Expert advice equals serious savings
Having a mortgage expert can be the key to getting your finances over the line and may save you thousands in interest and fees. When Nathan was offered the opportunity to purchase his mother's property in Tasmania at a favorable price – just $180,000 for a house worth $350,000 – he wanted to take the opportunity to consolidate other debts. Using the equity in his property, he applied to refinance to cover the obligations and the favorable purchase, expecting to have all the loose ends tied up relatively quickly. This was not the case. When Nathan was tired of waiting for the bank to sort out the valuation on the Tasmanian property and decide whether it would approve the loan, he visited a Mortgage and Finance Association of Australia (MFAA) approved finance broker. "He said it was taking forever, so he came to see me," says Nathan's finance broker. Based on the little information he had gleaned during his original application, where questions were raised about the loa...