Home Loans

Home Loans

Purchasing a family home is probably the biggest monetary decision most people will ever make. The experience can be daunting because there is more at stake than just a straight out property purchase. There is an array of decisions to

Investment loans interest rates

Investment Loans

Looking for an Investment loan. If you are looking to finance for investment purposes you will need a broker that will sit and listen to your needs. That person must be invested in your well being and not the well

New business loan

Commercial & Business loans

Commercial Property Loans: Commercial loans are different to residential loans. They are secured against anything that is considered as a commercial property such as offices, ware houses, factory units, retail outlets, anything that has a direct link to businesses and

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Why chose a Mortgage Broker

For some people, buying a home can be quite stressful. There are a lot of factors to consider and applying for a mortgage is a major part of the procedure.

It doesn’t matter if you are purchasing your first home, upgrading to a bigger home or purchasing an investment property, it is a good idea that you talk to an experienced mortgage broker to help you along the way.

A good broker will sit with you at a convenient location and discuss your needs. They will, where possible offer various options of loan types and lenders. Broker’s will make the journey a lot smoother than organising your own finance and definitely better than going direct to the banks themselves.

Assessing your needs:
To source out the loan that will help you with your purchase, the person helping you with the credit decision should be doing a fact find to find out all about your requirements. There can be many factors to consider when discussing what loan is going to suit you. What your goals are, your income, lifestyle and other aspects that will need to be taken into consideration. Not all loan types or lenders suit everyone, all customers are very different and it is important that the broker sits down with you to find out all about you and what your current and future goals are. With this clear, the Credit Advisor can then talk about the different options available.

Loan Comparison:
The strength of using a broker is they can offer choice of different lenders and loan products. With the information of what their customers needs and future goals are, they match loan options to meet that needs. They have access to numerous lenders so the options are not based on a small selection.

Sometimes the customers situation is not about offering several options but sourcing out a solution. Their current lender cannot help due to bad credit loans in the past, lack of deposit or even short term self employed, there are times when the consumer needs, require in depth investigation to find that one solution.

The loan process:
The loan process is not just about filling in a form or application, the process is more involved than that. There are many areas where the credit specialist assist the consumer in getting a loan, communicating with the lenders, settlement agents, builders, valuers and even with the government departments for the First Home Owners grant to ensure the entire loan process is smooth and without issues. Generally they will have contacts with different specialist that the customer might need in connection to the loan. Once the loan is approved they will go over the loan documents to ensure that the product and the rate is what the client chose and that there is not mistakes in the documents, the documents are legal documents and once signed and submitted it is a legal contract. A good broker is like a conductor of an orchestra, making all the steps fit together together.

Ongoing Service:
After a loan has been completed a broker will stay in contact with their client. Most loans should be reviewed at least 12 to 24 months. Brokers will conduct a product review to ensure that the rate and the product still suit their needs. What was the very best loan and product for the client can easily become obsolete or the rate has not moved in sync with the competition. By doing a product review the broker can compare the market offering to the current lender. Most cases the broker will approach the current lender for a reduction in rate or change of product like swapping from variable to fixed depending on what the client has indicated as a preference. This is after a fact find has been done on the customers new situation. If the current lender does not offer to the customer liking then the option of moving lender is available. Of course cost of moving, new valuations and convenience of banking arrangements are taken into consideration before this is carried out, moving lenders is not always an option. If the client is in a long term fixed rate then this review will probably take place closer to the expiry of the rate. Moving lenders while the rate is fixed is in almost every situation not recommended because it is likely there will be a penalty for breaking a fixed rate. The broker’s role is not finished once the loan has settled, they are there to help the client by providing the ongoing advice about their loan.

In Summary:
By utilizing the skills and experience of a broker, the client doesn’t have to do the groundwork. The process becomes easier and the result is suited to consumer and not the lender. The broker knows what is available for that persons set of circumstances and match them. They manage all the steps from taking application to getting approval, they communicate with all the stakeholders and ensure the settlement is as smooth as possible. The service is not a set and forget, good brokers will offer a periodical review of health check on the clients loan. The service is ongoing.