Eeeeek…….. Why So Many Documents?

Eeeeek…….. Why So Many Documents?

Spread the love

Broker Sunshine Coast

No one likes paperwork; however, providing your broker with the right documentation will save you time and money in the long run.

When you enlist the services of a broker, we will probably ask you for the following documentation:
  • Personal Identification – Current Drivers Licence and or Current Passport, we may also need a Birth Certificate or Certificate of Citizenship
  • Income Details for Salaried Applicants – 2 most recent pay slips which must be computerised with year to date and ABN of employer or last financial years payment summary (group certificate) if bonuses or over time where paid. We may also need your current employment contract or employment agreement OR a letter from your employer stating rate of pay, length of service and current employment status
  • Income Details for Self Employed Applicants – 2 most recent years ATO Tax Returns and Tax Assessment Notices (both personal and business) Balance Sheets and detailed Profit and Loss Statements covering the most recent 2 years for the business, Details of external liabilities (leases, hire purchase, overdrafts, company loans and/or guarantees)
  • Financial Commitments – Most recent 3 months worth of statements for any existing Home Loans – this must have your name and account number on it, Latest 3 months statements of any personal loans/car loans – evidence confirming current monthly repayments, latest statements for all existing Credit Cards and Store Cards, estimate of current monthly lifestyle expenses, Council Rates notice for each property owned
  • Investments – The latest 3 months worth of statements for any shares, managed funds, term deposits, plantations or other investment portfolios, the latest 3 months worth of statements of Investment Loans (eg. Investment Property, Margin Loans, Capital Protection Loans), rental income – one of the following is sufficient., letter from Real Estate confirming current or likely rental amount OR current tenancy agreement OR current rental statement for the property within the last 30 days
  • Your Contribution (Deposit) – Evidence of 5% genuine savings showing 3 months savings history, 3 months worth of latest bank statements, savings accounts, term deposit statements or share certificates
  • Superannuation & Investments – Latest Superannuation statements for all existing funds – old and new, trust deed for your self managed super fund
  • Insurances – Personal insurance policies or annual renewal statements (Life, Income Protection, Total and Permanent Disability, TBD, Trauma, Critical Illness, Injury and Illness etc), general insurance policies or annual renewal statements (Home Building and Contents, Vehicles, Landlords Insurance). For self employed applicants – Professional Indemnity, Key Person, Public Liability and any other Business Policies are also required
  • Other Related Entities – Trust Deeds, ABN / ACN of trusts and/or companies that you are the trustee, director or beneficiary of

 

Broker Sunshine Coast

That’s A LOT of information! Why is this information important?

While it may seem that you are climbing the Mount Everest of paperwork, we only ask for all of this to ensure that we are protecting you and that we get you the best possible deal in the quickest time.

Gathering various forms of documentation at the start allows us to do a fact find, which is an important part of the loan process. This is the process by which brokers ensure that they match a client with a loan that helps them achieve their property goals, whether that is buying a home to live in, one to build or renovate and sell, or a long-term investment, and one that matches their financial positions. The last thing we want to do is put prospective loan clients into a situation where they cannot afford to repay their new loan commitments.

 

Broker Sunshine Coast

Will a bank ask for the same documentation?

If you apply for a loan with a bank that you do not currently have an account with, they will require all of the same information as a broker would.

Although borrowers may be able to avoid the paperwork by applying for a loan with their current bank (which will already have a lot of information on file), this means being constrained by the products that bank offers and risking missing out on a great deal.

The benefit a broker has compared to an individual bank is that the broker has access to most banks and lenders across Australia. Lending policies and pricing vary greatly across the lending market and some clients do not realise this, so why waste time going direct to a bank? It is also likely to mean missing out on having a broker match a loan to longer term goals, rather than just a purchase price and interest rate.

 

Broker Sunshine Coast

Saving you time and money

We can usually tell a client within 10 minutes whether they have a chance of obtaining loan approval. Blue Wave has access to bank loan affordability and serviceability calculators, which show clients’ potential borrowing capacity. Depending on the size of the funding required, and the loan to valuation ratio, these days the banks are extremely competitive, and we can quite often get a better price deal than advertised.

If a client is not yet in a position to obtain a loan or has a credit issue on their file, such as a default, having a broker on-side can be invaluable. We can guide the client with a view of getting default removed, or waiting until the default drops off the client’s credit file. Most brokers are accredited to gain access to client’s credit files these days, which is an extremely important issue due to the banks’ risk scoring.

In a nutshell, a broker will shop around to get the best possible deal for you, their client. We are the experts in finding you a loan that matches not just your finances, but your future plans.

Call us today on 07 5443 8773

 

 

Every Broker is the same right?

Every Broker is the same right?

Spread the love

Broker

As some of you may know – well over 50% of mortgages these days are taken care of by a broker and, well, why not? We are in the industry that can offer you the best package / rate / product to suit your needs. Some might argue that all brokers have access to all lenders / deals and so forth. So what sets us here at Blue Wave Property Strategies apart from the rest?

Well as all brokers do – we have access to over 30 lenders so we do all have lots of options, but some brokers may only use 3-4 of these lenders. Why is that you ask? The reason being, is that these particular banks pay a higher commission than others, making your mortgage a better deal for the broker. You might be thinking how dare they? Well yes I agree, instead of putting what is in their client’s best interest they are putting their own best interest first. The broker you want to look after you is the one who offers you 2-3 options that are most suitable to you no matter what percentage of commission they get paid. Commissions are the furtherest thing from my our minds when we are trying to get the best deal for our clients.

Broker

Then there is the hidden “Service Charge Fee” that some brokers may charge as well. This “fee” is where the broker charges you a set amount for the work involved in securing you the most suitable loan. The chosen bank pays the broker a commission on your loan once it settles – which is in a sense – your “Service Charge Fee”. So to charge this fee to their client on top of what the bank pays them in commission is definitely a broker who does not have their clients best interest at heart.

A lot can be said about a broker from their reputation and recommendation from others. This is what drives a great broker to do more and go that extra mile for their clients, helping them be the best they can. Not only just at the start to secure the loan, but for the life of the loan and future of the clients.

This comes from an experience I had at a car dealership on the weekend. After formalities and establishing the type of car we where after the salesman offered to search for other cars similar that his contacts may have and email them to me. He offered to go out of his way to help not only us find the best car, but he offered a great experience. Unfortunately, he could not say the same about his broker in the recent purchase of his home. He had many delays in getting the finance approved which put a spanner in the works with his builder and this in turn delayed the build itself. Then just before he moved into his new home his broker sent him an invoice for a $1,000 “Service Charge Fee” so you can imagine that this salesman will not be recommending that particular broker to anyone in a hurry!

Broker

So yes, each Broker is different and we all say we can help you but do your research first. Ask around and see if friends or family can recommend a great broker that they have had a positive experience with. Reputation, efficiency and follow through will show you to the right broker for you.

If you are looking at refinancing or purchasing a property, consider us us your broker – I can assure you will will always have your best interest at heart! Give Chris or Nikki a call at the office today! 07 5443 8773 or drop us an email HERE

Do You Suffer From BANK Pain?

Do You Suffer From BANK Pain?

Spread the love

Bank pain, we’ve all had it at one stage of our financial life – but what have we done about it? Some people complain about it at their local branch and maybe get a fee refunded or waived every now and then. Some people just like complaining about it to their friends or family but few will get up and do something about it.

When was the last time your bank called you to let you know about a great offer they currently have on home loan rates? Or even new savings account or term deposit that has a better interest rate than your current one? Never, that’s when! They don’t, why would they? It’s simply because they hope that you fall in to the group of “set and forget” so they can kick back and make as much money off you as possible.

BAnk

Welcome the Mortgage Broker, your number 1 friend in helping you to not only make sure that you have the best home loan solution now but also well into the future. Showing you how you can own your home sooner than 30 years, doing regular reviews of your home loan to make sure that you are getting the best rate available at the time. Then if you want to begin to create real wealth, showing you how to purchase  your own investment property and eventually an entire property investment portfolio.

Why a Mortgage Broker you ask? “I have been with my bank for years and never had an issue”….that’s great but when have they gone out of their way to help you reduce your debt? Earn more interest on your savings? As a Mortgage Broker we work for you, for what’s in your best interest and always going out of our way to show you how you can better manage and reduce your debt.

bank

A simple review on your home loan can save you thousands, let’s take an average mortgage of $500,000 that has been with the same bank for the last 5 years. If you have not revised your fixed term loan, at today’s current rates of around 4% you could potential save $37,000 in interest over the life of your loan. That would be a great family holiday! or a new car? or even a deposit towards your first investment property. Keeping in mind that is only with one review, we at Blue Wave Property like to do a review on our client’s loans every 2 years or so and this can lead to a lot more than the $37,000 saved in interest.

I aim to show all my clients how best to manage their debt, save them money in all areas possible and one day show them how to build their property portfolio, if this sounds like a good idea to you – give me a call and we can discuss your financial future. It costs you nothing for an informal chat that could lead to saving you thousands of dollars in the future!

Look forward to catching up soon – Nikki

To read a bit more about Nikki see HERE

 

 

 

Welcome On Board Nikki!

Welcome On Board Nikki!

Spread the love

Blue Wave has been under the pump lately putting all your finance deals together so we have decided to expand our finance arm and have welcomed Nikki Ireland on board!

Nikki has worked in the ­financial industry for more than four years and holds a Certi­ficate 3 in Financial Services and Certi­ficate 4 Finance and Mortgage Brokering.

Coming from a retail and customer service background, including the Bank of Queensland and the Commonwealth Bank of Australia, her passion and pride in customer service has made her want to assist her clients the highest level possible.

Nikki decided to become a finance broker after realising that being confined to the one bank and their products was not beneficial to her clients and what they were trying to achieve. She now has access to over 30 banks and their varying products and is now able to find the best deal for her clients at whichever bank suits their individual needs.

She highly values truth, honesty and integrity and is known for her work ethic, which drives her to go above and beyond for her clients today, tomorrow and in the future.

In her spare time she enjoys spending time at the beach, in her garden and with her family.