So you need a home loan and have never dealt with a Mortgage Broker before. Generally speaking that means you fall into one of two categories: I’m a first home buyer who has never dealt with anyone in lending before, or, I’ve always been with XYZ Bank so I’ll stick with them. In either case, why should you go and speak to a Broker?
Let’s be upfront here: I am a broker, so certainly have a vested interest in you using my services or that of a colleague. But that aside, a Broker can offer a level of service, advice and product range that no bank can match. The Brokers single purpose in the transaction is to get you the best loan possible and structured the best way to help achieve all of your financial goals.
Most Brokers operate under a licence holder, or Aggregator, which means they have a wide panel of lenders to choose from. Do you want to individually speak to 41 lenders and 3,500+ loan products to ensure you have the best deal? Of course not, but that is what the Broker will do for you. They will also help guide you through product features including Fixed Rates, Offset Accounts, Interest Only Payments and combinations thereof.
First Home Buyer? You immediately team up with some one that has extensive experience in this area, who is entirely on your side to help guide you and is there to be a source of knowledge for you.
Customer of XYZ Bank? Sadly, loyalty only goes one way and your history with a lender will have little impact on your next transaction. This is true of all banks and can be seen firsthand by comparing the difference between your current interest rate and the rates they are offering to new customers.
How much? There is no cost, either directly or indirectly, to have your loan through a Broker. The lender will pay a commission to the Broker that is not passed on to you as a fee or hidden in your interest rate, it is a cost the bank covers entirely.
What do I do next? Give the TTO Finance team a call on 08 8211 9426.
