Blog

"Mortgage Broker"

A term many of you have heard, but what is it we do?

Brokers are primarily there to make your life easier when it comes to choosing the right home loan from a broad range of lenders. Our job is to compare all of them and find the best loan to suit you.

How and why? 

We have access to a broad range of home loans to choose from and that variety makes it easy for us to find the one that suits. Banks only sell their products, so going to one bank for a home loan is like shopping in the one street for your dream home. Crazy when you think about it that way, right?

A mortgage broker can:

Analyse your financial situation 

Find a suitable loan to suit that situation 

Manage the application process from start to finish and,

Provide ongoing service

Brokers are required by law to adhere to strict lending obligations and act in an ethical and professional manner. These obligations require a mortgage broker to make reasonable inquiries about your financial situation and assess whether the home loan product is unsuitable.

To make the process easier, you will need to be completely honest about your situation and provide documents to support your financial position. Your broker will advise you of what you need for your particular circumstance; this can include things like, identification, payslips, bank statements, etc.

Once we understand your financial situation and goals, we will get to work comparing the lenders we have access to and then will present the various loan products available. We will also provide you with product comparisons which include details like repayments, rates, fees & charges.

Finding a suitable loan 

After discussing and assessing your financial situation, we will search our large database of lenders. Our lenders and products are continually updated, so we are aware of the latest deals and rates. The software we use makes this process a lot quicker than going to each lender individually. We will then recommend a product that suits your needs.

Quick Tip: It is not uncommon that we know about some exclusive loan products which are not advertised from time to time too. 

Managing the process

Once you decide to proceed, we will help you to complete the necessary paperwork and communicate with your lender on your behalf. This process includes the completion and submission of your home loan application and the on-going communication between all parties that are involved until the loan is approved and complete. 

Growing Together

A good mortgage broker will help you from the first enquiry right through to settlement, but a great mortgage broker will continue the service after that. Great brokers will also give you a health-check from time to time.

After these checks, a mortgage broker may be able to help reduce your repayments by finding better deals, invest in a new property or consolidate debt to name a few purposes. We can also assist with your refinancing needs should your objectives or financial circumstances change. 

If you are looking for a home loan, a mortgage broker should be your first point of contact, every time!