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Clients Harry & Robert purchase their 5th Property
Here’s their story……
Congratulations on purchasing your 5th Property.
Q: Have you always used a mortgage broker for your loans? If so, have you always used Louise’s services?
A: Yes, we have always used mortgage brokers for our loans, and have used Louise’s services for over 7 years now.
Q: What do you find helpful about using a mortgage broker? You work for a major bank, Harry – but you still use a broker. Can you explain why?
A: Yes, a mortgage broker has greater access to a wide range of lending institutions, and can provide a more independent assessment of your individual circumstances. I do work for one of the major banks, but I use Louise’s services as I trust she will deliver the best results for me.
Q: You refinanced your existing loans before making your latest purchase, why did you do that and what did you achieve?
A: The refinance was to get a better rate of interest, and organise my loans to enable me to purchase our next investment property.
Q: You have some of your properties interstate and your most recent purchase was in Queensland (QLD). How did you find purchasing in QLD? Did you engage the services of anyone up there to help you decide on a property?
A: Purchasing in QLD was not particularly difficult. This is because Louise has contacts in QLD that assisted me with my purchase. I bought sight unseen, and engaged the services of professionals such as a property manager, building inspector and solicitor to ensure I was buying the right property. Louise assisted me throughout the entire process, including organising the new loan for me.
Q: I believe all your properties are houses (one on the block) other than your home. Why is that?
A: I don’t like having to pay for body corporate fees, and having to deal with the hassles of being a part of a body corporate. I like being able to act independently and make decisions on my property without needing to consult someone beforehand.
Q: Do you feel you are at your investment property limit, or will you purchase again this year?
A: I am definitely keen to buy another investment property this year.
Q. You and your partner are both professionals. How does a property investment portfolio factor into your retirement plans?
A: As someone who works in the financial planning sector, I know the government is constantly changing rules on superannuation. My partner and I can only access funds within super when we’re aged 60 (this is our preservation age – note: it’s different to different people, based on when they are born). Having investments outside super provides us with more control over our assets and income and allows us to retire on our own terms, and to our own timetable.
Q. How are your investments performing?
2 of the properties – in Frankston and Wyndham Vale have taken off in capital growth over the past 6 years. The Christie Downs property has not grown that much, but I’m holding on to it for the long-term, and I’m confident it will take off in time.
All properties are tenanted – not that much of an issue in getting new tenants.
As far as property management goes, I make it a point to manage my managers. If I don’t think they’re doing a good job, I don’t hesitate to replace them. I have changed property managers 3 times in 6 years for Frankston, 2 times for Wyndham Vale. I have been extremely happy with the Christie Downs agent, who has done a superb job right from the beginning – the only one in 6 years I have kept on.
Q: If you could give one piece of advice to prospective property investors, what would it be and why do you recommend using a broker (Louise)?
A: I would recommend someone use only a reputable and qualified mortgage broker and investment specialist. As someone who used to work for Consumer Affairs, I was aware of the numerous complaints against brokers and so called investment advisers, who got their customers into a worse off position than when they started. I can highly recommend Louise and her team as they deliver consistently with service and sound advice every time.
Congratulations on what you have achieved so far Harry & Robert!
Testimonial from Harry – 2016:
Louise, I really can’t thank you enough. Following a review of our loans, your eagle eye picked up that our offset account to our investment loan had somehow been de-linked, not having any offset savings. I complained to Westpac who investigated the matter. Turns out the account had not been an offset since 2011, and had been de-linked without my knowledge, and no good reason. I had been using it as an offset in good faith. As a result of my complaint, Westpac re-calculated the amount of loss, apologised and refunded us an amount of $3,683.03! Thanks for your assistance with this matter. I’m not sure I would have picked this up myself. What fantastic service!