Meeting with a professional to discuss all your deepest darkest financial secrets and facing them head-on can be a little bit exciting and a little bit daunting all at the same time!
Saying that, it is important to remember that us Brokers do what we do, because we love to help people, like you, achieve your financial goals leveraging the appropriate lending facilities to make your dreams a reality either for you and your family personally (through home ownership), or for your business (through property ownership and asset/equipment ownership).
To achieve this, brokers need to know everything about your current financial position, and by not giving them all the information , it is like going to a Doctor and asking them to treat you without knowing any of your medical history, your allergies or your existing medication. All the information you give them sets the scene and ensures they have a clear understanding of who you are and what your needs and objectives are.
At your first meeting, be sure to provide all personal or financial documentation that will provide insight into your current financial position, as this will ensure the meeting is as productive and accurate as possible. This is the meeting where you and your broker get to know more about each other. So you need to tell them what you are trying to achieve and they will explain to you what they can do for you to help get you there.
Yes, they will ask you some personal questions but it all sets the picture and helps the broker to understand all the pieces to your financial puzzle. By leaving something out, you run the risk of not giving them the whole picture and in turn the advice they give you may not be suitable or appropriate to you and your situation, which would be devastating for everyone.
What to bring to the first meeting?
We provide a list to our clients of documentation that we will require, but it is easiest to think of your finances in 4 distinct categories:
Income (what do you earn?): What sources do you receive money and income from? Bring evidence (like income statements and payslips/employment contract) showing the amounts you receive. Bring your latest tax return too, as this will contain valuable information for your broker. If you are self employed, then business/company financials will be required too.
Expenses (what do you spend?): Ideally you will have some sort of basic budget planner filled in, which you can bring along to your meeting, showing all your bills, financial commitments and household/personal outgoings. If you don’t already have a rough budget, it is a very worthwhile exercise to do and will ensure you don’t miss any of your expenses. A simple budget planner can be downloaded from the Australian Government’s ‘MoneySmart’ website.
Assets (what you own?): What are the possessions you own and what are their current values? This might include things like properties, furniture, vehicles, savings accounts, shares and other investment portfolios. The big item that everyone forgets in this category is superannuation, so be sure to log into your my.gov portal and have a quick look at the overall value.
Liabilities (what you owe?): What do you currently owe? This category includes all car loans, personal loans, mortgages, credit card balances/limits, student HECs and any other debt you have.
Leaning on a Mortgage Broker to assist with your loan application journey can not only alleviate the stress for you, but also allows you to leverage their knowledge, experience and wide range of lenders they work with, so that the process is quick and efficient for you. If there is anything we can do to assist you, please contact us.
*This information is general in nature and does not take into consideration your individual circumstances. Please contact us for further information.