Today I’m joined by John Hymet from Logical Choice Finance. We’re chatting to John today because finance has to be one of (if not the most!) important pieces of the development puzzle.

When we started our building and developing journey we went to two of the big four banks and laid out our financials but both banks refused to help. I thought this meant that we couldn’t play the game.

However, when a Real Estate agent heard of our situation, he pointed us in the direction of John. John helped us understand our position, the benefits of using other lenders and how to structure ourselves so that we look better to banks. That’s where our journey began and ten years later we’re still working together.

With a Diploma in Mortgage Lending, savvy Real Estate knowledge, property investment experience, and over 20 years of association with many major and securitised lending institutions, John’s role as a broker is to provide confidence and support in finding the right lending institution. This is the major benefit of a broker. They really help you understand the various financial scenarios different lending institutions offer, and which one works best for you.

There can be a fair amount of confusion when it comes to brokers - many people don’t understand exactly how they work, how they earn commissions, and what the benefits can be to using a broker over a bank.

In this conversation, John explains what it looks like to deal with a broker, clarifies how they are paid and explains the benefits of working with someone who doesn’t have allegiance to just one financial institution.

We discuss the current (and predicted) interest rate rises, offset accounts, why you should be considering a reassessment of your home loan and the benefit of changing your repayments from monthly to fortnightly.

We also touch on self-managed super funds and the importance of having a job in the early days of your development journey.

John helped us get into the game when we first started developing and, since then, he’s helped us get to the position we’re in. He’s straight talking and gives excellent advice about thinking outside the paradigm, not following the crowd and grabbing opportunities when you see them.

LINKS:

Website:    https://www.logicalchoicefinance.com.au/

Phone:        03 9497 5455

Email:        [email protected]

LinkedIn:    https://au.linkedin.com/in/john-hymet-796a5b13

 

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