You say your advice is free, however surely we must have to pay you at some point?
We do receive a payment from the lender whom you obtain finance with upon settlement of your loan. It is much the same as the lender paying a marketing fee or paying a staff member at their branch. There is no additional cost to use our service and our commission is disclosed in the credit proposal at the application stage.
How long does it take to get approved?
The time varies from lender to lender, however the preapproval process generally takes between 1 – 5 days from the date we submit your loan application to the lender with all supporting documents. When we have an idea of the lender and product, we will let you know how long that particular lender is taking for approval.
I prefer not to change all of my bank accounts over. Is there any way to avoid this?
We deal with over 30 different lenders, which means we most likely will also deal with the bank your accounts are with. We will work with your current lender to see if they can provide the loan and structure you require, and compare them with other competitive options in the marketplace. If we do proceed with a lender other than your current financial institution, you won’t necessarily need to change your bank accounts to that new lender.
I don’t have time during business hours to come in and see one of your brokers. Are there any options for people like me?
Absolutely. We can come to you, at a time convenient for you. We understand that life can get in the way of making big decisions and we can cater to our busy clients by staying flexible. Weekends and weeknights are not a problem for us.
Where should I invest?
This is the million dollar question! The property you buy should be aligned to your goals and plans, and finding the right property in the right area can be difficult. We recommend talking to a buyers agent if you are unsure, and we can work with you and your buyers agent to have the right structures in place to suit your needs and get you the best outcome.
When is the best time to talk to a broker?
Right now! If you are reading this, it probably means you are thinking about getting a home loan. We are here to help and answer any questions you may have. Even if you think you might not be ready, a quick conversation with one of our brokers will help you get your finances on track. This may even mean giving you some tips for your budget, and giving you a target for the deposit you need to get started.
What should I do when I am looking to buy a home?
Give us a call! The most important part to buying a home is making sure you can afford it. We don’t charge for our advice, so if you give us a call we can talk you through the process. There are many ways to buy a property – 66W, Auction, Private Treaty, and many different types of loans so having a quick conversation with one of our brokers will take alot of the questions away that you may have.
I don’t have a deposit. Can I still buy a property?
Short answer – Yes. The lenders understand that it is hard to save a deposit, especially with the cost of living going up, so they have made available a “Security Guarantee” option which means a relative, and in some scenarios a friend or acquaintance can provide their property as security for the bank to enable you to purchase. It is extremely important that the potential Guarantor meets with your broker and understand their responsibilities, so if this sounds like an option for you, let the guarantor know that they will need to meet the broker at your appointment.
It’s so hard to find a property, and I don’t know where to start. What can Peasy do to make the process easier?
As well as helping you with the home loan, we can also help you with the home buying process. This includes giving you some handy hints with negotiating, providing you with Property Profile Reports, and also putting you in touch with some of our carefully selected buyers agents who can also help by suggesting some other areas to look.
How long does the home buying process take?
This can vary from property to property and you will need to seek information from your conveyancer and the selling agent as to the timeframes you need to adhere to, however generally speaking settlement will take place 4 – 6 weeks from when you exchange, depending on which state you are purchasing in.
Other than myself and my broker, who else needs to be involved in the home buying process?
At Peasy, we are big believers in engaging professionals along the way. Spending a small amount of money, could save you a lot… This can include a Conveyancer (the person who can advise you on the contract and help direct the funds for the purchase), a Buyers Agent (an agent who represents the buyer, not the seller, to help find the right property at the right price), an Accountant (regardless of the property you buy, it is a good idea to talk to an accountant) and a Financial Planner ( A good Financial Planner can help you with a strategy if you are looking to try and build a property portfolio, or simply to help you pay off your home sooner).
Investing in property is for rich people… Right?
Surprisingly you don’t need a massive income to invest in property, nor do you need a large deposit. The purpose of investing in property is to build wealth, and if you buy the right property it could enable you to grow a portfolio based on any equity you build. At Peasy, we love investors, and we love getting involved in the investment strategy of our clients. We can share some of the pitfalls and successes we have seen to help you in the right direction.
I am keen to invest, but where should I start?
Always begin with the end in mind. Think about the reasons why you want to invest, and what it is that you want to achieve. If building a portfolio is your plan, be sure to work out how it is going to look and what timeframe you would ideally like to build it. This will all help with not only the property you buy, but also the home loan we choose.
Are there risks with investing?
Much like any investment you look at, there are benefits if it succeeds, although also inherit risks if it doesn’t. Try to think about all the costs associated with buying an investment such as Property Management Fees, Rates, Maintenance and of course, vacancy in the case that your tenant moves out and you need to cover the repayments during that period.
What is positive and negative gearing?
Positive or negative gearing is essentially the profit or loss you make on the property. If your expenses are higher than the rental income you expect to receive, your property is “Negatively Geared”. If your rent is higher than your expenses, this is “Positively Geared”. It is extremely important that your loan is correctly structured to take advantage of possible tax deductions, so let us know if purchasing an investment property is something you are interested in.
Offset Accounts – What do you need to know?
A brief yet concise overview of offset accounts with Peasy Managing Director, Joel Wyld.