Why you need to have a loan manager？
As the Australian banks tighten their lending policies, more and more investors are faced with a thorny issue when considering investing in real estate: is it possible for me to get a loan from a bank? Fortunately, buy a house in Australia, you can not go directly to the bank loans, but you can help the loan manager to achieve their purchase goals. In Australia, home loan managers contract about 50% of the mortgage business, so the industry is also a multi-billion-dollar industry in Australia. The logic is also well understood: investors and their hard to go to each bank to compare the pros and cons of loan products, it is better to ask your loan manager to help you to solve this problem.
So, except for the simplest reason, what are the other reasons why real estate investors need the help of loan managers?You need four reasons for a loan manager
Reason 1. Free service Yes, in the vast majority of cases, your loan manager will serve you for free. Loan managers earn their commissions from banks, but loan managers are usually not limited to one lender, so they can give you the flexibility to compare loan products from banks to find the best financial institution for your interests To apply for a loan.
So, with a good loan manager, you can find the best mortgage product for you from the financial resources of financial institutions.
Reason 2. Your application may be answered sooner
A good loan manager has good relationships with financial institutions, so sometimes they can get even faster results than going straight to a bank for advice. In addition, the loan manager will make a preliminary assessment of your situation before submitting your loan application, which may help you to make a firm judgment as to which financial institution may be more suitable for you. This will save you the time and money involved in getting advice from your own bank .
Three reasons for you to establish a good loan structure
If you think the task of the loan manager is to help you get the loan, then it is a mistake. In fact, a good loan manager has the function of building the right loan structure for the customer. For investors with multiple properties, choosing a cross collateralized loan structure or a stand alone loan structure can have a huge impact on your ability to continue lending and your future asset adjustment. . Finding a good loan manager will be able to create a healthy and reasonable loan structure for you.
Reason four. The most suitable loan products
For a property investor who does not have much knowledge of a loan, a good loan manager will find the loan product that best suits you, and he will also explain to you the hedge account, Refinance and other expertise that will make you better Manage your own loan account.
How to choose a good loan manager?
Perhaps you have noticed that in fact, there is no shortage of loan managers in the market. In recent years, with the upsurge of real estate investment, new entrants into the loan industry are also emerging. So as an investor, how to eye-catching, to discover those truly professional, can bring you the value of the loan manager? It is not hard to do this. You can try a simple exchange with a loan manager and ask Ta a few key questions below.
1. Do you have a loan qualification certificate in Australia?
In Australia, engaged in any professional work needs to participate in the basis of industry training, after obtaining the qualification examination certificate, in order to posts. The loan manager is no exception in this industry, and a qualified loan manager should at least have a Finance certificate IV.
In addition, Ta should also be a member of the MFAA (Mortgage & Finance Association of Australia) or related trade associations such as the FBAA (Finance Broker Association of Australia).
2. How many home loan agencies do you work with?
If there are only two or three cooperating banks or financial institutions behind a loan manager, what’s the difference with going to the bank yourself? An experienced loan manager should at least have close cooperation with the Big Four banks. In addition, it also needs to know about the loan products of the second-tier small and medium-sized banks, and even some loan channels such as funds.
You can also explore what Ta’s preference for loan products from different banks? If Ta says I really like / dislikes a particular bank product, ask why.
3. Are you a real estate investor?
Yes, this one should also ask. Although the main task of a loan manager is to help you get a loan, if you have a loan manager who also has experience in real estate investment to help you, it is even more powerful. If at the same time as the loan, the manager himself has the experience of buying and selling real estate, Ta is more likely to analyze from the investor’s point of view which loan structure is more suitable for you, whether the interest-only loan is more suitable for you or whether the principal and interest are the same Still more suitable for you, when should the fixed interest, when should float interest …
Remember, no matter what you do, always consult only those who have experience in this area, the result, of course, the loan is no exception.
With the monetary tightening trend of Australian banks, finding a good loan manager for real estate investors will play a crucial role for investors in the real estate investment journey in the coming years. Finally, we remind investors that in choosing a loan manager, you should not just focus on who gives you lower interest rates. Instead, look at the lender’s overall ability and experience from all perspectives and make your choice.
Leaver a comment