The Role of Mortgage Brokers in the Australian Real Estate Industry
If you are undertaking the first steps in getting into your first home in Bunbury and surrounds in Western Australia, consulting a Mortgage Broker should be included in your preparation.
What is a Mortgage Broker?
When you are buying or building a new home, there are a large number of banks or lenders to choose from in procuring your loan. All lenders have varying terms and conditions on the products they offer, which can be confusing and overwhelming to borrowers.
Mortgage brokers coordinate the arrangement of home loans between lenders and borrowers. They can discuss your home loan needs and goals, find home loan options to suit your situation and assist you with the application process.
What are the advantages of using a mortgage broker?
Avoid over-extending | Using a mortgage broker means you are less likely to over-extend your borrowing capacity and avoid getting yourself into financial difficulty. Where some lenders may authorise a loan that doesn’t fit within your financial means, a mortgage broker will always recommend the loan that makes sense for your situation and lifestyle.
On your side | Mortgage brokers work for you, not the lender. They put your financial interests first and supply the best options for you, whereas banks and lenders will work with their own interests in mind.
Saving on admin | Your broker does all of the heavy lifting when it comes to the loan application process and will guide you through what is needed in the right order. Your loan application time will most likely be shorter as the broker is well-versed in exactly what is needed.
Avoid disappointment | Your broker will advise you honestly on what you can afford so that you can skip looking at properties that don’t align with your financial capacity. Placing offers on homes that fall outside of your means can lead to disappointment and wasted time.
A buffet of options | With access to a long list of loan products from a plethora of lenders – mortgage brokers can open up options you wouldn’t be able to source when you go it alone.
They’re cost-free | Mortgage brokers receive payment from the lender that you end up going with when you procure your home loan. In most cases there is no charge to you as the borrower.
Ongoing health-checks | Your broker will continue to monitor your home loan after it has been secured and will alert you if there are any better offers available so that you can consider refinancing and saving money.
Allen Finance Mortgage Brokers in South Bunbury are here to answer
any questions you may have.
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