Buying a property is one of the most important milestones in life. But for most people, purchasing the property outright isn’t a viable option, in which case, the services of a Brisbane mortgage broker can help secure the capital required to buy the home of your dreams.
Depending on your financial situation and the type of property you choose, you’ll be able to select a loan that best suited to your needs. Different types of loans include First Time Buyer Loans, Investment Loans, Commercial Loans, Standard Variable and Fixed Rate Loans, Honeymoon Loans and Bridging Loans.
Why Use a Broker?
Let them do the hard work
Mortgage brokers work with a wide variety of lenders, each of whom will have a number of products that the broker can analyze and compare to find the most suitable loan for your circumstances. Without such assistance you will be left to contact as many lenders as possible and compare their rates to find the most appropriate one.
In order to thoroughly research the terms of the mortgage you must sift through pages of legal jargon to fully understand all points in the agreement. This is extremely time consuming and best done with professional assistance. Brokers can offer that assistance, and by doing so, they provide an additional layer of scrutiny ensuring that the borrower is not about to sign an unfair contract.
Get Greater Access to Lenders
There are many lenders that work exclusively with brokers and will not approve mortgages directly to the public. In some cases, brokers may also be able to get a better rate due to the amount of ongoing business they provide.
Why use a broker? Because most brokers do not charge a fee; instead they work on a commission, paid to them by the lender. The means the mortgage rates for the customer are not affected. Typically commission is approx. 0.66% of the loan amount as an upfront, one-time payment. There’s also an additional 0.18% of the loan amount per annum, which is paid monthly.
Brokers work with some of the biggest lenders in the country including ANZ, Commonwealth Bank, NAB, St. George, ING, Macquaries, Westpac, Mortgage Ezuy, ING Direct, Homeside Lending, Suncopr and many others.
The company uses the latest software to analyze and compare mortgage rates from its lenders. And as a member of the Mortgage and Finance Association of Australia (Membership No. 9025) you can be sure that all loans are issued following the industry code of practice.