After years of dealing with their own bank (often since they opened their very first account as a child), it’s little wonder that people don’t understand the role of the mortgage broker and how they can add value to the home loan process.
One of the first things to know about using a mortgage broker is that their services will cost you nothing in the majority of cases*. The broker is paid by the lender when the loan is settled.
Where else can you utilize the services of a qualified professional, working in your best interests to get you the most suitable loan, without paying a cent?
Here’s a few other simple reasons to consider using a mortgage broker:
1. Brokers do all the legwork
Our brokers at Iconic Home Loans have access to a huge pane; of established and reputable lenders - beyond the ‘big 4’ banks - that may have the perfect loan to suit your circumstances. A good mortgage broker will do all the legwork in liaising with your real estate agents or builder, and your settlement agent to ensure everything goes as smoothly as possible. They will also be able to keep you up to date with your loan application and answer all those additional questions you have about the process.
2. You only have one point of contact
Rather than waiting on hold to get through to someone at the bank, you can just pick up the phone and talk to your broker at any time. It’ll give you peace of mind knowing that your broker knows your situation and all the intricate details of your finance application.
3. A broker will get you the best deal possible
Our brokers will evaluate your unique set of circumstances and find you the right loan to suit. With so many mortgage options available, your broker can help to cut through the ‘smoke and mirrors’, making the process of comparing various loans easy and suggest the best option for you. They help to simplify the process and guide you in what can be a daunting time.
4. It saves you time money and stress
It can take a broker just minutes to achieve what the buyer would struggle to do over a few days in identifying the best finance option and making the relevant enquiries. They are there to help you through from the pre-approval stage right through until settlement. But it doesn’t stop there. A good broker will keep in regular contact to ensure that you have the most suitable loan in place, and to assist when you are ready to review your home loan, apply for a line of credit or release your guarantors.
5. You have the support of the broker throughout the whole process
Your broker will spend as much time with you as necessary to ensure you understand the process, how to fill out your application and collate all the necessary paperwork. If there happens to be any unforeseen circumstances arising from the property transaction that effect your application, you can rely on your broker to help you through them and find the best solution.
As an added bonus, we have brokers that are able to assess your entire finance situation, even assisting with commercial loans and car loans. We can also help with other important things including insurance and financial planning.
Send us an email now and one of our brokers will get in touch to talk you through how it all works and how we can help you.
* Some brokers do charge a brokerage fee but usually only in the case of a credit-averse client who requires more of the brokers time to get their loan approved.
**All lending subject to status and lenders criteria. Terms & conditions apply. This document contains general information only. Your own personal circumstances have not been considered and you should seek independent financial advice prior to making any decision on a financial product.