When you’re looking for a home loan, you could go to a mortgage broker or to a lender. While a lender will only offer you its own products, a mortgage broker is an industry expert who will take the guesswork out of finding the mortgage product that suits you and your needs. Interestingly, according to the Mortgage Professional Australia (MPA)’s recent “Consumers on Brokers” survey, 48% consumers who didn’t use a broker thought they could get a better deal from a lender. The recent ASIC review however, showed that there was no difference between the interest rates paid by broker customers to those customers who went directly to the lender.
So, what is it that a mortgage broker can do, that a lender won’t?
The leg-work
Mortgage brokers already know the industry, the lenders, their products and their requirements, saving you a lot of time and energy on research. They will also put the time into finding out about your particular credit situation and have a wealth of experience to draw on to help you simplify it.
Translate industry jargon
Mortgage brokers are able to make sense of what loan documents and lenders are saying – put it into lay-person’s language, so to speak.
Get you what you want
A mortgage broker will determine your borrowing needs and fiscal ability, and choose the only an appropriate product to suit your requirements.
Give you a broader choice
A mortgage broker can offer a large selection of loan products. While a bank can only offer you its own products, finance brokers can help you choose from a selection of loans provided by different lenders.
Help you compare apples, oranges and the whole fruit basket
Mortgage brokers have the knowledge and tools to compare often hundreds of products and you get a loan suitable for your circumstances and needs.
Find you a good deal
Loan providers are often promoting a special deal or two, and these could make a big difference to your repayments or success rate. A mortgage broker will know which of the deals on the market at the moment will be appropriate for you.
Act as your advocate
A good mortgage broker wants the best for you, the client. They will be your cheer squad, middle-man, team player and coach throughout the process.
They’re in it for the long haul
A mortgage broker won’t just love you and leave you – they will oversee and manage the loan’s progression right through to the end on your behalf. By the way, ‘the end’ isn’t when you sign the documents and buy your property; you can expect your mortgage broker to keep track of you and your changing needs, helping you should you need to switch products or wish to purchase another property.
The key is to choose a mortgage broker who is MFAA-accredited. The Mortgage & Finance Association of Australia (MFAA) is the peak national body representing professional mortgage brokers across Australia, and all members must adhere to professional development standards and a stringent code of conduct.
Dana Boyd from Tundra Mortgage Brokers is a MFAA-accredited finance broker. Find out how she can help you, Start the Process Today!
Disclaimer:
This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product.
Licensing statement: Credit Representative Number 496186 is authorised under Australian Credit License Number 389328