What is a Mortgage Broker, and how can they help me?
Monday 24 October 22
If you’re in the market for a new home or to purchase a car, you may be considering whether its better to go to a mortgage broker or directly to a bank. Here are a few things to think about.
In the home loan market, a mortgage broker essentially acts as an intermediary, helping consumers seek finance for properties, assets and personal needs from banks and lenders. Their job is to gather information about the needs of their clients and to suggest lenders and products that are most suitable for those needs.
A broker has access to a huge database of lenders on their panel (Grace Loans has over 40 lenders!), with a huge range of products that suit your objectives, whereas, if you were to go directly to a bank to compare products, they would only compare their limited products and be subject to their lending criteria, which might not suit your scenario. A broker has access to the same products the banks offer consumers directly, so a broker can always compare the same products as you would get direct to the bank. A broker is in the position to negotiate with those lenders and find you the right value-for-money loan to fit your lifestyle. They even have access to broker-only products not available to the general public.
A banks internal process, including how long they take to process applications, can be slow, and the waitlist could be long for your application to be picked up. A broker receives weekly updates of banks turnaround times and may also receive priority service to some lenders. This means you can choose with confidence to meet your deadline.
Want to see what we can do for you? Contact us today on (02) 4905 0250 or book an appointment here.