6 Benefits of Using a Mortgage Broker

A mortgage broker is the middleman between the borrower (yourself) and the lender (banks), who can get you the right home loan or finance to suit your personal circumstances. They will do all the legwork for you by researching products on the market from the hundreds available and hand-hold you through the process from application to settlement.

1. Flexible appointment times

Mortgage brokers are more flexible with their hours and sometimes willing to do after hours or weekends, meeting at a time and place that is convenient for you.

Whether you’re a full-time worker or have family commitments, the flexibility can be hugely beneficial to you.

2. Expert Advice and Experience

Your broker should be able to thoroughly explain the various subtleties of the different lenders and loan options, which can make a big difference to your bottom line, so you don’t lose thousands of dollars in interest savings.

Outlining the pros and cons of different options can be very valuable in ensuring you have the right finance option that suits your property investing strategy, long term goals or owner occupier needs.

3. All the legwork is covered

We understand that most borrowers are time poor when it comes to finding the right home loan for themselves. This is because there are 30+ lenders in the market which means they need to spend time comparing more than 1,000 different home loan products. With constant policy changes and subtle nuances across the lending spectrum, experienced mortgage brokers will take the guesswork out of the equation to find the right home loan that fits into your goals and objectives.

This includes putting together your loan application, requesting supporting documents, pricing request to sharpen up your rate, sourcing pre-approval and assisting to apply for government grants or incentives.

4. Quick and easy loan comparisons

Mortgage brokers have access to a range of loans from a lot of lenders, from the big four Australian banks to foreign and international banks with local operations, as well as small regional banks, lenders and credit unions, which gives them a bigger scope to find the best loan suitable to you.

In using cutting edge software, a mortgage broker will be able to provide you with different loan options across the 30+ lenders in minutes saving you time and hassle of speaking to individual lenders.

Try our ‘Buy a New Home’, ‘Invest’ or ‘Refinance’ calculator to see what lenders are currently offering.

5. Pre-qualification

Every time you apply for a home loan directly to the lender and are unsuccessful for various reasons, this leaves a mark on your credit history. This is where mortgage brokers can help by reviewing the lender’s policy to see if your personal and financial situation fit the bill before formally applying to the lender.

The process typically involves using the lender’s servicing calculator and speaking to the credit team to confirm if the lender’s home loan is suitable. As the mortgage broker commences their process for you, it will increase your chances of approval and provide you with loan options that are relevant to you. This gives you greater clarity of what your borrowing power really is, and which lenders are the most likely to lend to you.

6. Cost effective mortgage advice for you

Most brokers (not all) are paid by the lender and not the borrower. This is especially true for residential lending so the borrower will have access to independent mortgage advice without any upfront cost to borrowers.