A mortgage broker is an intermediary between a home buyer and a mortgage lender. They will assess your finances, gather necessary documentations, find appropriate mortgage products, apply for pre-approvals, complete the application, and advise you on the most suitable mortgage product for you.
Get the most out of their experiences
Mortgage brokers are knowledgeable professionals who work full time in the industry and alongside other Australian, families, and individuals with a variety of circumstances on daily basis. They will explain technical terms, small prints and answer all your questions.
Access to a wide variety of products from many lenders
Mortgage brokers are not limited to a specific product or lender. The advantage is that they are able to access a number of home loan products from a variety of lenders, whereas a bank can only offer you its own home loan products. You are limiting your scope if you are dealing with a bank directly.
Deal with the lenders to get competitive rate on your behalf
The majority of the brokers do not charge for their service and they are paid a commission by the lenders. However, this doesn’t mean that the interest rates offered by the brokers are higher than those offered directly by the lenders. It is the other way around in fact; brokers can normally negotiate a lower rate on your behalf with the lenders.
Obtain specialised loan advice
Most banks have standard service to handle complex or special loan requirements, but there are mortgage brokers specialising a particular type of loans such as
- Construction loans
- Commercial loans
- Bad credit loans
- Non-resident loans
- Short term employment situation
- Self-managed super fund loan
- Asset finance or equipment loan
Acquire that extra services
Mortgage brokers understand the various lenders’ policies and their mortgage insurer’s requirements. They would also complete due diligence to determine if you qualify before the loan application is submitted. They will answer all your questions even after the settlement, and ensure the healthiness of your mortgage.
Make your entire home buying journey seamless
Mortgage brokers are not only helping you to get the mortgage approved, but also assist you with the whole home buying journey. They keep you updated on all the key milestones of your application until settlement; they also liaise with all the stakeholders including conveyance, real estate agent, accountant and etc to make the entire home buying journey seamless.