Mortgage Brokers Craigieburn

You might think mortgage brokers just find cheaper deals by scouring more of the lender marketplace, and while that’s true, it’s barely half the story of how they help homebuyers.

With local brokers, it all starts with a consultation. They’ll find out about your finances and objectives and then get straight to work comparing the best home loans out there. After that, they’ll look to customise your mortgage with an eye on saving you more money. Brokers can turn to a full range of add-ons and features for doing that, such as:

Offset accounts allow you to link your bank account balance to your home loan one. What that does is reduce the amount of interest you need to pay on your mortgage, and it can shorten the term dramatically

Redraw facilities allow homebuyers to make extra repayments toward their mortgage and then access the resulting equity if they need to borrow money. They pay the same great rate for that as they do for their home loan, so it’s far cheaper than personal loans or car finance, for instance.

Fixed-rate repayments are a way for homebuyers to budget for their mortgage more easily. The lender agrees to a term between one and five years where your interest rate – and your monthly repayment won’t change – no matter what the economy does.

The job of a broker doesn’t stop there, however. The other half of the story is they help homebuyers negotiate the whole borrowing process. A recent independent study found that brokers spend 55% of a client’s time preparing their application, submitting documents, and then chasing everything up post-application.

For the average client, a consultation, assessments of your borrowing capacity, and the process of recommending lenders and products will occupy 45% of your time with a broker. In short, the overall objective of a home loan professional is to find you the right product and then make sure you qualify for it as quickly as possible.