Applying and getting approved for a mortgage can be difficult. One big reason is the numerous options available out there. Thinking you already found the best only to discover that a different bank or lender offers something better than you expected. To make the process easier, faster and hassle-free for you, getting the best mortgage brokers in Australia on your side is the key.
Aussies are getting into the real estate market because of two common reasons – to buy a home or to invest. The median house prices of homes are leaning towards a downhill and would be an ideal time to invest in a new property – for whatever reason it may be. To be able to pick the best option for you and to help you out in areas you do not understand, getting help from a mortgage broker is ideal.
How to Choose the Right Mortgage Broker?
For a more successful real estate purchase, asking help from a professional makes the home loan application process easier and more secure. To be able to find a reliable broker who can help you buy a home, these are the things you need to look out for.
Look for Accreditations
You can check if you are coordinating with an experienced and licensed broker if they have an Australian Credit License or if they are an Australian Credit Representative. You can also check for memberships from the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA) to check if they are accredited mortgage brokers.
Ask about their lender network
A seasoned mortgage broker will most likely be connected with several lenders and banks to be able to offer the best possible loans for their clients. If a broker fails to be able to give you the option to compare loans from different lenders and banks, you might want to consider talking or working with someone else. A lending panel is one of the many advantages an authentic broker can offer.
Do your research
A broker will do the back-bending work for you. The more you are aware of the ins and outs of the mortgage industry, the easier it will be to determine if your broker is indeed doing the best to help you with your home loan application. A feasible transaction is also possible with a mortgage broker that is already visible online and offline. Most brokers nowadays have an online presence and you can easily find reviews and other information about your prospect broker. You’ll have better chances of landing with an effective broker if you’ll look around and verify as well.
Do You Have to Pay Your Broker?
You do not have to worry about paying extra fees by hiring a mortgage broker. Brokers are paid by commissions from lenders’, so you’ll need not to worry about extra fees or charges. What’s even more beneficial for you is that these brokers will usually do the best they can offer to be able to secure you a mortgage because it is also the only way for them to earn a commission. A broker will receive an upfront commission after you take out a loan and then a recurring commission, every year as you repay your mortgage.
Why Do You Need a Loan Broker?
A broker can find a loan suitable for your financial need, something you might have a hard time to analyze. A broker can effectively represent you to a bank or lender and find a perfect mortgage for your budget. With so many loan types and loan products to chose from, getting someone to understand personal situation would be ideal for a successful home loan application.
Compared to applying to a bank directly, giving full attention to every area of your finances that may affect your chances of getting a loan approved can be efficiently done by a broker, instead of trying to do it on your own. You might end up getting a mortgage for a piece of land but failed to get approval for getting a construction loan to build your home. Avoid these situations with the help of a mortgage specialist.
How Does a Mortgage Broker Work?
As mentioned earlier, a broker represents you to prospective lenders and banks that may fulfill your loan application. Australian banks and lenders differ in policies and requirements for loan applications. It would be stressful and time-consuming to do all of these, for different lenders alone. This is where the mortgage broker falls perfectly into place. They can function effectively from getting your mortgage approved, to getting a better interest rate as well as in refinancing a mortgage.
At Intellichoice Finance, we have access to over 40 banks and lenders that gives you a wide range of option and opportunities to secure a home loan. With so many options available within our reach, you can find a perfect fit for what you need.
We can help you start investing in real estate or simply buy your first home. Here are some of the situations where we can assist you in securing a mortgage:
- Investors who would want to build a portfolio
- First time home buyers
- Homeowners looking to update or renovate their homes
- Seasoned investors looking into adding to their portfolio
- Clients that are too busy but would want to purchase a property
Is it Really Difficult to Get a Home Loan Application Approved?
Some home loan applications can go through different lenders or at least 20 different lending companies. A home loan application can be touched by banks, valuers, online systems, solicitors and the like. If you would be coordinating with all of these or managing at least 3-5 prospect lenders, it would be difficult to progress with your loan application, especially for first-time applicants.
If you are planning to take the real estate investment route or would simply want to buy your first home, talking and working with a mortgage broker, especially in Australia would be a worthy advice you can follow. Ready to take the plunge? Talk to an Intellichoice mortgage specialist today or send us your details through this application form.
