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The Australian mortgage market is flooded with thousands of home lending products. Indeed, a lot of choice for home buyers. Besides, there are other parameters to consider – fixed or variable rate, packaged home loan deals, PI or Interest-only loans, honeymoon rates and much more. Phew! That’s a lot of information to rummage through in a limited amount of time. Especially when you are talking about financing your life’s most significant investment – your home – you can’t take a chance, can you?

 
why you must use a mortgage broker
 

Fortunately, as in every sphere, technology is there to rescue mortal humans from the humdrum of sieving through humungous piles of information. Today, you can compare several home loan deals from the comfort of your favourite screen, without having to step out of your home, even once.

However, are you so well-versed with the mortgage market as to know which home loan deal is the best for you? Navigating through home loans; comparing the rates, features and fees can be time-consuming. Or, you could simply choose to meet a broker and let them guide you to the best home loan for your situation.


Here’s how a mortgage broker can empower you:

  • Brokers don’t charge you any fee – Mortgage brokers do not charge you for their services. The lender pays a broker for connecting them to borrowers, such as you. Moreover, many brokers pass on a part of the commission they receive from the lenders to their customers, meaning bigger savings for you.
  • Brokers have access to better interest rates and discounts – Another reason why it makes financial sense to contact a broker is that brokers are privy to several deals and discounts, as they work very closely with banks. Most often, brokers can offer you interest rates that are much lower than the advertised rates by lenders.
  • Brokers offer you a wider choice of lending products – Mortgage brokers have access to hundreds of deals from a large number of lenders. With years of experience behind them, they know the eligibility criteria of each lender and can help you score a mortgage at not only the lowest cost but also with the best features for you. It helps that brokers have access to all kinds of lenders, including non-bank lenders and credit unions that might not traditionally market to mortgage seekers but do have some good deals up their sleeves.
  • Brokers keep your best interests at the forefront – Remember, even if your bank offers you a competitive deal, it is lenders’ business to make money from their clients – that is, you. However, mortgage brokers are paid by lenders. This enables them to put your financial interests first, and find home loan deals that best suit your situation.
  • Brokers save you time, hassle and money – Having an experienced mortgage broker by your side could make it a breeze to apply for a home loan. From helping you pick the right home loan to getting a pre-approval to doing all the leg work for filing your loan application, a mortgage broker will guide you from the time you approach them until you get the keys to your house, and even beyond. Additionally, having your paperwork filed by a broker minimises the chances of rejection as brokers know what the lenders expect from you. The best part about using a broker is that they visit you at your convenience, making the whole process much more convenient.

 

Apart from the points listed above, brokers are a boon for borrowers with low credit scores or other high-risk borrowers. Being aware of the lending criteria of most lenders, a broker can lead you to an institution that is more likely to lend to you – reducing the risk of your loan application getting rejected. In addition, most mortgage brokers take a long-term view of your situation, encouraging you to borrow only as much as you can service.

Thanks to all these reasons, and the after-sales support provided by mortgage brokers, more than 50 percent home buyers choose to source their mortgage through a broker. This number is only increasing.

Considering that most of us are time poor in this fast-paced life, who wouldn’t want an expert who understands the landscape of the mortgage market inside out?

Mortgage brokers find the best interest rates and terms for your individual situation. This is precisely why HashChing has created a sophisticated portal that enables you to find verified mortgage brokers in your area. You could also choose one that speaks your language. With access to interest rates from over 60 lenders across Australia, HashChing mortgage brokers provide on-demand service, connecting with you immediately on receiving your query.

Contact an expert to find the best home loan deals (fresh or refinancing) for you.

 

By Vidhu Bajaj,
HashChing Content Writer

 

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HashChing is helping Australians by providing access to pre-negotiated home loan deals. Obligation free consultation with one of our partner brokers might save you time, hassle and money.

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