When you need a home loan for your first home or your investment properties, there are a lot of options out there, you could save yourself thousands of dollars by shopping for various lenders your mortgage needs. But this is hard for most people to choose. Which bank? Which product? Or would other building societies and credit unions more suitable for your situation? Of course, you can go to each bank and deal directly with bankers and compare yourself. But the fact that mortgage brokers do more than half of all Australian mortgages.
So why do you actually need a mortgage broker?
A finance broker negotiates with banks, credit unions and other credit providers on your behalf to arrange loans. A mortgage broker is someone specializes in home loans. They will collect your information such as incomes, the habit of expense, debt situation, credit score info, etc. to work out the best for you.
- Brokers give you more choice
- In contrast with the bank loan officer, who can only offer their own products, a broker has a panel of lender and many products to choose from and they will only apply with a lender that more likely to approve your loan with the feature you want to have.
- You can avoid getting unnecessary credit enquiries listed on your credit file when you apply for home loans that you don’t qualify for.
- Brokers are credit experts
- In complex situations, bank staff sometimes take a long time to process your application but you end up get declined for no good reason. However, a mortgage broker can identify policy exceptions and even negotiate policy exceptions with the credit officer assessing your applications because of the strong relationships they have with the lender.
- Mortgage brokers are able to work with each individual client, evaluate their specific needs and find a lender that suits them personally. On top of that, mortgage brokers are also able to discuss a lower interest rate from lenders in trade for bringing in business.
- It ‘s easier and faster
- Communicating with a credit officer to provide further evidence they may need to assess your application
- Liaising with valuers, solicitors, and even the real estate agent in case you buy an investment property or at auction, to ensure a smooth application process.
- Broker to be your one point of contact across the entire process and staying contact at each stage of the process so you know what is going on.
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