By staying up to date with lending criteria and products, a mortgage broker can make sure you get a loan that fits both your financial situation and your long-term goals, they can provide the answers you need and help you get the right mortgage products. In fact, half of all Australian mortgages are now arranged through a broker.
Variety of loans
Mortgage 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 broker can source your ideal mortgage option from banks, credit unions, non-traditional lenders and more.
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.
All in one
Shopping at several banks can be frustrating, inefficient and extremely time-consuming. Your mortgage broker can show you product offerings from a large panel of lenders with just one visit.
Protect you credit rating
Rate-shopping on your own can actually be hazardous to your credit rating. Every time a lender checks your credit, 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.
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 mortgage broker doesn’t charge
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.