Choosing Your Team!

Choosing Your Team!

When looking to buy a property consider this.

You are going to spend a lot of money right?

You want to make sure you get the best deal too, don’t you?

Then you need to assemble the best team possible, that includes a Solicitor, Mortgage Broker, Accountant (if buying as Investment), Financial Planner (if buying with a SMSF) and of course don’t forget an Agent.

When our clients want to buy a property the first few questions we tend to ask are, do you have a pre-approval from the bank? Have you spoken with a Mortgage Broker? Have you selected a Solicitor?

Below is our recommendation for helping to select for each of the above:

Solicitor/Conveyancer

Some people select their legal representative purely based on price, now of course price is very important but consider how much money you are preparing to spend and ask yourself if you want to skimp on the advice you get?

When we select a Solicitor/Conveyancer to join our Panel of Preferred Providers we interview them, we ask how many off-the-plan contracts they have reviewed, how much experience they have with residential purchases and what amendments do they typically ask for to the contract?

It could be costly if you miss something, outweighing the low fee you aid.

Mortgage Broker/Bank

Having worked for Banks and also having worked as a Mortgage Broker we have a unique view on how to find the best Mortgage. Again pricing is not the only driving factor, product flexibility is just as important.

Our team are experienced in showing you how to pay down the debt as quickly as possible. A loan of $500,000 at 5.88% would cost you $3,185 per month, every month for 25 years. Total cost of the loan = $955,500 or $455,500 interest

The sooner you can repay the debt, the less interest you pay.

Accountant

Accountants tend to specialise in different fields, most of us believe that an Accountant can do everything and yes there are those that have a general knowledge of everything but then there are those that specialise in a particular field.

If you are considering a property for Investment you will want a qualified Accountant to maximise your returns, likewise if you are buying a property inside a Self Managed Super Fund you’ll want an Accountant who is a specialist in this area.

Some of our clients have two Accountants, one that does their company returns and another that manages their Self Managed Super Fund returns.

Agent

A good Agent will allow you the ability to compare more than one property; much like a Mortgage Broker has access to a wide variety of properties.

When using a Loftus Wealth Property Consultant, they are just that… Property Consultants, they can guide you through the buying process, help you establish your team, compare multiple property options and are not incentivised to promote any project over another.

In essence they consult with you, diagnose your situation and prescribe a tailor made strategy to help you find the best property.

Best of luck in getting your dream team together or for more advice, give our team a call on 1300 508 820.