Although its going to sound obvious to astute investors reading this, many people do not refinance yearly – and asses their equity.
Here are some quick facts
1. 83% of investors polled by Property Investment Professionals of Australia use Mortgage Brokers
2. Brokers work on commission, generally 0.65% (+GST) to 0.7% (+GST) of the refinance amount
3. Brokers obtain a trailing commission – 0.165% (+GST) to 0.275% (+GST)
Clearly – a broker in massively motivated to find you a deal better than your current. Our advice is always to speak to a broker every 12 months. You can figure out how motivated by just using your refinance amount – and the above commission figures.
If you have one, or more properties, and you service your payments, you will have multiple banks seeking your custom.
At the same time, they will advise you on your position in equity. If the numbers stack up, QLD and TAS continue to have great long term and short term investment options.
We’re working on find the ‘best’ brokers in Aus. We’ve heard a few nightmares, but mostly good news stories. If you have a broker you love, tag them below and give them some exposure.
The ACCC has come down hard on the big banks. More information is below but