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Many people wonder why they should use a Mortgage Broker instead of dealing with a Bank direct.
Even though there are thousands of Mortgage Brokers across Australia, what they do and the value they provide is not well understood.
Whether you’re looking to buy a home, finance renovations, or build wealth through property investment, a Mortgage Broker can help
Mortgage Broker Advantage - Can I Get the Money?
When you decide to buy a new home, upgrade, or purchase an investment property, the next questions that typically arise are:
The answers to these questions will be determined by:
A key advantage of using a Mortgage Broker is their ability to match your individual circumstances, to Lenders with the most competitive offers, terms and conditions.
Because a Mortgage Broker has access to many Lenders and understands the market, they are well placed to provide guidance around the prospects of approval and likely pricing, terms and conditions.
Mortgage Broker Advantage - More Options & Negotiating Power
Negotiating with large financial institutions can be daunting, and most people have limited leverage.
However, the market access delivered by a Mortgage Broker means Lenders compete for your business. This changes the dynamics and levels the playing field.
For example, at The 500 Group, we have access to approximately 36 Lenders, which includes all the major Banks.
This provides our clients with more options and invariably delivers better outcomes than they could achieve alone.
Mortgage Broker Advantage - Selecting the Best Option
The home finance market has expanded dramatically over the last decade, with many new players entering the market.
This has resulted in increased competition and a diverse range of offers.
Competition has many advantages; however, the sheer volume of different products, pricing, and policies can cause confusion and overwhelm most.
While the interest rate is obviously important, other factors to consider include:
As a Mortgage Broker, I enjoy undertaking the research on behalf of our clients to find the offers that best fit with their needs, then presenting this to them so they can make an informed decision.
Avoiding Undue Delays and Frustration
Many borrowers are surprised by the amount of information required to support a loan application & the granular detail involved.
If elements are missing or it is done in a piecemeal fashion, the result is unnecessary delays and frustration.
At The 500 Group, following our initial meeting, we will provide our clients with details of all information that will be required by Lenders and in what format.
When it is to hand, it is then:
Preserving That Valuable Resource - Time!
A Mortgage Broker gives you back that precious commodity no one can create more of; time!
How are Mortgage Brokers Paid?
Mortgage Brokers are paid by Lenders for the finance opportunities they introduce, and which are settled.
Lenders do this because Mortgage Brokers absorb the cost and time of sourcing and managing the opportunity, which would otherwise be borne by their staff.
You can find out more about Mortgage Brokers on the Money Smart website.