Navigating the lending landscape can be a complex and arduous process. With seemingly endless lenders and products, picking the right lender to suit your specific needs can significantly impact the terms of your loan, including the amount of interest you’ll pay. This is where a mortgage broker comes in.
Mortgage brokers have the technical know-how and industry connections to navigate the complexities of the market and take away the headache of finding the right loan that meets your needs and offers the best value for money.
The right loan
Mortgage brokers work in your best interest. As intermediaries between lenders and borrowers, mortgage brokers are perfectly situated to find a loan perfect for you, and they can do it in a fraction of the time it would take to do it on your own.
A good broker will work with you understand your financial situation, short term and long-term goals and help you make informed decisions, helping you avoid a deceptively expensive loan or a loan that is unsuitable for you. By not being tied to one bank or lender they are able to present multiple options from multiple lenders – many with rates only accessible to mortgage brokers. Their connections and industry knowledge increase your chances of a competitive deal.
The right rate
By not being tied to a single lender mortgage brokers can offer impartial home loan advice. Many lenders offer their best rates to brokers specifically. Their exclusive access to certain home loan products and interest rates provides you the client with more options than going to a single leader, meaning a broker is more likely to find the most competitive rate than a bank’s mortgage specialist. A more competitive rate can mean big savings in the long run.
Simplify the process saving you time
Mortgage brokers can be critical in simplifying to the loan process and saving you time. As you are a broker’s top priority, they will do everything to find you the right mortgage for your needs and budget. A bank’s mortgage specialist on the other hand is limited to the bank’s products.
A mortgage broker will handle the process from finding the right loan through application to settlement, allowing you to focus on your other life commitments. Having an expert on your side who knows the ins and outs will simplify the process and save you time.
Increase chances of home loan approval
Mortgage brokers have the experience and the knowledge to find the right home loan for you and ensure it gets approved by different lenders. Mortgage brokers are quickly able to evaluate your borrowing power and which lenders are the most likely to lend to you. Identifying lenders your applications is most likely to be successful with reduces the chance of your application being turned down. Broker are also across the changing lending criteria. Without a broker who is aware of these changes you run the risk of delays to your application or not getting approval. For the best chance of approval, a mortgage broker can also help prepare your application.
Book a free mortgage health check
Understanding what options are available in the marketplace for your finances is critical for you to get the best possible outcome. Discover how much you could save by booking a free mortgage health check.
Our Lending team are here to help
If you want to make sure you aren't paying too much and are in a loan that suits you, chat to our Lending Advisers Matthew Guy or Melanie Peter on 1300 795 515 or email mguy@prosperity.com.au or mpeter@prosperity.com.au.
