Why do more and more Australians turn to a mortgage broker to help with their home loan borrowing options, there are many reasons and with so many lenders and literally thousands of mortgage products to choose from, finding the right one can be time-consuming, difficult and frustrating.
Finance brokers also called credit advisers are the only people who can sift through all the different lenders and home loan offerings to give you the answers and help you get the right mortgage products. In fact, more than half of all Australian mortgages are now arranged through a broker.
Mortgage brokers are specialists providing expert advice and guidance on mortgage products, interest rates and current housing market conditions. Their knowledge is derived from selling only mortgage and mortgage related products.
Brokers have access to a large network of lenders and as a result their clients have the best choice of rates and products. With a large network of major lenders to choose from, your mortgage broker can source your ideal mortgage option from banks, credit unions, non-traditional lenders and more.
Protect your credit rating
Rate-shopping on your own can actually be hazardous to your credit rating. Every time a lender checks your credit file, an entry is recorded on your credit file. Too many enquiries and your credit rating can weaken, possibly affecting the rate and terms of your mortgage.
All lenders one place
Shopping at several banks can be frustrating, inefficient and extremely time-consuming. Your broker can show you product offerings from a large panel of lenders with just one visit.
Mortgage brokers are able to work one-on-one with each individual client, evaluate their specific needs and find a lender that suits them personally. You will ultimately receive a mortgage plan that is customized for you and meets your unique requirements.
A free mortgage broker service
The services of a mortgage broker are at no cost to you. In general, the lender pays a commission to your broker for the services and solution provided and this is always disclosed to you.