Find a Reputable Licensed Broker
It is important to use a Licensed Broker who is qualified and experienced. Look for a Broker who is involved with investing themselves, who knows the market and who is accredited with all of the available panel of lenders so that you get the best choice in product and services available.
A good Broker should assist you in becoming educated about purchasing property. Ask questions and don’t be afraid to have a trusted friend or family member involved as well so that you have an instant 2nd opinion.
Financial Health Check
Get an up to date financial health check that assesses your individual situation and needs. A Licensed Broker can assist you with this.
Always Budget Appropriately
Ask your Broker for a copy of the government booklet ‘Understanding Money – How to make it work for You’, which is an independent document aimed at assisting families and individuals to become financially literate. Make use of the budget suggestions it contains. Always consider the financial market direction and allow for movement in rates when you are calculating your budgets too.
Seek Independent Legal Advice
Always get independent legal and financial advise before you sign any contract or loan document. Get someone you know and trust to assist you also. Always ask questions.
Sign a Finance Agreement
Always ensure that you work with a Broker who offers a Finance Agreement to you so you are aware of what the Broker earns from the Lender and what you have to pay to the Lender in the way of fees and charges.
Surround yourself with Like-minded People
Look for a Broker who has experienced what you are going through. Use an Accountant who also understands the type of property purchasing you are contemplating.
Research Research Research
Read lots of property articles, especially if you are contemplating getting into property investing. Determine why you want to purchase a property, what are your long term goals? Try and organize a series of questions you can apply to each property you look at, so that your emotions don’t overwhelm common sense decision making.
