You may already have your pre- approval, however for an hour of your time, contact one of the brokers on this page and you may find you can obtain an even better deal elsewhere. This is one of your most important purchases in your life and with utility costs going up all the time any saving is a bonus.
How do Mortgage Brokers Compare to Banks when it comes to Lending?
If you need a home loan, there are 3 ways you can do this: Apply directly to the bank you use currently, shop around for a deal yourself- which takes a lot of time or utilise the services of a mortgage broker who will do it all for you. For most Queenslanders, utilising their current bank seems the safer and easier option because you feel they know you, but do they really? Bank staff change a lot where using a Mortgage Broker means you deal with the one person throughout the entire process and they will see you through any other lending you may require over the years, it is their business so they will ensure they do everything to get you the best deal and their services are free to someone looking to get finance, they save you time and money.
Banks normally punish loyalty!
If you already have a great credit rating and you are an existing customer with a stable income chances are you may get a good interest rate through your bank. However, it may not be the most competitive rate in the market. On top of this, if you are looking to refinance with your current lender, banks do not reward your loyalty. If your mortgage has been in place for 2 years or more chances are you are paying over the current market rate if your loan is with your bank. Banks do not normally pass on rate cuts to existing customer and they certainly do not let you know about them. Also if your financial situation changes banks will not try to assist, where a mortgage broker can be your best ally in these cases.
Mortgage Brokers Provide you with more Choice.
If there is a better deal with a lender elsewhere does your bank let you? Banks only offer their products to you and they will only adhere to their lending policies which means you could potentially be missing out on major savings over the time of your loan. Also if you apply for a loan with a bank and you don’t fit their lending structure, the bank staff may not know this or take the time to find out, however they may still give you a pre-approval and you only find out you do not qualify when you go to make one of the most important purchases in your life, your home. On the other hand, a mortgage broker uses a number of lender and many products so they only apply with a lender that will likely get your loan approved. This saves you time, stress and can avoid unnecessary credit enquiries that are then listed on your credit file which can go against you when looking to obtain another loan for your next car.
Take the time to find out a bit about the mortgage broker you intend to use but be prepared to give the mortgage broker the information they need to help you get the best deal, if you hold information back they may not be able to assist you in achieving your dreams.
It is also a good idea to review your loans and the potential of getting a better deal through refinancing every 3 to 5 years, the market changes happen quickly and dramatically and you just do not have the time to keep up to date. This is a mortgage brokers job so they are up on all changes to loan offers from all the financial institutes. To help you find a great mortgage broker who will take the time to get you the best deal we have provided links to 3 mortgage brokers that we know take the time with our clients.
Also if you are looking for an insurance company to cover your new home in the purchasing process we have some great deals that can assist through our alliances in the industry. Utilise our contact form and we will be only too happy to pass the information onto you.