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Do I really need a mortgage broker?

I’m sure we’ve all heard the expression “can’t see the wood for the trees”.  Well that saying cannot be truer when it comes to the Home Loan market.   Whilst we have a plethora of technology at our finger prints that we think makes our life easier - does it really?

Unless you have weeks of spare time and a brain that can store hundreds of home loans, plus their fees and conditions, and then match them to your situation, log off and set up a time to see a Mortgage Broker.

Here are some key reasons why a Mortgage Broker is as valuable as ever:
  1. It makes financial sense. For the vast majority of home loans, your Mortgage Broker’s service is free. Lenders pay Mortgage Brokers a fee when they introduce your business to them.
  2. Mortgage brokers work for you, not the lender.  Being independent a Mortgage Broker will put your financial needs first and look for the loan that best suits your circumstances and borrowing capacity.
  3. Spoiled for choice. A Mortgage Broker has access to hundreds of loans from a long list of lenders – far more than you will encounter if you choose to go it alone. Mortgage Brokers also have access to more boutique and wholesale lenders who don’t traditionally advertise to mum-and-dad property buyers, have some fantastic products and are eager for a slice of the mortgage market.
  4. Save your legs. Mortgage brokers will do the loan application leg work for you, not only making life easier but giving you a better chance of swift approval because your Mortgage Broker knows what’s required from the lender.
  5. Their experience is invaluable. Honeymoon offers, exit fees and fixed rates are just some of the terms that can confuse and confound. Your Mortgage Broker will take a long-term view and navigate through all the lenders’ fees, terms and conditions to make sure you’re not paying more than you should over the full life of your loan.
  6. Switching is simple. If switching lenders, either because you’re refinancing mid-loan or have bought and sold, your Mortgage Broker will manage the inquiries and all the paperwork. If buying a property, they will also often deal with your conveyancer or solicitor to keep things moving along.
  7. Get a health check on your existing home loan. At any time you request, a mortgage broker can scan the lending environment to make sure you’re still getting the best deal. And if your circumstances change, your mortgage broker can deal with your existing lender or find a new loan to meet your needs.
If you would would like to find a mortgage broker to assist in your journey we recommend North West Finance (Australian Credit Licence No. 370698).

Contact Ian Poulter 0448 874 230.