Doing it right the first time.
(The tortoise and the hare principle).
You know the old saying: if something is worth doing, then it’s worth doing well. Well, these words of wisdom particularly apply when you’re making an application for a home loan.
It doesn’t matter which bank you’re talking to, they all have very specific things that they want with the application. And if you don’t supply exactly what they ask for, then everything is going take a little longer than it has to.
On the other hand, if you do gather everything together, put it all in order and supply the right covering letter then you have a much better chance of getting your loan a lot quicker and a lot smoother. It’s common sense and good business practice.
So I’m a stickler for doing it right the first time. I know what each of the banks require. And of course each bank has it’s own requirements,
I have a checklist that I tick off and only when I have absolutely everything do I submit the application.
This means that one of the first things you and I have to do is gather together all the bits of paper; the bank statements, group certificates and so on.
I take great pride in my work. I’m very exact and very well organised. It’s very rare that a bank has to call me and ask for anything else.
This approach takes a little longer in the beginning but it works, every time.
Are you Financially Savvy?
(or why you may need a Mortgage Broker to help you do the paperwork)
It seems Australians are not all that financially savvy. The first survey on financial literacy, commissioned by ANZ Bank, revealed that we don’t really know as much as we should about money and how to manage it!
The survey revealed that only 5% of Australians claimed to have no difficulty dealing with their finances, which means that the rest of us are muddling along without the knowledge we need to make the right financial decisions.
When it came to mortgages, the survey tested knowledge about interest rates, redraw facilities, equity loans and termination fees, and the degree of understanding of the advantages and disadvantages of investment property.
So how do you think you’d fare in a survey like this? How much do you really know about finance and property? There is undoubtedly a huge demand for financial education, but where do you go for advice?
Many people wouldn’t think of going to a mortgage broker, but this is actually a good place to start when you’re after professional, independent advice.
One way to view the situation is to compare the services of a mortgage broker to any other professional; would you try to diagnose your own illness, or fix a major problem in your car rather than going to a doctor, or booking a service with a mechanic?
Of course not! We can’t be expected to be experts at everything, which is why we consult experts when we need to; and why you should always consult a mortgage broker when it comes to loans and home and investment property.
It’s all about being financially savvy by surrounding yourself with good people who have the experience to help you through the education process, and are willing to explain the complexities.