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Why brokers hold the keys to getting your foot in the property door

 

Getting a foot in the door of your dream home might be getting harder, but talking to a mortgage broker could get you the keys more quickly.

Purchasing a property in today’s housing market is not for the faint-hearted. Would-be homebuyers have only to turn on their TV – or check Facebook or Twitter – for the latest news informing them that their dream home is slipping further out of reach.

When you add in the challenge of sourcing the right loan, first homebuyers can be forgiven for thinking twice about taking that first step on the property ladder. But the truth is, it’s not quite as hard as you think.

Research has shown that mortgage brokers are helping buyers with over 50 per cent of all new housing loans in Australia, and for good reason – buyers know that brokers can provide a level of advice that banks simply can’t.

If you feel like the door to your perfect home is permanently locked, here are five keys brokers could be holding.

Choices, not ultimatums

Brokers have a direct line to a large panel of quality lenders, so they can crunch the numbers and give buyers a comparison of the best interest rates and products available from that panel.

The panel is likely to include the four major banks – NAB, Commonwealth Bank, Westpac and ANZ – though brokers can also take the pulse of highly competitive regional and second-tier lenders, as well as niche lenders that might suit borrowers like the self-employed. Brokers have a deep understanding of the products available to borrowers and can offer sound advice on your home loan options.

While your lender is likely to do everything possible to accommodate an application, they won’t recommend a competitor down the road. It’s always best to shop around.

Answers, not questions

Mortgage brokers are steeped in product developments and trends, and can make sure borrowers are asking themselves the right questions at the right times.

Whether it’s considering the advantages of a fixed, variable or split home loan; making sure borrowers have an offset account; or what a good rate discount looks like at any given time, brokers can put their knowledge to work for borrowers.

Real-time experience with multiple lenders can also give brokers insight into things that are important during and after settlement, such as bank service levels.

Service, not sleeplessness

Brokers are human beings that borrowers can talk to face to face and who will often come to their homes or answer their urgent calls, even after work hours.

They also do the tiresome legwork of ensuring application and loan paperwork is processed efficiently and can speak to the right people if something goes wrong.

Savings, not costs

Brokers advocate for borrowers to save them money over the life of their loan. They may be able to source more competitive interest rates while using their relationships to negotiate rate discounts or other benefits, such as fee waivers.

A broker may also help borrowers stay on top of any penalties, fees or other hidden charges or costs that might negatively impact a prospective borrower.

Reality and dreams

Optimistic first-time borrowers often approach a bank or broker wanting to borrow too much. Part of a broker’s job is to give these borrowers a helpful reality check. Lenders also have to adhere to the ASIC responsible lending obligations, meaning they will only let you borrow an amount that you have the ability to pay back.

As part of the loan-application process, mortgage brokers often sit borrowers down to ask a range of lifestyle-related questions, as well as to assess the basics of income.

By breaking down the mortgage with the borrower into monthly and weekly chunks and comparing them with lifestyle expectations, brokers can help borrowers adjust their expectations – before they find themselves sacrificing their lifestyle.

Buying a property is the biggest financial decision most people will make in their lives, and that decision is only getting harder.

The last thing homebuyers need is the added hassle of applying for a loan without the knowledge, experience and service of someone who does it every day. When you know someone has the keys, wouldn’t it be best to use them?

Contact your broker today for more information about how they can help you get your foot in the property door.

 

This article provides general information only and may not reflect the publisher’s opinion. None of the authors, the publisher or their employees are liable for any inaccuracies, errors or omissions in the publication or any change to information in the publication. This publication or any part of it may be reproduced only with the publisher’s prior permission. It was prepared without taking into account your objectives, financial situation or needs. Please consult your financial adviser, broker or accountant before acting on information in this publication.

Make it happen

The staff at MAKE Finance Group are experienced and dedicated to providing our clients with exceptional levels of advice and service.

As a full service finance broker, we can save you time and stress as we negotiate with Banks and Financiers on your behalf. Whether it is asset or equipment finance, business finance and advice or even a home loan, we will go to the market on your behalf and find the best possible deal available.

Let us worry about the financials, as we make it happen for you.

Why Partner with Us?

The staff at MAKE Finance Group are experienced and dedicated to providing our clients with exceptional levels of advice and service.

MAKE Finance Group holds sought after commercial lending accreditations and access to a substantial panel of lenders for both Equipment and Business Finance.

As a finance broker MAKE Finance Group saves you time and stress as we negotiate with Banks and Financiers on your behalf. This allows you to keep focused on your business while we do the finance work.

This ensures you receive the best offers with the objective of saving money and increasing profitability.

Testimonials

Here is what a couple of our clients have said about MAKE Finance Group.
  • Geoff at MAKE Finance Group made the process of purchasing an investment property a seamless process. Thanks for your patience Geoff. I would highly recommend Geoff and his team at MAKE for all your finance needs. Cathy, Warrnambool

  • Geoff and the team at MAKE Finance were unbelievably helpful when we needed to refinance our business loan. After a stressful and confusing ordeal with our existing lender, Geoff made re-financing so easy, and it tool very little work from our end to sort everything out. We are so happy with everything sorted and not having to worry about our finance arrangements. We would encourage anyone with any financing needs to go and see Geoff and the team at MAKE Finance, thanks Geoff! Philip and Jenni, Holbrook

  • Thank you to the team at MAKE Finance Group, for helping me purchase my first truck. I cannot thank them enough as they went above and beyond all my expectations and made the whole process easy and stress free, I would highly recommend them to anyone. Rob, Canberra

  • Applying for a business loan (direct through a Bank) was becoming a stressful and difficult task for us as everything had to be discussed over the phone followed by numerous paperwork. Geoff at MAKE Finance Group was our savior. Your personalised service made the application for our business loan & business vehicle loan so easy. We now operate a very successful business & we could not have done this without you. We love your work! Lloyd & Kristy Franchisee of Jim’s Mowing Wodonga East

  • “MAKE Finance Group were an absolute pleasure to deal with. Right from the very beginning, even when we were just asking questions as to how home loans work and how much we could afford, they made the process incredibly easy and put everything into terms that we could understand. There’s a lot involved with buying your first home, but it felt effortless with the superb help from both Jess & Geoff. MAKE Finance Group definitely come highly recommend from us – thanks guys!” Sophie & Zach, Albury

  • “Buying a new car was a big deal for me as I had a very strong love for my only car of 10 years.  I approached MAKE Finance Group to help me source a loan for my new car, and they made me feel 100% positive about making the change, as the process that they followed to obtain the loan was flawless. They came to me which I hugely appreciated, everything was in order and all follow ups and questions were answered without hesitation. I cannot recommend them enough for their professional and friendly service.” Stephanie, Albury

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