When Debra approached mortgage broker Gretchen Clarke, she wasn’t sure whether she could buy her first investment property. With good advice and a private treaty, Debra managed it at a favourable price.
Debra was referred to Gretchen, a finance broker at Vision Property & Finance, by a financial planner who looked after Debra’s father.
“Debra was a very stable client,” says Gretchen. With 10 per cent of the deposit saved, a small financial gift from her parents and long-term employment, Debra was also happy to pay for mortgage insurance to secure a fantastic property.
This didn’t necessarily guarantee smooth sailing.
“The only challenge was a very difficult solicitor who did not represent the client very well at all,” says Gretchen.
Debra used Gretchen’s services for each step of the mortgage process. Gretchen visited Debra at home twice, and lenders were researched based on Debra’s specific requirements. Gretchen collected documents for the loan application, which was then followed through right to settlement, while keeping all parties informed along the way.
Debra was advised to wait until her pre-approval came through to confirm that the lender was happy with the loan amount and then start bidding through private treaty, with bids based on the research the two had already done.
“The RP Data reports on properties were particularly helpful,” says Gretchen. “Debra could look at properties and rents around the area to ensure she was getting a good deal.”
In bidding through private treaty, Gretchen’s advice was to start low, so there was more room for negotiations. Buying through private treaty has a number of advantages, one of which is avoiding the potential stress of an auction, where split-second decisions can change everything.
“Auctions can be so stressful,” says Gretchen. “And you do not have the option of a cooling-off period.”
Debra is very satisfied with Gretchen’s service. “Her ability to clearly explain the overall loan process and minor (but important) details involved” was particularly impressive.
“Gretchen is very friendly, compassionate and understanding, with an excellent understanding of my needs, especially being that it was my first investment property and I was quite nervous.”
Debra also commended Gretchen’s product knowledge and explanation, and her excellent communication, with the ultimate praise being that she will recommend Gretchen to other people.