Are you a DIY borrower?

Everyone knows one, the obsessive ‘DIY’er. That one person who is so confident in their own ability that no-one, not even the experts can do a better job and do it cheaper. That one person who has to show off how good they are at everything.

Now don’t get me wrong there are some genius handymen out there that can fix anything, but the sad reality is, most of us don’t and usually make things worse and more expensive by trying.

Finding a home loan is no different.

Going directly to a bank for a home loan, makes you a DIY borrower. You only get information that is relevant for that bank, not what is relevant for you. A client of mine wanted to upgrade to a bigger home but didn’t want to sell the old one first. They spoke to many banks directly and were told by all of them it was not possible and they had to sell first, rent then buy the new house, if it was still for sale. This was avoided with a specialised bridging product from a smaller bank that allowed the client to buy first, move in and then sell the old saving the client considerable cost and inconvenience.

If this client decided to DIY the solution, they would still be in a rental waiting for their dream home to come on the market again.

Brain surgery should not be a DIY activity and nor should getting a home loan. Do it right, get help from the right people and your ego will thank you for it.

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