There are four situations in every Australian’s life when working with an experienced mortgage broker is very beneficial in both the short and long term.
Buying your first home
Buying your first home can be very overwhelming, but it doesn’t need to be. With an adequate deposit, a good credit history, and an experienced broker it really should be a piece of cake.
Brokers work closely with banks and other lenders ensuring they fully understand all lending requirements. In addition to negotiating a great deal for you, your mortgage broker will prepare and lodge your home loan application, which generally increases your chances of approval. This is because your broker will review and check your application prior to the bank, ensuring all information is correct and presenting you in the best possible situation to be approved. Your broker will also help you take advantage of any applicable grants that can boost your deposit amount significantly.
Also, your mortgage broker should go through your financials closely, helping you understand how much debt you can handle comfortably while suggesting home loan products most suited to your financial condition. This helps make sure you are setting yourself up for a successful future.
Upgrading your home
If you are planning to sell your first home to repurchase or planning to move into a second house while turning your first one into an investment property. Your financing requirements will differ in both cases and a broker can provide you with the right guidance along with perfect solutions for your needs.
Refinancing your home loan
Many banks are a little cheeky and account for the fact that most people set and forget their home loans as they think it’s too difficult to move. However, did you know you will end up paying thousands of dollars extra to the banks? A great broker will prevent this ‘set and forget’ attitude by staying in touch with you and reminding you to review your home loan every few years – every two years is ideal.
Building a property portfolio
Many Australians invest in property and a broker can make all the difference on your investment journey. A common issue is investors hitting serviceability issues as they try to expand beyond a couple of properties. However, a broker understands the eligibility criteria of various banks, which helps them determine the options you should go with at different stages in your investment journey. They will also understand the correct loan structures to implement to ensure you are benefiting from any tax deductions.
Why is it beneficial to work with a mortgage broker?
Today, nearly 60 per cent of all new residential lending in Australia is introduced through mortgage brokers. Choosing a good broker can make all the difference and Beyond Broking have experience in spades – just check out our reviews from all our happy clients.