Data from the Australian Securities and Investments Commission (ASIC) says that around half of all new home loans written in Australia are through a mortgage broker.
With borrowers worried about risks involved when it comes to home loans, it’s important to understand what mortgage brokers do exactly, why you would need one, and how to find a trusted mortgage broker when there are so many to choose from.
In this article, we’ll explain why finding a mortgage broker you can trust makes all the difference in finding the right home loan and giving you better guidance and comfort throughout your home loan application process.
Mortgage brokers are home loan and mortgage advisors that help borrowers find the right finance option to purchase or refinance a property. They usually act as a bridge between a customer and a bank when applying for a home loan.
Here’s a look into what a mortgage broker does for borrowers:
If you’re still hesitant to get a mortgage broker working for you, it’s worth noting that data shows the broker market share hit a record high, which points to the rising need for home loan guidance and consumer confidence in brokers.
The majority of survey respondents also feel that working with brokers made the process faster when dealing with financial institutions as compared to going directly to lenders, as the broker handles most of the back-and-forth with the financial institution.
A trusted mortgage broker will put your best interests first. Through their years of experience and market expertise, they are in the best position to explain to borrowers all the different loan products and features available to them. For customers, knowing exactly what they can expect from the loan agreement both in the short and long-term can help mitigate the risk involved, so they can move forward with their property goals in confidence.
It’s worth noting that brokers are generally paid the same from bank to bank, which means borrowers need not worry which bank your broker suggests to go with. You can trust that your broker will suggest the best home loan option that fits your circumstances.
Mortgage brokers walk you through the home loan process from start to finish. They provide the best deal for you, instructing not only what you can borrow but how much you should borrow too.
The role of a Mortgage Broker can be confusing, especially if you are a first home buyer. Experienced mortgage brokers play a crucial role in acting as the go-between for you and available lenders.
It pays to be aware of the different pros and cons of working with mortgage brokers. It’s important to understand whether they have the right expertise to provide you with mortgage advice you can trust, to guide you in making crucial decisions.
Here’s a quick summary of the pros and cons of using a mortgage broker when you’re looking to purchase property for the first time or invest in more.
We understand how important it is for you to find a mortgage broker you can trust that can walk you through the loan process from start to finish and help you achieve your property goals if you’re planning to buy a home.
Shore Financial cares about you and your property goals. But more than just finding the best loans, our brokers work with so you get it on your terms, ensuring you get the most competitive rates when it comes to buying or refinancing property.
We give each client our Sleep Soundly Review™ promise — a commitment to our clients that they’ll receive a yearly review to make sure their loan is still the best fit and carries the best rate possible for them.
Shore Financial’s team of 30 brokers has extensive wealth knowledge and experience to manage complex phases, with $1B settlements per year. Our brokers have access to back-office support with the most qualified and skilled specialists in the market, giving you a smoother, stress-free experience, so you are better positioned to achieve your property goals faster.
Shore Financial stands out among all other mortgage brokers as the #1 trusted partner that real estate agents are most likely to recommend in Australia. It has been awarded the best, large independent mortgage broker, which means you can trust that you’re working with a broker that has the scale, strength, and experience to fight for the best deal for you.
Speak to one of our mortgage brokers and let our team help you find the best path to start building your wealth through property.