Picking a mortgage broker for property investing

Mortgage brokers may do the same thing, that is get you a loan but that doesn't mean they are all the same. It is absolutely critical that when investing in property that you pick the right mortgage broker that understands your needs and strategy.

For instance if you are investing yourself then your broker must have a good grasp of loan structures for tax purposes. This is mainly the domain of your accountant but remember successful investing means having a team of professionals around you all helping reach the same goal. It's no good if your accountant is doing their best with your strategy but your broker is not on the same page.

Setting up loans is a complicated business so I want a broker who has been in the business a fair while. Someone who keeps on top of recent developments and someone who has a 'never give up' attitude when the banks are being difficult.

I also want a broker who thinks outside the square when it comes to obtaining finance. This comes with experience, it also affiliations and associations with other organisations. For instances I would seek a broker who worked closely with financial planners and accountants who are also active in the property investing area.

Your first meeting with the broker should be used to outline what your financial goals are rather than what type of loan you want. If you get your loan structures misaligned with your financial goals then it is up hill battle from there on in.

I would also want a broker who is based in the state or even better the city I was investing in. For instance living in Cairns and my broker being based in Cairns means he keeps fully aware of what's happening in the local market. My broker would know how the local market is going and advise me accordingly. My broker would be keeping me constantly informed of my loan application and give excellent after sales service.

These are just a few things I would look for in a good mortgage broker. My final word of advice is ask others who they use. But make sure those 'others' are people who have the same or similar goals to you.

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