When thinking about buying a property, it’s wise to surround yourself with experts. Here’s who you need on your side.
Buying a property is one of the biggest financial decisions you’re ever going to make. So it’s smart to surround yourself with the right team to help you along the way.
"Having the right people in your corner will help you make good decisions,” says Wendy Brown, Head of Broker Home Loans at Macquarie’s Banking and Financial Services Group, “and it’ll help the process run more smoothly, too."
So, who should be in your corner?
The mortgage broker/home lending specialist
“Mortgage brokers work with you to ensure your home loan suits the needs and objectives in your life,” says Peter White, Managing Director of the Finance Brokers Association of Australia (FBAA).
“A good broker will ensure they are by your side throughout the entire process, from looking at lending options that suit your needs, all the way through to the settlement of your loan.”
A lending specialist will be able to identify the loan features most suitable for you and your circumstances. Investors may find a fixed rate loan that allows them to 'set and forget' suits best. Owner occupiers may prefer to make extra repayments or allocate savings to an offset or redraw facility, so they pay less interest over the life of their loan.
It's a good idea to speak with a mortgage broker or lending specialist early in the process to ensure you have realistic expectations of how much you can afford and what options are available.
The buyers’ agent
If you lack the time to hunt for a property, you could consider using a buyers' agent to do some of the leg work.
Buyers' agents can visit properties for you and help shortlist those that might fit your requirements. They have strong connections with real estate agents and an intimate understanding of the markets in which they operate.
“Many buyers, particularly in the larger cities, don't have the time to get around six or seven open homes a day,” says Adrian Kelly, chair of the Real Estate Institute of Australia. “Buyers’ agents can do all of that for you, and they’re also experienced in the transactional process so they could save you time and money.”
Another area buyers’ agents can help is on auction day.
“Buyers’ agents obviously cost money,” says Brown. “But if you go to auction and are nervous about doing the bidding yourself, a buyers’ agent can do it for you.”