Are you ready to meet with your broker?
When you start looking for a home loan or investment opportunity you are ready to meet with your broker. However, this can feel scary if you are not used to talking to professionals in finance especially if it is your first appointment, and are unsure about the complexities that you may be facing. There are a lot of brokers out there and a lot to understand in getting the right solution for you to get your first home loan and into your new home.
Start by getting familiar with the expectation of the first appointment you have between your broker and yourself. It is very likely that your broker will ask certain questions.
- What are your short, medium and long term goals?
- What type of property are you hoping for?
- How much would you like to borrow?
- Have you researched any products that you think might work for you?
- Have you made any comparisons of your home loan options and what is your understanding of the fees, costs and conditions attached to home loans?
Preparing a list of questions for your appointment, that you wish to ask your broke, will assist you to stay focused, and help you understand any new terminology regarding loan types (such as term, repayment options and interest rate types), the types of ongoing fees attached to various loans (such as early exit, late payment, break and redraw fees) and the typical timeframe for a loan settlement.
It is common practice for your broker to conduct an assessment prior to your face-to-face appointment, so you will be asked to complete a pre questionnaire regarding your employment history, assets and expenses.
Also it will save time if you can prepare any required document beforehand:
- Transaction histories
- Tax returns
- Rental income statements
- Borrowing documents such as “contract of sale”
- Proof that you have the deposit for a property.
It’s mandatory for brokers to maintain the confidentiality of information that you provide to them and only pass on information necessary to enable them to lodge your loan application or where required by law.
It is best to find your broker through a recommendation, speak to friends and family who have been through the experience of purchasing a home and ask who assisted them with the process. You can learn about them by checking out their website and look to see they are qualified.
Whatever your concerns find a broker who is happy to answer them and share knowledge around who they are and how they will assist you, and not one who makes you feel uncomfortable to ask any questions you have. This is your first home so it’s important to enjoy the experience.
If you have any finance related queries
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