Save Your Legs And Call A Home Loan Expert
How do you match a loan and lender to your needs? Rather than running around finding out the details of each and every lender and loan, draw on the expertise of an experienced Mortgage Broker.
One of the benefits of working with a mortgage broker is the extensive menu of loan options they have at their fingertips. But given such a wide choice, how does your adviser narrow down the options to find the right loan for you?
MFAA Approved Finance Brokers sometimes have access to more than 30 different lenders. These include the big four banks, second-tier lenders such as Macquarie Bank, Bankwest and Citibank, and a raft of niche lenders such as Liberty or Pepper, which offer loan options for people who may not meet the lending criteria of the top banks.
When it comes to making loan recommendations, a Mortgage Broker looks at a number of different factors.
First they’ll talk to the client about their goals. This might be to pay off the loan as quickly as possible, or to find a loan with the lowest interest rate possible. They may want a loan with a fixed term, or they may want a facility with a low fee structure. Each client is different.
We will utilise our award winning mortgage comparison platform to compare hundreds of home loans, rates and products to come up with a list of options that will best suit and match your requirements.
If the borrower has no specific requirements, finance brokers will most often take into account interest rates, how fees impact the life of the loan and how portable the loan is. We can assist the client with identifying what product or combination of products may best suit their needs based on our research and discussions.
While interest rates are the most critical factor, it’s not the only factor. As well as the loan’s fees and interest rates, the lender must also match the client. This is probably the most important part of the process – a happy client matched well to a lender will avoid the hassle and cost involved in refinancing in the short term if they get it wrong.
Michael Schipper from Talk Home Loans is a home loan specialist and mortgage broker based in Brisbane. Contact him about how to maximise your results from your home and investment lending.