Statistics show that mortgage brokers are responsible for writing more than half of all the home loans approved in Australia. In short, being a mortgage broker means being part of a multi-billion-dollar industry.
It is also obvious why people rely on mortgage brokers to find the loans that fit them the best. Looking for lenders and working out which offer is the best can be confusing, not to mention time-consuming as well.
In short, it is much easier for you to just hire a mortgage broker to do all the hard work for you – and for a good reason. We’ll explain everything you need to know and also have another guide warning you on 4 crucial factors to consider when looking for a mortgage broker.
As mentioned above, a mortgage broker can be seen as a financial adviser that will help you find the best loan for your needs. However, the main question is still there – what do they do exactly and how they help you?
Well, one of their first jobs is to look into your financial affairs, figure out your creditworthiness, and then help you determine the exact type of loan that will fit you the best.
Then, they introduce you to the variety of home loans that they have available from the panel of lenders they act for. Keep in mind that mortgage brokers offer products from several financial institutions, but not always from all of the lenders on the market. At Highline lending we are supported by over 60 financial institutions!
Naturally, as they have access to so many resources, they will most certainly have the loan that you need available. On top of that, they will also discuss the goals and options that you have and will help you deal with the paperwork.
Obviously, you should use a mortgage broker when you think that you are not versed enough in matters regarding finance or mortgaging. For example, you may know how loans work – but you may not know how to pick one that will place you in a favorable position.
A denial from a lender doesn’t necessarily translate into a lost opportunity. Many individuals are under the impression that lenders follow the same stringent rules and policies. When they’re turned down, they often assume that they’re going to be denied by banks and other financial institutions as well.
While many lenders strictly follow mortgage lending and real estate guidelines, their policies do vary. This means that you can shop around to look for other lending options. Don’t have the time? No problem—a mortgage broker can do the job for you.
With the knowledge and expertise, your mortgage broker can match you up with a lender whose policies best suit your circumstances.
Every loan application gets registered on your active credit file. This means that every time you apply for a loan, it is recorded on your credit file. A build-up of inquiries on your credit file is a big no-no as they can have negative repercussions on your ability to get credit in the future.
Lenders do not want serial applicants, so it’s better to have your broker match you up with a suitable product the first time so that you can avoid this trap. Besides, your mortgage broker will set you up for a better chance of getting approval.
The services of a mortgage broker go beyond setting you up with the right lender. Apart from that, he or she can educate you on how to improve your chances for loan approval. As your mortgage broker has access to your financial information, he or she will provide you with feedback and recommendations on how to improve your credit score.
Apart from this, your mortgage broker is also an expert in low-doc loans. He or she can review all your paperwork to ensure the whole application process won’t be held up. A good mortgage broker will tell you exactly what paperwork you need and how to rise above any obstacles in the criteria set by the lender.
Choosing to seek the professional help of a mortgage broker instead of shopping around for a lender on your own can mean a world of difference in your financing experience. A mortgage broker has the knowledge, skills, and expertise in the real estate industry. They are familiar with the lenders and can identify the one that is most suitable for your loan application.
Working with a mortgage broker will not only give you all the chance in the world to get approval but make it possible for you to secure a loan with a much lower interest rate, lower monthly contractual payments, and bonus features. The better deal will potentially save you thousands of dollars over the course of your loan.
1. As mentioned above, if you have little to no knowledge in terms of the mortgage or finance industry, then a mortgage broker can very well be an invaluable resource for your endeavors in the property market. On top of that, they are also great if you have a hard time understanding your own financial affairs.
2. It is well known that a mortgage broker can find you a mortgage that’s way better for your individual affairs and situation than what you would have found.
3. Assessing home loans requires a lot of free time. If you don’t have enough time, you can rely on a mortgage broker to do the extensive research required – they will analyse the home loan products that are available and then consult with you.
They Teach You How to Buy – an experienced mortgage broker will guide you through the whole home buying process, including application, compiling the documents, liaising with your solicitor, and so on.
Their Services Are Usually Free – unless you borrow a small amount or have complex situations on your hands, most brokers are usually free. As they are paid by lenders to find them customers, they have no need to charge you.
They Have Experience You Can Benefit From – if you choose to handle your first home loan with a mortgage broker, then you will most certainly learn from their experience and actions. These brokers know how to get your application approved, so it goes without saying that you will learn a thing or two, for future loans.
They Can Make the Application Process Faster – given that mortgage brokers have good relationships with the lenders they work for, they can actually speed up your application, making it two to three days faster than usual.
They Specialise in Different Types of Loans – there are also specialist mortgage brokers, who are able to handle special or complex requirements without any issue. For example, there are brokers that specialise in construction loans, property investing, and even commercial properties.
Now you see that a mortgage broker can be a good addition to the team responsible for getting you your home loan and, ultimately, your home. As mentioned above, depending on your knowledge and experience, they can prove to be invaluable to this whole experience.
However, you must remember that you have to carefully question and choose mortgage brokers. After all, you don’t want one that works with only three to four lenders and comes at you with little to no home loan products.
On the other hand, if you need help finding the best home loan available, then you can contact us. Our team of experts will guide you through the entire process of finding a loan – making sure that you get what fits your needs the best. We work with over 60 lenders and set a standard in the finance industry making sure you a provided with a world class level of service and get your finances approved with the most suitable bank.
If you’re looking for a mortgage broker in Sydney, get in touch with us today to see how we can help! We are always ready to provide you with our assistance!
Get in touch with us because we are always ready to provide you with our assistance! Contact us on on 02 8530 1107 or submit your scenario online.
Whether you’re a first home buyer looking at entering the market or an existing home owner looking at ways to save money on your home loan, we have you covered. We’ve put hundreds of hours of research into these guides to ensure you end up ahead, and it’s completely on the house.
The odds are that you’ve stumbled across the term lender’s mortgage insurance and you’re wondering what it stands for. Well, you’ve come to the right place. This article will clarify this term, so that you can understand what it is, the concept behind it and the approximate costs. Let’s get started!
The odds are that you’ve stumbled across the term lender’s mortgage insurance and you’re wondering what it stands for. Well, you’ve come to the right place. This article will clarify this term, so that you can understand what it is, the concept behind it and the approximate costs. Let’s get started!
In most cases, people will have to take a mortgage to secure a home loan for the house of their dreams. In fact, if house pricing will increase in the near future, most people that wish to buy a home will have little options in terms of proper financing.
When applying for a mortgage, we are often introduced to a lot of options that are currently available on the market. On top of that, we are also told about offset accounts and why they are such a major feature of the home loan that we are about to take.
Buying a home or a property may imply a deposit. You may come across home loans that require no deposit at all, but their approval criteria are known to be tough.
Therefore, you are left with only one thing to do – namely, to save a deposit so that you will be able to purchase a home or a property.
When you decide to purchase property in Australia – whether you are a foreigner or an Australian – you must be aware of the fact that there are a few aspects you should consider. After all, if purchasing property was an easy thing to do, we’d all do it and never look back.
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. We meet for a consultation, obtain your supporting documents and proceed to structure and package your application for approval knowing exactly what the banks want to see. We also monitor your home loan post approval ensuring you’re home loan suits you and your financial position
We get paid a commission from our lenders as a result of introducing your business to them. Subsequently, our service is at no cost to you. Our commission does not affect your interest rate whatsoever, if anything, we’re in a position to get you a lower interest rate than the general public due to our relationships with our banks
With our many years experience in the industry, we’ve been exposed to both easy and complex loan scenarios. Each loan we process gets presented to over sixty financial institutions, ensuring we have explored all options possible and are able to provide a solution
What you need to know before you purchase your first property and how to fast track it. We have designed this guide to get you up to date with everything you need to know about being a first home buyer. Whether you have a short term goal of purchasing your first property or are thinking about it sometime later down the track, this guide will cover important essential aspects of this exciting journey.
What the banks won’t tell you and how to save serious money on your home loan. By Investing 10 minutes of your time to read through our guide, not only will you learn the tips and tricks the banks won’t always tell you to assist you with paying off your home loan sooner, but also gain an insight into some techniques that will allow you to minimise the interest you pay to the bank.
The best way to take control of your finances is to use a budget planner. This is a simple tool that helps you understand the money going in and out of your household. With our Highline Lending Budget Planner, we’ve got you covered. This handy tool allows you to log and track your goals, track your savings, track your debt and expenses and keep a monthly record for an end of year evaluation.
