When Should One Go See a Mortgage Broker?

[Deactivated] on 14/04/2015 - 21:55
Last edited 14/04/2015 - 22:07

So my partner and I have been saving for 4 months now for a house deposit and we're almost a quarter of the way to our goal.

Now, my partner really wants to go see a broker once we hit the quarter mark to see how much we could possibly borrow/afford but I'm unsure when it is the best time to go see one since we haven't reached our target yet.

I'm just wondering when the best time to do it. I'm trying to make my savings account a lot more attractive in the mean time.

Does anybody have their own experience with this?

As you can probably tell, we are 1st home buyers.

Financial

Comments

  • mick123 on 14/04/2015 - 22:02

    no point really until you have almost reached your goal or a few weeks before you are in a position to put offers on places.
    my opinion only.

    However, they may be currently able to guide you on how much you would be able to borrow/afford.

    • [Deactivated] on 14/04/2015 - 22:06

      Sorry, I should've explained it a bit more. Yes, she just wants to know how much we would be able to borrow/afford

      • aggregate on 14/04/2015 - 22:09

        Just email a broke. You don't need to go in person to find out how much you can borrow.

        Saving up a quarter of the deposit in 4 months sounds quite quick.

        • [Deactivated] on 14/04/2015 - 22:10

          After looking at many display villages, it motivated us to save alot quicker.

  • Paul Atreides on 14/04/2015 - 22:08
    +1

    shoot off a pm and ask if one of your friendly ozbers can assist

    https://www.ozbargain.com.au/node/190188#comment-2684204

    • tomleonhart on 15/04/2015 - 09:06
      +1

      lol I appreaciate you noticed madmouse58.

  • quop on 15/04/2015 - 00:26

    Many brokers are mobile these days (all the ones I've dealt with anyway), so they can come to you. It's not too early to see one, ask questions, find some answers, run some figures and what-if scenarios etc.

  • tomleonhart on 15/04/2015 - 09:23

    Broker here, Just my 2c.

    Deposit is important yes. However it's your income that determines the serviceability of your loan.

    Your loan amount is usually = the buying price - deposit + cost.

    As a broker we can help you to work out your "maximum loan amount" and "cost" in the equation above therefore you then can workout your "maximum buying price" and "deposit".

    Hope that helps.

    Any question please PM me :)

  • [Deactivated] on 15/04/2015 - 12:12
    +2

    Mods please lock this thread. Speaking with tomleonhart right now. He's a big help :)

  • [Deactivated] on 15/04/2015 - 12:18

    I think 'one' would probably contact a broker after 1450, but before 1890.

  • cupcake on 15/04/2015 - 13:47

    Go to a broker or lender to see how much you can borrow when you have 10% of purchase price. Buy when you have 20%.

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