Many Aussie customers form long term relationships with their Aussie Broker, and it’s good to know this partnership can cross borders and continue interstate.
With property market conditions varying around the country, it’s no surprise Sydney-based Aussie Mobile Broker – Scott Adams, is seeing a growing number of his customers looking to invest interstate.
“Plenty of my customers don’t have the buying budget to invest in Sydney, but they can afford to buy a rental property in other states. Conversely, I also have customers who live interstate but plan to relocate to Sydney.”
According to Scott, the good news is that distance isn’t a problem when it comes to benefitting from the expertise of an Aussie Broker.
“If you’re moving interstate for instance, you certainly don’t need to jump on a plane to try and find a broker in the area you plan to buy in,” notes Scott. “An Aussie Broker can help find the right loan for you no matter where you live or plan to buy.”
Scott adds, “Working with customers in different states is an especially rewarding part of my job. It’s a great feeling because you’re helping people achieve a deeply personal goal.”
A “happy to help” culture
Scott says that for his interstate customers, much of the loan application process can be completed remotely, via email or Skype. At some stage an Aussie Broker will need to identify you in person, though again, that’s not a problem.
He explains, “At Aussie we have a “happy to help out” culture, so if you’re working with an Aussie Broker in, say, Sydney, and you live in Queensland, a quick visit to an Aussie Broker nearest your location will sort out the ID verification that is required. You or your broker don’t necessarily need to jump on a plane.”
Information to assess unfamiliar markets
Buying into a market outside your own can mean accessing more affordable property different rental yields or improved prospects for capital growth, nonetheless as Scott points out, “It also means buying in an area that isn’t as familiar as your home turf.”
It’s an aspect where your Aussie Broker can provide valuable insights. Scott adds, “We can give buyers access to useful market data such as median sales figures to help with the purchase decision.”
Floating ideas
The latest market insights aren’t the only advantage of partnering with an Aussie Broker. Scott says, “Quite a few of my customers have opted to move interstate and understandably in this situation people often face plenty of uncertainties like “can I get a loan for a new place before I get a job?” or “should I sell my home first or buy interstate first?”.
“As an Aussie Broker part of my role is to float different scenarios with my customers,” says Scott. “Some relocators choose to “rent-vest” – holding onto their existing home as an investment property and renting interstate until they are established and can buy a new home.”
Other customers have existing investment properties interstate that they intend to move into. Under this scenario, Scott says it is worth speaking with an Aussie Broker about switching your loan from an investment loan to an owner-occupied loan to make sure you are not paying a higher rate of interest than you need to.
Meet with your Aussie Broker at an early stage
“The main thing is to speak with your Aussie Broker before making a purchase decision,” says Scott. “In particular, your borrowing power may change if you move interstate without having a job lined up.”
It’s not such an issue if you can organise a work transfer with your current employer, or work remotely. However, Scott points out that lenders want to be sure you can comfortably manage the loan repayments, and if you relocate before finding a job, it can be difficult proving your income is sufficient to handle a home loan.
“Under this circumstance, it may be better to rent before you buy – at least until you’re a bit more settled with a permanent job and able to provide proof of income,” says Scott. “Or alternatively, you could buy a place as an investment before you move – there’s always the option to convert an investment loan into a home loan further down the track.”
Location is no barrier for access to lenders
On the plus side, Scott is quick to point out, “Most lenders on Aussie’s panel lend to every state, so a home buyer or investor can still have access to a wide choice of loans and lenders no matter where you choose to buy.”
One area where Scott recommends using a local expert is conveyancing. “There are differences in conveyancing laws between states and territories, and tapping into local knowledge can be a plus.” Your Aussie Broker can be a good source of referrals to help you find a qualified local conveyancer.
If you’re planning to buy or move interstate, speak with your Aussie Broker to understand the range of options available. And bear in mind, your Aussie Broker doesn’t need to operate in the same state you’re buying in to be able to lend a hand.
