Navigating The Complexities of the Australian Property Market

Back in 2016, my wife, Kim, and I decided to put a deposit down on an off-the-plan apartment, due to be completed the following year. Fast forward to 2020, and we were still waiting for our home to be completed. It was a fierce introduction into navigating the complexities of the property market, where some things don’t go to plan, and the importance of having the right people in your corner.

During those years of waiting, delaying our plans, and having to rent a lot longer than we anticipated, it was incredibly stressful and really disempowering.

The property market ecosystem is not only huge, but also complex. With real estate agents, property developers, banks, solicitors, and we are supposed to learn very quickly how they all interact, not to mention all the complicated jargon. And if you’re buying this property to live in, you’ve also got the actual move into that new home, which is stressful enough on its own.

During the years we were waiting, I was working in another mortgage broking firm and was preparing to branch out on my own and start Mortgage Culture. Kim and I thought there must be a way to make this experience less daunting and more empowering for others.

We thought this culture needs to change. This industry needs a healthy culture of empowerment, especially for young people or those navigating it for the first time.

So, shortly before we settled on our apartment that was finally complete, Mortgage Culture was born with the mission to make every client feel heard, empowered, and important, regardless of their age, income, or any other circumstance.

With the new generation of property investors making their way in the market, as well as seasoned investors, Mortgage Culture is breaking away from the normal ‘look and feel’ of property and financial services.

But first, what does a mortgage broker actually do?

Instead of approaching your local bank and applying for a mortgage, you can contact a mortgage broker who will act on your behalf.

I have a range of clients who contact me with many different circumstances. For example, if someone contacts me because they are planning to buy a property, after getting to know them and their financial position, I sift through all the different options from many different banks and figure out who’s offering the lowest interest rate, or cash back offers or other incentives that might be beneficial. We then discuss the options togother and decide a plan.

From then, I handle all the paperwork, the admin and all the phone calls with the bank. I have no incentive to choose any specific bank, so I am a completely neutral advocate working in your best interest. My only incentive is to make the process as smooth and fast as possible for my clients, so that we can build a lasting relationship for the future of your property investment journey. Building healthy client relationships is the most important part of my work.

But how do you get paid? Do I pay you?

Nope! You don’t pay me a cent. I get paid a commission from the bank when your loan is settled. The amount I am paid is fairly consistent from bank to bank, with very marginal differences. I’m not tied to any specific banks, I’m a completely impartial, which ensures I’m working in your best interest. I do, however, have good relationships with the banks I work with more regularly, but I have no financial incentive to connect you with any particular bank.

What happens when the loan settles? Can you still help me afterwards?

Once your loan settles, my relationship with my clients don’t end – it’s just the beginning! I want to be able to help you as your loan progresses and be there down the road if you choose to refinance, buy your next property or anything in between.

I regularly contact my existing clients whose loans have settled, just to see if I can get them a rate discount, answer any questions they may have, and continue to see what might be able to be tweaked to make your mortgage work best for you.

Building an ongoing partnership with my clients is all part of the ‘culture’ aspect of Mortgage Culture. I want to be able to come alongside you and your family, empower you and help you build your wealth through property.

Mortgage Culture is redefining property finance by being more concerned with the health and wellbeing of it's clients, and to change the culture of the industry. My hope is that by the time my two-year-old son enters the property market, his generation of property investors will be more empowered, better equipped and able to inspire the following generation to do the same.

If you'd like to see how Mortgage Culture can help you, I'd be delighted to hear from you! Fill out the form below, or contact me at alex@mortgageculture.com.au and we can get started 🤩