Why use a broker?
Why not just go to a bank?
Firstly, it’s hard for most people to choose. Which bank? Which product? What about building societies and credit unions?
There are a lot of options out there, and with the Reserve Bank moving official interest rates and banks moving them independently, it’s an ever-changing market. Not to mention all the new products that are constantly being introduced.
With choice comes complexity. It can get tricky to navigate through it all. And it can take a lot of your time (and sanity sometimes too).
A mortgage broker will steer you through this to find the loan that suits your needs and not the need of just one particular bank. A broker then deals with the lender and manages your application process through to approval.
That’s why a broker makes sense. They do this day in and day out. They know the lenders and their products, and they’re up-to-date with any changes when it comes to lender policies, products and their different lending appetites. They help choose what’s right for you.
In the simplest terms, having a broker in your corner makes finding the right loan easier and can save you time, stress and, hopefully, money.
More than half of all Australians taking out a mortgage are doing so with the help of a mortgage broker.*
When’s the best time to use a broker?
Whatever type of loan you’re looking for, or whatever part of the loan process you’re at, a broker can help.
It doesn’t matter if you’ve just started thinking about buying, have already found the perfect house and want to quickly sort out your finance, are looking to unlock the equity in your current property, or are wanting to find out if there’s a better borrowing option than the one you currently have – any time is a good time to explore your options.
The first thing a broker will do is meet you and get a better understanding of what it is you want. Brokers are, after all, your finance professionals, so the better they get to know you, your financial circumstances and long-term goals, the better they can match you with a product that is right for you.
It’s not just about finding the lowest interest rate — there are other things to consider. For example, if you’re thinking about starting a family, flexibility is an important feature. Or if you want to renovate, easy access to equity can help. With so many products, you have so many choices.
Once you and the broker agree on the right loan, they take care of the application and get everything in place for the approval process, then see it through to settlement.