Can a Mortgage Broker get you a better deal?
If you’re contemplating whether a Mortgage Broker can get you a better deal on your next home loan, it’s worth considering why Mortgage Brokers now write more than 53% per cent of all residential home loans in Australia today.
Here are just a few of the reasons:
Brokers usually have access to a wide variety of lenders and loan products, suiting a variety of customer needs and situations.
They are experts in the home loan application process that many average applicants are unfamiliar with.
The staggering choice of loan products on the market can be overwhelming for consumers to consider, and brokers can help you navigate these.
They will manage the home loan application process, making it an easy experience for you.
The most important step you can take in pursuing a better home loan deal for your situation is by engaging the services of your trusted Mortgage Broker, they are qualified, and held to the highest standards in the industry, and have the knowledge and expertise to assist you to secure loans in a range of complicated scenarios.
To identify your preferred Mortgage Broker, it's a good idea to research specific brokers online, read reviews or testimonials, ask for recommendations and seek the feedback of friends and families on their experiences with particular businesses.
It's also good practice to ensure you make enquiries to verify how suited your needs are to the lenders your Mortgage Broker has access to, you should confirm your broker’s experience, qualifications and check whether you will incur fees for engaging your broker’s services. The vast majority of Mortgage Brokers do not charge consumers fees for their services.
Once you settle on your preferred Mortgage Broker, there can be opportunities to benefit from the relationship financially. Many consumers prefer a Mortgage Broker over a direct lender, such as a bank, because a lender will only offer their own loan products. This can become problematic and costly if products more closely matching your needs are offered by other lenders.
Your Mortgage Brokers industry connectedness means that they will have access to in-house information about lending processes, too. They know which lenders might negotiate or possibly provide rates below their advertised interest rates, and they can help simplify and compare the often-confusing features, fees, charges and conditions attached to home loans, to suit an individual’s needs and future objectives.
Overall, because of a Mortgage Broker’s ability to access competitive home loans to suit your circumstances and because of their skill in navigating and guiding you through the home loan application process, they can often offer you the best lending option – not only saving you money but time, energy, effort and stress.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.