We’ll help you through every stage to get you into a new home sooner.
You could be looking for three bedrooms, two bathrooms and a double garage, or maybe a two-bedroom terrace with a courtyard. Or even a house with a combined living-dining-kitchen space with alfresco deck and pool. Maybe you don’t know what you’re looking for, you just want to know what you can afford. But have you thought about a fixed loan with redraw facility? Or a variable loan with a honeymoon period? Or perhaps a low-doc loan with an offset account?
Choosing the right loan by yourself can be even harder than finding your perfect first home. That’s where a mortgage broker can help.
So what exactly is a mortgage broker?
There are literally hundreds of different loan products available right now. While this makes it harder for you to choose the right loan, it does mean that there’s an ideal lending solution for you out there. It’s just a matter of finding it. And that’s where a mortgage broker comes in.
We shop around for a loan that’s right for you and your circumstances. You could be a first home-buyer, looking to re-finance, building your investments or looking for a competitive commercial finance product. We have access to over 1450 different loan products and we stay up to date with the constant changes and new products. This not only means we can go in to bat for you and match you with the right solution, but we can also negotiate great rates on your behalf.
Once we agree on the right loan, we take care of the application and get everything in place for the approval process, then see it through to settlement.
When should a first home buyer use a broker?
When it comes to buying your first home it’s a good idea to speak to a mortgage broker first – even before you speak with any real estate agents.
The first thing we do is meet and chat about your needs and goals. We can give you an idea of your borrowing potential and can also start the ball rolling to find the loan that suits you. So when you find the right place, we can sort out your finance as quickly as possible.
There’s more to loans than interest rates.
Obviously a low rate is important but it’s not everything. There are different sorts of loans and features that will make managing your mortgage easier. A mortgage broker can take the time to teach and advise you on you the fundamentals you need to know to make an informed decision. To begin with, it’s important to know the main types of loans:
Variable. The interest rates go up and down depending on the official rate. When it goes down, so do your minimum repayments. But when they go up your payments will too.
Fixed. The interest rate is fixed for one to five years. Even if rates change, your repayments stay the same. This helps manage your household budget by knowing exactly what you’ll have to pay.
Split Rate. One part is variable, the other is fixed. This lets you enjoy the benefits on an interest rate drop but also protects you from being affected fully if they rise.
Interest Only. You only pay the interest on your loan but not the principal loan amount. Your repayments are less but you still have the same level of debt at the end of the interest only period.
Line of Credit. You can pay into and withdraw from this account as long as you keep up with the required repayments. You can have your income paid into this account to help pay off the mortgage sooner but interest rates are usually slightly higher.
Honeymoon Periods. Designed for first home buyers, you can enjoy a lower interest rate for the first six to 12 months, and then the rate returns to the standard variable rate.
Low doc. These are popular with self-employed people because they need less documentation. However, they usually have a higher rate of interest or need a larger deposit, or both.
Plus there are good things to know like paying weekly or fortnightly instead of monthly, which can help you pay off your loan sooner.
Why not just go to a bank?
Firstly, it’s hard to choose. Which bank? Which product? What about building societies and credit unions?
There are a lot of options out there and, with constantly moving interest rates and new products, it’s an ever-changing market.
A mortgage broker will help steer you through this confusion to find the loan that suits your needs and not the banks. We then deal with the lender and manage your application process through to approval.
In the simplest terms, a mortgage broker makes it easy – saving you time and, hopefully, a lot of money.
Let’s keep it simple.
It’s easier. We start by meeting you at a time and place that suits you – at home, at work or over a coffee; during the week, at night or over the weekend – we’re always flexible. We’ll look at your current financial position and find the right loan for you to move into your new home. We take care of the paperwork, manage the application process and then take it through to settlement.
It’s fast. We can get things moving quickly. We’ll work with our lender networks and contacts, securing your finance as fast as possible.
It’s more than just loans. Lenders will ask you to take out insurance on your new home. We help you arrange cover to keep the approval process moving quickly and hopefully save you some money.
It’s all about you. We work for you and not the bank. We get to know you personally to understand your unique circumstances. From our experience we know which lenders will have the product to meet what it is you need from your finance. And we negotiate the right fit for you, not the lenders.