USING A MORTGAGE BROKER VS GOING DIRECT TO THE BANK
It’s often said that buying a home is the biggest investment most people will make in their lifetime, as well as being a very exciting time! Whether you’re a first home buyer or a seasoned investor, there are a range of options available to finance your purchase. In addition to visiting a bank, more and more Australians are turning to the services of a mortgage broker to achieve their goals, so we thought it’s important to understand a bit more about what a broker does so you can make an informed choice. After all, the number of people using a broker has surged past 50% and that number continues to grow.
The home lending market is very crowded with a sea of lenders offering different products, rates, and loan features. It can be confusing with consumers naturally looking for someone to be in their corner as they attempt to strike a deal that’s most suitable to their circumstances. So let’s explore that a bit further……….
It’s not uncommon to find two home loan products from different lenders with the same interest rate that results in different financial outcomes for the consumer when various loan features and the fee structure are factored into the picture. Like many professions, brokers tend to specialise in particular areas of finance, be it residential, commercial, or business lending. Some brokers that specialise in consumer lending may also offer the complimentary services of home lending, vehicle finance and personal lending so their customers have all their needs met through the one business. However, that’s not always the case so you need to ask questions to ensure you find the right broker for your needs.
When making contact with a mortgage broker about home lending they will examine your goals, current and potential future circumstances (e.g. starting a family), and your financial position to source competitive finance options from a range of banks and other lenders that meet today’s needs whilst being robust enough to handle future requirements. Some brokers may offer finance from a small number of lenders and others may deal with 30+ banks, building societies and other lenders. The obvious advantage of dealing with an experienced and qualified broker is being able to explore multiple lending options through the one person.
Securing the best outcome involves a partnership approach where the broker and their client works together. Where you’re clear about your short and long term goals, and provide the broker with accurate and timely information, then the chances of a successful outcome are greatly increased.
The process of buying and financing a home can be complex, but it doesn’t have to be that way. Using the services of a professional mortgage broker can make the process seamless and potentially deliver positive financial outcomes.
This blog is intended to give you a broad understanding of the services offered by mortgage brokers. It is not intended to be a comprehensive analysis of the services offered by brokers and banks. McAdam & Turnbull recommends discussing the services offered by individual brokers together with any fees and other commissions so you can make an informed decision.
When it comes to buying a home, our sales team lead by Lachlan Evans are focused on tailoring home solutions to meet your needs, and keep the experience as stress free as possible. McAdam & Turnbull Realty are your local real estate professionals and property management specialists in Toowoomba and nearby surrounds. You can follow our Principal and agent Lachlan Evans at www.linkedin.com/in/lachlan-evans-621bb583 or view our current rental and sale listings at http://www.mcadamturnbull.com.au and LIKE us on Facebook @
This publication covers real estate, property market, finance and legal related issues in a general way. It is intended for general information purposes only and should not be regarded as professional finance or legal advice. McAdam & Turnbull Realty recommends that professional legal and/or finance advice should be obtained before taking any action on the basis of the general information presented in this publication.
Written and Published by www.presentprofessionally.com.au