Why use a Mortgage Broker?
When you are planning to buy a house, there are so many things to consider. One of the biggest impacts after finding the that perfect home is the costs and funding options to actually purchasing it.
There has been an historical trend for aspiring home buyers to go directly to a bank… It may be where they currently have their savings accounts, it may be where their family or friends have their loans. Further there was a belief that banks, especially the big 4, are a much safer option with their established brand names and reputations. However, a mortgage broker can secure you a much better deal than going directly with a bank.
Understanding your needs?
A mortgage broker will take the time to understand your needs, your position financially and what goals and dreams you are aspiring to. The reason to better understanding you is the mortgage broker’s ability to tailor a product or facility that best suits you. Not what best suits the bank. With access to over 25 different banks and lending institutions, what one bank may offer will differ to what another may “spruke” as being the best. Your individual needs or wants may not fit into the mould of a big banks small offering of products or facilities. The broker will be able to breakdown your requirements and make sure that one of the biggest investments you make, works best for you.
Whilst you are offered a “discounted” rate from your existing bank for being a loyal customer, it might not be the best and most competitive rate you qualify for. Most banks don’t offer to reduce rates or even pass on rate cuts not matter how loyal you have been. It is also prudent to understand what options and packages are offered under product offering. This is because what a bank may offer in a low rate, you may lose the ability to add an offset account or accounts and thus not allowing your money to work best for you. With the help of a qualified and experienced mortgage broker, you may get the lowest rate whilst retaining all the optionality of a tailored product which ultimately helps you pay off your loan quicker and/or grow your financial freedom.
Your mortgage broker is best equipped to tackle and decipher the mine field that is applying for a home loan. We have the systems and knowledge to ease the paperwork requirements and improve the turn around timeframes to approval. Your broker will also have the tools to negotiate even further on your behalf of the product or facility including the rate and fees applicable. The best part of using a mortgage broker is that our services are free.
End to End Service
We will communicate with the Real Estate and your conveyancer to make sure that all is in order to successfully move into your new home without fuss. The last thing you want to be doing is stressing at the 11th hour not knowing if everyone involved in you moving in are all on the same page.
Make sure that you speak to CoastFin to ensure that your money and your home loan is working best for you. Please click on the Contact Us link below.