Why you should use a mortgage broker for your first home

Buying your first home can be an exciting milestone in your life, but it can also be very challenging and stressful. As a first home buyer, you will probably have a lot of questions and speaking to a qualified mortgage broker not only provides you a clear direction to move towards and someone to guide you through the home loan process, but someone who can give you independent financial advice on the various home loan products.

Help with your home loan application

A mortgage broker will give you professional financial advice on home loan types, but also assist you in filling out the home loan application and manage the home loan process for you. Your mortgage broker will also help determine how much the mortgage lender will lend you and how much deposit you need.

First Home Owner's Grant

The first home owner's grant is welcome assistance for anyone buying their first home. As a first home buyer, you may also be able to claim stamp duty concessions and other benefits. Please note that these concessions will vary from state to state and your mortgage broker will be able to provide you with more details and how to apply for them.

Qualified and professional financial advice

There are just some things that a first home buyer will not know or even think of when it comes to home loans. But you can be assured that if you use a mortgage broker, you will be getting professional financial advice based on your needs and circumstances. Your mortgage broker will research and compare all home loans and recommend one that best suits your needs. Your mortgage broker will then take the time to answer your questions and provide you with more information about your home loan option in plain English.

Budgeting

Your mortgage broker works in your best interests and will ensure that you borrow within your limit and are prepared for any future rate rises that may occur.

Additional purchase costs

As a first home owner, additional costs associated with buying a property can come as a bit of a shock. Your mortgage broker will provide you with more details on the various fees payable with getting your first home loan property, including legal fees, property valuation fees, pest inspection, building inspection fees, conveyancing fees and bank establishment fees.

Choosing a mortgage broker

Make sure your mortgage broker is accredited with the Mortgage and Finance Association of Australia (MFAA).

Fees

Most mortgage brokers do not charge a fee for their services - they are paid a commission by the mortgage lender. You can ask your mortgage broker if they are receiving commissions. All mortgage brokers who are accredited with the MFAA must disclose their commissions to you.

To speak to a mortgage broker today, call 1300 55 10 45. With access to over 800 home loan products and 40 mortgage lenders, your Intellichoice mortgage broker will work for you to ensure you get a home loan that suits your needs.