When looking at getting a home loan, most people head straight to their bank and this could be a costly mistake! Right now in Australia, there are over 3500 different loan products available for purchasing a house. And on top of that, each different lender has different niches available that make them a better fit for one lender over another. When a person just goes straight to "their" bank to organise a home loan, they are potentially missing out on a product that has better features to fit their needs, cheaper rates and perhaps more flexibility.
Beyond the sheer number of options for lending products then you also have a lot of interest rates, terms, conditions, establishment fees and application criteria to sort through. Then there's fixed rate versus variable rate, interest only versus principal plus interest. This is where knowing and understanding the benefits a broker can provide will ensure that you not only get the best product for you, you will save time and effort in finding and securing the best product too. Below are a few of the top (and most sensible) reasons to use a broker:
Using a mortgage broker offers you the freedom of choice. It is like sitting in front of 15+ banks with hundreds of loan products and all of them offering varying benefits and opportunities. This could also be the difference in finding lower rates, loans with lower fees, or specific loan features to help you pay off your loan faster and in turn, means paying less in the long run!
2. Insider Knowledge
Mortgage Brokers deal with multiple lenders every day and this means that they know what needs to be done to get your application approved by each lender and how to get it done smoothly with no delay. Brokers are keeping up to date with any changes – legislative and lender-orientated and act as your personal advocates with the lenders – so you can trust them to do everything that needs to be done to get you the loan you chose.
Brokers do the work for you. Following up the progress of your loan application is time-consuming and can be frustrating. When you use a broker they do all the paperwork and follow up the lender so you don't have to. They will then guide you through each stage of the process and ensure that the lender and you have everything needed at every stage. Ultimately when you use a Mortgage Broker you will save time and money with a faster approval and better chance of getting the right product for your needs. And best of all – Mortgage Brokers have no upfront fees or cost to the client.
If you are searching for a new home, an investment or maybe a second opinion on your current loan, call Schuh Group Finance today and let us get you approved!
To register for your free "Home Loan Health Check" please email one of the Schuh Finance team below or call David Schuh directly on 0400 224 615
Email the team today, have a new rate option tomorrow:
David Schuh: email@example.com
Jo Bennet: firstname.lastname@example.org
Dannii Herron: email@example.com