The Female Investor. Kate Hill

act in your best interests when suggesting a loan and a loan structure for you. Generally, it doesn't cost you, the borrower, any money to consult with a mortgage broker and we believe the service they provide — and the headaches they can prevent — is often underrated.

      All banks and lenders pay the broker a commission for ‘selling' their products. Some brokers get paid a standard fee regardless of what loan they recommend. Other brokers get a higher fee for offering certain loans.

      Sometimes a broker will charge you a fee directly — instead of, or as well as, the lender's commission. If you're not sure whether you're getting a good deal, ask around or look online to see what other brokers charge, if anything.

      A good mortgage broker works with you to understand your needs and goals. They will:

       work out what you can afford to borrow

       find options to suit your situation

       talk to you about many different banks, lenders, and available loan products.

Conversely, if you go directly to the bank, that bank will only ever talk to you about their own loan products. Mortgage brokers are independent advisers, whereas the banks are not.

      Getting a good recommendation is super important. Always check their qualifications and whether they belong to their industry body or association.

       ACCOUNTANT

      A great accountant will do a lot more than simply prepare your tax returns at the end of the financial year. Most people don't ask them enough questions before they do anything.

      When you're buying investment properties, you'll need advice on:

       what ownership structures to buy your investment property in

       what marginal tax rate to apply to your cash‐flow calcs

       what you can and cannot claim a tax deduction on.

      You should talk to your accountant about tax planning, too— it's not just about the next six months, it's about the next five years and beyond. Are you about to get married? Are you about to go on maternity leave? Are you about to change jobs? The answers to all these questions will make a difference to your property ownership and the costs of holding the property.

      Get their advice and input before you start buying. Don't present them with a property that you've bought, hoping for a retrospective solution, because a seemingly simple mistake can be costly to fix.

Ideally, your accountant should also be a property investment specialist. Again, check their qualifications and whether they belong to their industry body or association, including the Property Investment Professionals of Australia (PIPA).

       FINANCIAL PLANNER/ADVISER

      A financial planner or adviser will help you plan your financial goals.

      They will:

       conduct a financial health check on you

       ask you about a million questions

       come up with a plan to make your goals a reality

       help you to understand what you need to put in place and what's involved in meeting your future goals

      They can:

       help with your household budgeting

       set up a savings strategy

       compile a comprehensive investment plan to ensure you're heading in the right direction

       advise you on what types of insurance will protect you and your family.

      They also have the capacity and licences to make investments for you, such as managed funds and superannuation advice.

      At some stage, it's always advisable to engage with an independent, fee‐for‐service financial planner who can look at your situation holistically and advise you about estate and retirement planning.

Again, make sure you check their qualifications and whether they belong to their industry body or association. We can't stress enough how important this is!

       BUYER'S AGENT

      A buyer's agent is a licensed professional who works for you, the buyer, and acts on your behalf to search, evaluate and negotiate a property purchase. They don't sell real estate. They are engaged independently and paid by the buyer to independently act on their behalf.

      The key difference between a selling agent and a buyer's agent is who they represent — by law, in Australia an agent cannot act for and accept a commission from both parties in the same property transaction. Some of the things that a buyer's agent can help with:

       search for a property for you

       evaluate and complete all the due diligence on the listings available for sale

       negotiate the property purchase price and terms

       oversee the contract of sale

       assist throughout the settlement process

       oversee and arrange due diligence such as building and pest inspections, and survey and engineering reports.

      By using an experienced buyer's agent, you can:

       gain an edge by having your own advocate who is representing your interests 100 per cent

       save time spent searching for and analysing property

       negotiate to obtain the best price and terms

       source the correct property in the right location with better prospects for capital growth and/or rental yield

       eliminate stress by having one representative looking after your needs, rather than dealing with several different selling agents.

      If you're buying an investment property, then ideally you need a buyer's agent who is also a qualified property investment adviser and who has a thorough understanding of your investment goals, who can calculate cash flows for you, and assess your risks and needs. This is a critical part of the process. Again, check their bona fides before working with them.

       QUALIFIED PROPERTY INVESTMENT ADVISER

      A qualified property investment adviser (QPIA) performs a different role from that of a buyer's agent. Ideally, you want both of these skill sets rolled into one person.

      Property is not an asset class recognised by the Australian Securities and Investments Commission, so, remarkably, the property investment industry remains unregulated in Australia. This means that anyone who feels like it can dish out property investment ‘advice' with pretty much zero qualifications or repercussions if that advice is, ahem, ‘dodgy'.

      This sorry state of affairs has meant that the property investment space in Australia is riddled with spruikers who sell inferior property in underwhelming locations, with their only motivation being to line their own pockets, rather than work in the best interests of the people they're selling to.

All is not lost, though — you can seek out professionals who have gone to the trouble of getting themselves qualified, because they care about the financial outcomes and the financial futures of their clients, not just selling you a property on their books.

      Go to the PIPA website and you'll find a growing list of QPIAs who have done just that. An ethical QPIA should take the time to:

       understand your situation

       conduct