Who should you go to for home loan advice?

Rates and Fees verified correct on December 8th, 2016

Choosing the right home loan is one of the most important decisions you’ll ever make, so speak to the right people to help make your choice a little easier.

Regardless of whether it’s your first home, third home or an investment property, purchasing a property is always a big step in your life. It’s one of the biggest costs you will ever incur and is one of the biggest decisions you will make. Along with deciding on which property you want to purchase, selecting your home loan is another huge decision that can stick with you for a while. To help you make the right decision, speaking to the right professionals can help you significantly. They can guide you through the process and help you make the right decision.


Accountant

Accountant

A good first point of contact when purchasing a property is your accountant. An accountant can help you look at your financial position and assets and see if purchasing a property is right for you at this time. An accountant can also give you advice to help you decide what tax structure to use to purchase your property. For example:

Whose name should the property be purchased in?

Is it reasonable to purchase a property using your Self-Managed Super Fund (SMSF)?

Accountants have a lot of experience in this area and will be able to guide you through it.

Accountants will also be able to give you taxation advice. After you purchase your property, your accountant will be doing your tax in regards to your property so it makes sense to talk to them first to see what you can claim in deductions. Your accountant will help you understand what you can and can’t claim, capital gains tax matters and negative gearing. Your accountant may also be able to refer you to a mortgage broker they have worked with in the past to assist you with selecting a home loan.


Mortgage brokers

broker

Mortgage brokers are another good point of contact for home loan advice. A mortgage broker acts like a one-stop shop for all things home loans. They have a lot of experience in matching people with loans and are specialists in the mortgage area. A mortgage broker will work with you to understand your financial position and your needs, and then assist you in finding a range of home loan possibilities that are appropriate for you. Your mortgage broker can then help you select the right loan and apply for it, giving you an advantage as they know all the ins and outs of the application process. Mortgage brokers assist you from the start of the process right through to settlement. Using a mortgage broker can save you a lot of time, energy and money.

Typically, mortgage brokers won’t charge you anything for their services. They usually get a fee or commission from the financial institution they refer you to.


Property buyer's agent

buyersagent

Searching for properties to purchase can be very time consuming, which is why property buyers are growing in popularity in Australia. Property buyers, also known as buyer’s agents, assist you in searching for properties, evaluating your options and negotiating your purchase. They are fully licensed professionals who are on hand to assist you in cutting through the hype and helping you fully understand a property’s true value and potential. Because of their knowledge of potential sellers they can sometimes net you impressive bargains.

Property buyers act on your behalf and charge you a fee for their services. These fees according to the Real Estate Buyers Agents Association of Australia (REBA) are about 1.5 - 3% of the property price plus GST for full services, or 1% plus GST for negotiation only services. It is the property buyer’s responsibility that you don’t overpay for a property. They can also attend auctions on your behalf and bid for you.

Depending on what you need, property buyers offer a range of levels of service. They can assist you with just searching for properties, assist during the negotiation and purchase stage, or they can help with both. Property buyers help you save time and their expertise in the area can increase the likelihood of being successful when purchasing a property. The property market is extremely competitive to enter into, so any advantage you can get should be considered.


Financial planners and advisers

advisor"

As the name suggests, financial planners and advisers can assist you in planning your finances and making future decisions. Purchasing a property is one of the biggest decisions you will make with your finances, so it’s only natural for you to get financial advice. If you are purchasing an investment property and need home loan advice, financial planners will be able to talk you through this process and discuss your financial position.

Financial planners and advisers can also help you with your mortgage. They can give you advice on what type of mortgage to go with, helping you make sense of the many different options out there. It’s important to do your research first before selecting a financial adviser to make sure you are getting the best advice.

Rates last updated December 8th, 2016
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Comparison services

Comparison

Using comparison services such as finder.com.au is another great way to get home loan advice. finder.com.au allows you to compare the home loans available to you to help you select the right one. There’s also tips on how to compare home loans and how to compare mortgage brokers when you’re ready to start the process. We also have a live chat service, an email help service and you can ask comments on specific pages and have them answered by our home loan experts usually within 24 hours.


Real estate agents

Real estate agent

If you’re buying a property to renovate and then sell, a real estate agent’s information can be invaluable.

Even if you’re buying rather than selling, sometimes it’s a great idea to call up a local real estate agent in the area you’re buying in to ask them what kinds of properties are selling well in the area, what the average price is in the area, and what potential buyers are looking for in homes. This will ensure that you don’t over or under capitalise on your renovations, and buy the right property.


Free financial counsellors

Financial counsellor

If you are currently committed to a home loan but are struggling to make repayments and keep up with your financial commitments, there are free financial counsellors available to assist you. These counsellors are professional and non-judgemental. They are there to provide support and information to those who need it the most and who find themselves in financial difficulty. Don’t let your financial situation get in the way of getting financial advice—visit a free financial counsellor.


Top five questions to ask when buying a home

When buying a property it’s always good to have these five questions clearly answered before considering it.

  • How long has the property been on the market for?
  • What is the average price of other homes in this area?
  • What is the minimum price the owner will accept?
  • How many offers has the seller received?
  • How old is the property?

Put yourself in the best position you can when purchasing a property by getting the best home loan advice. Purchasing a property is a big decision in your life, one that will have a huge impact on your future, so it’s important to find the right home loan to match. There are a number of different professionals and platforms available to offer home loan advice, so start looking for help today. Compare a range of home loans and find the right one to propel you into the property market.

Start comparing home loans today

Marc Terrano

A passionate publisher who loves to tell a story. Learning and teaching personal finance is his main lot at finder.com.au. Talk to him to find out more about home loans.

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