Doug Owens from Victorian Property Finance has a client base that grows purely through referral. Why are his clients so happy to recommend him? Because he is always happy to go the extra mile to ensure the best possible outcome. Here, he shares his top tips on how investors can make the most out of their mortgages.
-I am very proud that I have a number of clients who have taken the time to nominate me for these awards. I’m proud to say most of my business is from word of mouth. With a mortgage broking history spanning 16 years and a further 10 years in banking before this, I have come across a number of clients who have used a broker and they could have just as easily gone direct to a bank, as they were simply offered a loan with no explanation of why this particular loan was offered.
-My business is 100% focused on the needs of the clients and achieving a great outcome. Sure, it’s easy to promote having a cheap rate, but once clients sit with me they understand there is much more involved. My first meeting with a client involves a thorough fact-find, which goes much deeper than how much you earn and what loans you have.
-I like to work with clients to find out what they are looking to achieve. Sometimes it’s a client who has just been to their accountant and been told they need to purchase an investment property because they are paying too much tax, while for others it may be taking the first step on the road to owning a first home. Each client has different reasons for seeking assistance, and a trusted mortgage adviser will take the time to understand their needs and goals and make sure they are educated on all the possible ways to finance their purchase.
-A good broker goes much deeper than just providing a loan. I have always told my clients that I am there to hold their hand through the whole process, and that if they have any questions or there is something they are not 100% sure of to contact me straight away. Having a relationship where clients are comfortable to contact me at any point is very important to me.
-Having purchased homes and investment properties myself, I am constantly amazed at the lack of assistance that is offered. I spend time with clients to explain every step of the process from the first step of seeking a pre-approval for their finance to showing them what a purchase contract looks like and ensuring they understand the various parts of the contract and what happens between there and the purchase settlement. I also like to make clients aware of things that are sometimes taken for granted, such as ensuring they have made provisions to connect their utilities.
-Education of my clients is key. I have access to 30 lenders and hundreds of loan products, so I need to be able to explain to a client in simple terms why one structure is more suited to their needs than another. Keeping it simple is also key to my service.
DOUG OWENS’ MORTGAGE TIPS FOR INVESTORS
-Seek a pre-approval before you make your property purchase. Whether a client has a default, a poor credit history or they were unaware of past bad conduct with a particular lender, it can impact on getting pre-approval for a new loan, so it is important for both peace of mind and setting purchase limits, especially when purchasing at an auction.
-There is no doubt that lenders have tightened their criteria for investment lending, so now more than ever, it’s important to deal with a broker with knowledge of lender policy. Clients won’t have an understanding of how lenders look at your current fi nancial position and how they calculate your capacity to service a new loan, which can make a signifi cant difference in your borrowing power.
-Involve your accountant. I always meet with my accountant to ensure I make the right decisions about property purchases. While I can ensure the correct lender is chosen with the most suitable loan structure, I can’t advise clients on whether they make a purchase in their own name or in a trust or company name. Professional assistance from an accountant is important so that your current and future fi nancial needs can be best taken care of.
“Doug is an outstanding individual who truly cares about his clients. He certainly exceeded our expectations when refinancing our commercial and home loans. He kept us informed throughout the entire process, fought for the best possible rates that suited our personal needs; and has stayed in touch on a regular basis ever since, ensuring our complete satisfaction with the products offered and continued portfolio success. His professionalism, diligence and commitment is second-to-none. I have recommended Doug to several people as I feel he is trustworthy, reliable, and certainly deserving of the award.”
– Sarah Holland
