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However, it can also be daunting, with so many elements at play and your life savings on the line. Now more than ever, borrowers are relying on the professional expertise of mortgage and finance brokers to help them navigate through the home loan application and settlement process.
A recent survey by Deloitte of more than 1000 Aussies who took out a home loan in the past two years found customers who used mortgage brokers were more satisfied with their experience than direct-to-lender customers. In fact, some 32% of broker customers rated their experience of using a broker a 9 or 10 out of 10 (with 10 being ‘exceeding expectations’), compared to only 20% of direct-to-lender customers giving such a ranking.
More than 53% of all home loans are now being originated by brokers and this figure is on the rise. It’s clear that using the services of a mortgage and finance professional is increasing in popularity amongst consumers. But why? What are the benefits of using a mortgage broker?
It’s that personal touch
The number one reason why you should use a mortgage broker is because we have your best interests at heart and will help you find the right product for you. A lender, on the other hand, is only interested in selling their own products and does not know whether there might be better options for you with a different provider. As your mortgage broker, we can offer you invaluable support and be with you each step of the way, from pre-approval right through to settlement and beyond.
We save you time and money
Finding the right home loan to suit your personal needs, financial circumstances and goals can potentially save you thousands of dollars in the long-run. Only a mortgage broker will take the time to research which home loan products will marry up best with your objectives. Deciding what types of features you would like attached to your home loan can be tricky, and you don’t want to end up paying for add-ons you don’t need. Whether you require a mortgage with all the bells and whistles, like redraw facilities and offset accounts, or something straightforward, a broker will structure your loan accordingly. Moreover, we keep abreast of the latest deals, and know the merits and requirements of each individual lender, so that you can feel confident about the suitability of the home loan you are using.
We do all the grunt work
Mortgage brokers undertake the tedious process of comparing hundreds of home loans on your behalf, taking on one of the most unpleasant tasks in the home loan process. Loan product comparisons can be very confusing to the average home buyer and loan comparison websites don’t explain the features and benefits of a loan and how you can use them to your advantage.
Because we already understand the intricacies of all of the products on offer, we take away the complexity and simplify the application process. That means you can spend your time focusing on the fun stuff, like choosing your dream home! We offer expert advice about all aspects of purchasing your home or investment property and can tailor a home loan to your exact needs and financial aspirations.
You don’t know what you don’t know
There may be much more you can do with your money than you imagine. Nowadays, many mortgage brokers have diversified their offerings to include more than just home loans. Mortgage brokers are experts about credit and finance and can help you be smart about your financial decisions. We can provide expert advice about your borrowing capacity, how to use property to build your wealth in the long-run, and how to make the most of your income and assets. You’ll find our support invaluable, whether you need advice about finance for a renovation, building wealth through property in your self-managed super fund, consolidating debt, accessing a commercial property loan and more.
The icing on the cake is that we don’t charge anything for our services – the lenders pay us a commission. The commission amount is about the same across all lenders and home loan products, so you can rest assured we are not biased towards one provider. To find out more about how we can help you, or to chat with us about your finance and home loan options, please call us today.
Information sources: Hickey, J and Wilson, J. (2016). Customer Experiences of Using Mortgage Brokers. Deloitte, prepared for the MFAA. [online], p. 5. Available at: https://www2.deloitte.com/content/dam/Deloitte/au/Documents/financial-services/deloitte-au-fs-home-loan-preferences-041116.pdf 2 According to the Mortgage & Finance Association of Australia, the market share of residential home loans originated by brokers and aggregators as a percentage of Australian Bureau of Statistics Housing Finance Commitments was 53.6% during the September 2016 quarter, based on data sourced from 19 leading broker groups and aggregators.
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