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How to prepare for your first broker meeting

first broker meeting

By Tina Howes, Mortgage & Finance Advisor – SmartMove

So, you’ve booked a meeting or call in with your bank or broker!

Here are my key pointers for how to be prepared and to make the most of the initial meeting before going to see your bank or broker to seek finance.

Your initial meeting will likely be an exchange of information. The broker will want an understanding of your goals, plans for the future, and what you are wanting to buy.

They will need to know the numbers, but also a detailed understanding of your income and expenses. You should have a good idea of what you are prepared to spend a month on a mortgage.

A useful figure is also how much per month you are saving and how long it took you to save your deposit.

Other pertinent information to have at hand include:

  • Know your salary before superannuation. If you have bonuses, know what bonuses you have received for the last two years. Are they ongoing or a hit and miss about whether they will be achieved? This is important as to whether they can be included in your loan application.
  • Be up to date with your taxes. Or at the very least know what year you have lodged them up until. This is especially important if you are self-employed.
  • Have a chat to your accountant about your intentions to buy a property. Be clear on what entities you are purchasing in. Is it sole names, joint names, are you looking to invest in a company or trust?
  • Be prepared to send a lot of paperwork over. As it’s a significant time investment to do this – you want to be committed to the process.
  • Have your budget handy. Have a good grasp on your expenses so you can complete the living expenses section for the lender.

The broker may require you to complete the paperwork before the first meeting.  Everyone is a little different, but this is my preference.

Everyone is busy these days and it can be difficult for people to make the time to have both applicants in the meeting together, so I make sure that first meeting is as proactive as possible and really focuses on the important things like strategy, options, and solutions.

I will have an initial phone call to obtain your requirements and objectives and then obtain the paperwork. Once I have received all the information requested, I will then have our first meeting to go through the finance process, affordability, options, and solutions.

Things that make for a more seamless process:

  • When requested for paperwork, provide it all in one go, not over multiple emails. Your banker or broker is likely receiving multiple emails every day, and this is the easiest way for something to be missed.
  • If you have an urgent need for answers, send everything through promptly. Your bank or broker will likely have multiple clients, but those that send everything through quickly, and all in the one email, will usually be met with the same urgency.
  • Respect your broker’s time. Treat them as though you are paying by the hour. Whilst they are a free service, unlike most consultants, their time is still valuable. If you respect it, then they are better able to service you and truly able to assist you when things are urgent, such as turning around an approval within a finance clause.

Tina Howes

Mortgage & Finance Advisor


Main image: DepositPhotos

Tina Howes

Disclaimer:This article contains information that is general in nature. It does notconsiderthe objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on thisinformation. This article is not to be used in place of professional advice, whether in business, health or financial.