cannon – Pink Finance https://pinkfinance.com.au/
• John Micalizzi – Blue Lantern Finance https://bluelanternfs.com.au/
• Tim Helman – Professional Mortgage Advisors (PMA)
• Dylan Salotti – Divitis Finance https://www.divitisfinance.com.au/
• Marcus Roberts – Brighter Finance https://brighterfinance.com.au/
• Umit Talarico – Premier Lending https://premierlending.com.au/
• Samantha Harvey – Aussie Home Loans www.aussie.com.au
• Tim Vo – Vo Finance
• Greg Woods – Fiducian https://www.fiducian.com.au/
• Steve Cooper – Cooper Barber http://www.cooperbarber.com.au/
• Fox and Hare Financial Advice https://foxandharewealth.com/
• Finn Kelly – Wealth Enhancers https://wealthenhancers.com/
• Tristan Scofo – Purpose Advisory https://purposeadvisory.com.au/
• Philippa Hunt – Wise Girls Money Academy https://wisegirlsmoneyacademy.com.au/
• Alison Williamson – Fiducian http://www.fiducianfs.com.au
• Sam Ghoreyshi – MoneyClip Private Wealth https://moneyclip.com.au/
• Greg Dobrin Sureserve Financial Services http://www.sureserve.com.au/
• Lara Gomez Beresford Financial Planning https://beresfords.com.au/
• Hima Gupta – 3E accounting https://nationaldirectory.com.au/3eaccountingsolutionsptyltd
• Simon Alford – Moore Stephens, Burwood NSW https://www.moorestephens.com.au/
• Kian Ghahramani, Principal, RSM Australia https://www.rsm.global/australia
• Scott Kay – Integrity Plus Accounting https://www.ipaccounting.com.au/
• Luke Mitchell – Murchisons http://www.murchisons.com/
• Peter Samios – Samios Partners http://www.samiospartners.com.au/
• Leah Supple – BANTACS Melbourne https://www.bantacs.com.au/
• Jeff Banks – MWL Accountants https://www.mwl.com.au/
• Daniel Vasin Accountants https://www.vasin.com.au/meet-daniel-vasin
• John Kalachian Fortis Accounting Partners https://fortisap.com.au/our-partners/
• Max Phelps – Golden Eggs Money Coach https://goldeneggshomeloans.com.au/
The advisors included in our list are best used if you have already saved part of your deposit or you’re looking to refinance. If you’re still at the stage of wondering whether you can save your deposit, Money Coach Max Phelps has compiled a book outlining steps for getting your money organised.
PROPERTY PORTFOLIO ASKS FINANCE BROKER KEN HEW TO SHARE HIS TOP TIPS FOR PEOPLE THINKING ABOUT BUYING PROPERTY IN THE NEXT SIX MONTHS.
With the home loan market seeing an influx of applications, it’s good to consider a lender’s assessment time frame, most are operating at five business days to assess a loan but some can be as high as 14 working days which is nearly 3 weeks. There are also a lot of interest rate changes between lenders despite the official cash rate being left unchanged since October’19. Lenders are loosening credit policies by making assessment criteria easier to meet, which makes getting a loan approved easier.
Choosing lenders based on interest rate is a one dimensional approach for selecting a lender and I’d encourage borrowers to take a comprehensive view on home loan selection. For example, you may have casual income which you want the lender to include. Depending on the lender you choose, you could have none or most of your casual income included in calculations. Another common one could be a lender who will offer a high borrowing capacity. Just because one lender says no, it doesn’t mean all lenders will take the same stance. Here are some things to consider apart from interest rates.
• Home loan assessment speed
• Borrowing capacity
• Unique policies which compliment your scenario (ownership structure, accept guarantors, Lender’s Mortgage Insurance waiver for certain professions, high Loan-to-Value Ratio accepted)
• Risk appetite (are they willing to lend on high density units? Will they accept your property if it’s a small studio or specific post codes? Are they happy to consider Interest Only loans?)
• Features (Do they offer advanced repayments on fixed rates, do they offer rate locks, is their offset account a full transaction account, do you need access to a branch for transactions)
• How stringent are their credit policies? (Does the lender ask for a lot of information and want everything to be 100% perfect?)
Planning is one of the key items you can do to help reduce the stress during the purchasing process. Getting your home loan sorted before committing to a purchase is ideal and allows you to structure and select a lender to meet your immediate and longer term goals. The other benefit of planning is having contingent plans in the unfortunate event your primary lender decides to reject your application. You can even slightly alter your plans to improve the odds of a home loan approval. For example, reduce your purchase price or delay your purchase to increase savings to avoid critical LVR thresholds.