Skip to content

Why should you use a mortgage broker?

Purchasing a property will be one of your biggest financial decisions. Engage a Broker to ensure you get it right the first time.

With more than a thousand different home loans on the market, this overwhelming choice has led a strong increase in the popularity of using a Mortgage Broker. Within Australia, around 53% of residential home loans are put in place with the assistance of a Broker.

To help understand why there has been a huge increase in the number of people utilising this service, below you will find my top 5 advantages of using a Mortgage Broker.

Top 5 advantages of using a Mortgage Broker

Choice

Going direct to a lender means you will only have access to their products. This means that you will not necessarily get the best loan structure or interest rate. Brokers are accredited with multiple lenders, which ensures the right product is found for your borrowing needs.

Save Money

Having access to multiple lenders allows Brokers to find competitive rates for you. Brokers actually have access to specialised products that can only be obtained by using their services. Additionally, Brokers are able to ‘sell’ your story to the lenders in return for a interest rate discount.

Get it Right the First Time

Taking the time to ensure the product suits your needs prevents unexpected costs being incurred during the life of your loan.

A lot of products have significant break fees. Without using a Broker, you may sign yourself up for a product that doesn’t meet your needs. Refinancing that loan into something more suitable may incur fees and charges.

A good Mortgage Broker will carefully assess your situation, then work hard to find the right mortgage for you.

Save Time

Don’t stress yourself over what one bank does compared to the next or what fancy terminology is used to explain complicated fees and charges. Brokers will do all the research, comparisons and explain in understandable language how your loan will work for you.

Brokers will also do all the paperwork for you. No need to fill in bank forms or complicated financial statements. Just a couple of signatures are all that’s needed.

Long-term Support

Once you have found a great mortgage Broker, you’ll stick with them. Your Broker will become your touch point for all lending enquiries over the life of your loan. Additionally, your Broker will stay in contact with you to ensure you have the right mortgage from the right lender at the right price.

40Forty-Finance-Mortgage-Broker-Melbourne---Why-should-you-use-a-mortgage-broker

Learn more

Browse by Category

How to Deal with a Rising Rate Environment

Interest Rate Rises

Home Loans for Physiotherapists & Podiatrists

Lenders Mortgage Insurance Discounts for Professionals

Why should you use a Mortgage Broker

When is the right time to buy?