14th May 2018

Five reasons why it’s far better to use a mortgage broker

Here’s why you should consider a mortgage broker over a bank for your home loan.

You may be at that point where you’re ready to buy a house, property or refinance. Seeking out mortgage advice from a bank seems an easy option, but did you know that there are some excellent benefits when you opt for a mortgage broker over a commercial bank?

Most people head to the bank because it’s convenient and they expect a loyalty reward for holding accounts with them, which, in most cases, doesn’t occur.

  1. More choice in products

Using a mortgage broker means that you won’t be limited to the bank’s specific products, and you’ll have access to a much wider range that suit your needs, budget and financial situation.

Mortgage brokers are able to compare a range of offerings with a range of products that lenders have in the market and that’s why the broking industry has continued to grow over the last decade,” Andrew Russell of Realestate.com.au says.

  1. Shop around to get the best rate

With access to all rates and fees across many lenders, a mortgage broker will quickly identify the most cost effective home loan to suit your needs and financial situation.

They don’t just wrangle you the best rate, they can also advise on what type of loan will benefit you most and explain the subtleties of different lenders and options. This could end up saving you thousands of dollars in the long run.

Furthermore, in most cases “a broker’s fee or commission for arranging a loan is often paid by the credit provider whose products they sell.” – ASIC. There are no fees passed on to you for using Truevest’s brokerage service, we just want to see you get the best financial outcome.

  1. Industry Experts

Mortgage brokers are experts in their field and know the loan process inside and out. They might even be able to advise you on all those additional extras such as:

  • stamp duty/state government tax
  • building inspections
  • mortgage insurance
  • real estate agent and conveyancer fees
  • Land Titles Office registration fees

A 2017 survey from Deloitte tells us that lending institutions have implemented tighter lending criteria and differential pricing. It’s a mortgage broker’s job to keep abreast of this crucial information and requirements so you can be informed of exactly what you need to provide and how much you can borrow. It pays to engage a professional to help you with the often complex world of home loans.

  1. Negotiating power

A trusted broker will back you to get a lower interest rate and use their negotiation power on your behalf with easy loan comparison. By being able to pit lenders off one another (remembering brokers keep abreast of all the lenders’ rates and products) ensures you get the best rate and conditions.

  1. Save time and money

A mortgage broker knows the finance industry back to front. It’s their job to keep across the various lending institutions, what they offer and what you need to qualify for their mortgage products.

Instead of spending countless hours researching the best mortgage for you and your family, you can get a professional broker to do that for you. It’s reported that people can spend an average of 26 hours researching their home loan. That’s a lot of time to spend surfing the internet or making phone calls! That’s not even taking into account all the follow up required with your loan. A mortgage broker will take care of those time-consuming things for you.

A good mortgage broker is on your side. You are their client and you are the person they want to keep happy and keep those family and friend referrals coming in. A bank looks out for its own. Using Truevest Finance means that you can get a competitive interest rate, the right home loan product and our brokers do all the work for you! Plus, our extensive experience in the building industry provides a uniquely focused brokerage service when it comes to financing the purchase of your house.

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