How to choose the right mortgage broker, with Nick Koutsos – Ep. 58

Episode Summary

For the latest episode of this bonus series of the property investing journey, Mike is joined by Managing Director of BestLend, Nick Koutsos, to talk about the value of a good mortgage broker and how to select the right one for your investment strategy and goals.

Growing a solid investment portfolio has it’s challenges, especially in the current market, and one thing that is critically important is ensuring that you have the best broker for your needs. In this episode, Nick explains what you need to be looking for and why it’s so important to get it right the first time when you’re dealing with banks and credit.

Mike and Nick provide great advice in another highly practical conversation. They talk about the reality of kickbacks and incentives in the mortgage market, and why it’s important to understand how they work. They cover off the role of Business Development Managers (BDMs) for the banks, and how they interact with brokers, and importantly they look at credit ratings and how an inexperienced broker can adversely impact your credit standing if they don’t do their due diligence before applying for a loan.

From mortgage strategy and serviceability and growing a big portfolio, to the risks of cross-collaterisation, Nick shares valuable insights into selecting the best mortgage broker for your portfolio. Whether you have one property under your belt, or have a portfolio in the double digits, this podcast is one you won’t want to miss.

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What we cover in this episode

Quotes

“It’s critical that your mortgage broker has those strong, strong relationships with those BDM’s so they can workshop your particular proposal to that lender to ensure that it will fit that lender and it will go through smoothly” Nick 5:40

“A lot of banks policy is a little bit grey and that’s intentional because if it’s black and white it’s over. Who’s gonna get through? It needs to be flexible” Nick 7:57

“You should have at least access to the 30 or 40 lenders and constantly using different lenders because lenders constantly change in terms of policy, in terms of pricing” Nick 13:02

“You really want to find that niche broker who has an understanding and knows how to gear the lending so that the client can continue to grow their property portfolio” Nick 16:48