EP 075: Mortgage Broker Q&A with Aaron Whybrow

I spoke to my buyer’s agent a few weeks back.

Keen to get an understanding of what’s happening in real estate.

 – Are prices actually dropping?

 – Are interest rate rises slowing the number of transactions?

 – Are investors getting nervous and waiting for rates to stabilize?

Here is what I found out.

They are not seeing a shortage of investors or owner-occupiers wanting to buy.

In the locations they are buying, there is still competition, and they are having to compete with other bidders.

They are currently not seeing any massive discounts or price drops.

Turns out it’s not the bargain season I was hoping for.

A part of me was hoping to hear it’s the best time ever to be a buyer as everyone is scared…

I do enjoy being a contrarian in the market and buying when others are not.

He then went on to reveal

The real struggle is finance!

Many people are committing to purchasing a property “subject to finance”
(which is a wise clause to put in when buying a property)

 He has witnessed several people get to that point and then have to pull out either because the banks won’t lend to them…

Or, the terms of the lending are horrible.

Such as getting hit with higher-than-expected rates and deposit requirements.

This is a sign of rate rises having an impact on things.

I went to my broker to confirm if he is also experiencing it.

I always like to confirm someone’s opinion with another source just in case it is isolated.

I also wanted to see what my own borrowing power is currently.

I expected to see a heavily reduced borrowing power due to all the year’s rate rises.

To my surprise, my borrowing power had not been reduced that much.


What made me nearly fall off my chair.
Getting quoted interest rates at 7% + 🤯

Not that long ago, I was getting quotes at 3%

While this experience has not changed my strategy, it has made me put more focus on how and when I’m using leverage.

A good asset poorly financed has taken many down before me.

Not something I want to experience myself.

If you haven’t done it in a while, I highly recommend connecting with your broker and getting your own borrowing power checked.

Even if you have no intention to borrow money, it’s nice to know what options you have.

Anyhow, a bit of an insight into what I’m experiencing first-hand atm.
I’ll press on!

On this week’s podcast, I have brought on Aaron Whybrow to do a mortgage broker QNA.

Being able to understand and access lending plays such a critical role in how the economy works.

Lending is one of the biggest drivers of the business and investing world.

All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.

Episode Highlights:

00:00 Welcome to Business and Investing
04:48 What’s the difference between the Big 4, 2nd tier, and 3rd tier lenders?
10:48 Is there more risk in getting loans from 2nd tier or 3rd tier lenders? 
16:15 Private funding vs. 2nd tier lenders 
20:01 Is it common to take a loan to get a deal done and refinance it later?
23:24 Understanding approaches that different mortgage brokers make 
29:44 How often do people refinance and Aaron’s suggestions 
34:24 Aaron’s tips on refinancing 
38:02 Is it risky to have multiple mortgages with one bank?

If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!


About the Guest: 

Aaron Whybrow is the founder of Diagnostics and Finance, a Financial Broking and Personal Risk Insurance Business.

Diagnostics & Finance (ARW Financial Services Pty Ltd) is a Credit Representative 425540 of Finsure Finance & Insurance ACL 384704.

He is known as the ‘bagpiping mortgage broker’, who prides himself on having no ‘flats’ in his career. He blends his experiences as a former intensive care unit nurse and medical sales rep to provide the best outcomes for his clients. 

To connect with Aaron and his team of mortgage professionals, head over to: https://businessandinvesting.com/partners/diagnostics-and-finance/

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