Your mortgage broker can compare hundreds of loans to find the one that suits you.
If you’re buying your first home or investment property – or looking to move to a bigger and better one – speaking to a mortgage broker is a good first step. A broker will sit down with you, usually in your own home or another location convenient for you, and show you the range of loans available from different lenders. They will then help you narrow them down to a loan that might suit your needs. The role of mortgage brokers has evolved. As well as identifying the most appropriate mortgage they’re becoming a key partner in helping borrowers secure other finance – such as personal loans, or leasing – as well as insurance and property-related services.
A mortgage broker will take the time to understand your needs, discuss your financial circumstances, and identify your loan requirements. As a first step, they’ll discuss your property goals, factoring in your loan requirements in light of your lifestyle, job, family and other aspects. They’ll also discuss the type of documents needed to assist you to make a loan application – such as pay slips, tax returns, and personal bank statements. Once they have a clear understanding of your financial situation and goals, your broker will be able to advise you on your home loan options.
As part of their service, your mortgage broker will recommend one or more home loans that fit your borrowing needs. They can compare hundreds of loans to find the one that suits you and discuss the product’s details and features with you. Brokers can give you a broad view of your lending options, but will also provide an analysis on important specifics of the loan that have been identified as meeting your needs. You can then make the decision on the product you’d like to select.
Once you’ve chosen the loan you’re comfortable with, your broker can help fill out the necessary paperwork to get the loan process underway. This might include submitting your home loan application on your behalf, communicating with all the relevant parties and managing the entire process until your home loan is approved. If you decide you want to switch home loans or refinance at a later stage, your mortgage broker can also help you source new loans that will suit your financial needs and help you through the process every step of the way. Your mortgage broker can also refer you to a specialist to assist with your other financial needs – such as arranging home and contents insurance, income protection insurance or personal loans.