Why Use A Mortgage Broker?
Let’s start with the most common preconception of mortgage broking – you don’t pay a mortgage broker, the banks do by way of commission or brokers fees.
This plays into everyone’s desire of paying as little as possible. The Perth property market is turning in the favour of the buyer, with many renters slamming the door on their landlords and moving to home ownership – cue the Perth mortgage brokers.
So let’s break it down; aside from costing you nothing, what else can a broker do for you?
1 – Get a better deal
Mortgage brokers are known for saving you on bank fees and capitalising on discounted interest rate periods and low interest rates, saving you thousands over the lifetime of a loan.
With a mortgage broker, Perth home buyers also end up getting the best rates possible. Lenders know that a good broker will bring them a stream of new clients, so they pass on better introductory interest rates and deals.
2 – Work around issues
If you’re struggling to get a loan then using a broker is your best chance of success. A broker organises mortgage finance for a living, thus knowing the ins and outs of receiving finance.
With a mortgage broker, you have the chance to get a yes from several different companies and to secure a monthly payment with an interest rate and features that work for you. If you go to the bank on your own, you’re going to get whatever they offer you and there is minimal leverage for the borrower. That often means you end up paying more than you would had you opted to work with the broker instead. In some cases, the rate they would quote the broker would be lower than what you would otherwise pay if you went with them directly. More importantly, the broker can help you to avoid many of the costs that are associated with closing the home loan.
3 – Personal connection
Taking the home ownership step, whether it’s a first home, new home or investment property, is a big event in everyone’s lives. A good broker will take your case seriously and personally.
It’s hard to find a mortgage broker that isn’t just about focused on getting you in and out of a transaction, but rather building a relationship, understanding your circumstance and delivering you suitable, sustainable and customised options.
With all the extra time and potential credit reporting issues you save by avoiding multiple home loan applications, you can spend more time on focusing on the perfect home and relaxing, knowing that you are going to end up with the best deal possible.
If you have any questions or think we can help you, please contact us today.