Why Should You Use A Mortgage Broker?

Why Should You Use a Mortgage Broker?

It’s time, time to take control of your finances and stop paying Loyalty Tax to the bank. You want to refinance your home loan to get a better rate, but where do you go? The bank down the road looks like they have a good rate but you’re self employed and had heard it was difficult to get a home loan. You may be right, but how do you know that you’re getting the best option available to suit your needs? That’s how a Mortgage Broker can help you.

Finding A Lender To Suit You

A Mortgage Broker can help you filter out the Lenders that don’t suit your personal situation. Asking your friends or on a Facebook group will only provide you with the lender that is right for that person, and it probably only suited them at the time they applied. If they were to apply again six months later, they may find they are better off with a different lender altogether. Each Lender’s credit policy is different and while one lender may be happy to lend to the self-employed, others prefer PAYG. Some will lend for properties in regional areas, others only suburban.

Time or Features – what’s more important?

Time can also be a factor when deciding which lender to go to. If you are looking to purchase a house, you may need a lender that is approving loans quickly. If you are refinancing, that may not be an issue and having the right rate and product features is more important. Mortgage Brokers are in touch with the lenders every day and know which ones are fast movers and which ones are taking a bit longer.

Fast Refi

If you are refinancing and time is of the essence, after all you want to be paying the lower rate as quickly as possible, there is a product called Fast Refi. Often it is your current lender that can hold up the process and delay settlement meaning they get to receive your repayments a little longer. Lenders who do Fast Refi bypass asking your current lender to transfer the title of your property before releasing the money to pay out your current loan. They simply pay the money and then go after the title. Not all lenders have this option but your Mortgage Broker will know.

Medical Practitioners/Professional Packages

Did you know that if you are in a certain occupation, some lenders will offer you extra benefits? Things such as no Lender’s Mortgage Insurance on loans over 80% LVR or no fees. Some of these occupations include Doctors, Nurses, Paramedics and Dentists as well as Financial Planners, Accountants, Lawyers and Vets. If you think you might be eligible for this type of loan, a Mortgage Broker will know which Lenders offer this.

BID – Best Interests Duty

Mortgage Brokers are required to always put your needs first and to consider each loan based on your personal requirements. This means you can be confident that, even in the long term, the loan you get will be in your best interests and will have taken into consideration your current plans as well as future ones. If you simply walk into a bank, even if they know their product isn’t the best one for you, they can only offer you their product, which could cost you dearly.

As a mortgage broker we act in your best interests. A lender has no obligation to do so.  At SHL Finance we have always acted in our clients’ best interest and would love the opportunity to help you too. Please call Reece Droscher on 0478 021 757 or Jodie Moore 0402 513 213 should you want to discuss your finance requirements.

Leave a Reply

0478 021 757
%d bloggers like this: