A Mortgage Broker is the middle-person between you and the bank (or lending institution). They negotiate the home loan on your behalf and help you qualify for a mortgage, whether it be for a home purchase, refinance or construction loan.
They do the legwork researching current products on the market, and support you through the home loan process.
Best of all we work for you and get paid by the lenders – this means no out-of-pocket costs to you.
Assesses your financial circumstances.
A Mortgage Broker starts with understanding your goals and objectives for acquiring the loan. Your financial information is collected and assessed to determine your borrowing capacity with each lender. A Mortgage Broker provides you with product comparisons and informs you of loan repayments and any other fees.
Finds a suitable loan for your situation.
Do you require a fixed rate, or variable, or a mixture? Are you refinancing or buying? Do you require an offset account? These are some questions a Mortgage Broker will ask you, which helps narrow down your loan product choices. It’s about setting the loan up correctly to start with and providing you enough information to make a final informed choice of product.
Provide advice at every step.
A Mortgage Broker holds a Diploma in Finance (Mortgage Brokering). This allows them to offer advice on mortgage products, lenders, buying, refinancing and various loan types & features. Mortgage Brokers can liaise with your accountant or financial adviser when setting up loan structures, to maximise tax benefits or to cater for future property re-purposing e.g. family home is switched to an investment property.
The benefits of using a mortgage broker.
If you shop around and apply with multiple lenders you may be rejected for a loan. Every lender’s policies, and borrowing capacity assessment is different! Imagine how busy your Credit Report will be if you have had multiple lenders making ‘enquiries’. This could potentially work against you.
When using a Mortgage Broker, we’re able to research products first and make enquiries on your behalf. This process provides you a better chance of being approved.