In a nutshell, a mortgage broker is a type of financial expert that specialises in helping their clients to find the cheapest and most beneficial home loans available to them. Some specialise in interest rate comparison services, while others focus on negotiating with banks and identifying the most affordable deals on the market.
That’s what they do, but when might you find yourself in need of one?
As a first time home buyer
Plenty of first home buyers find themselves struggling to understand the ins and outs of mortgage applications, as well as the technical nature of rates of interest and other loan-related activities. As a first time buyer, you might be keen to minimise your stress whilst maximising your chance of approval – and this is where a brokering agent can come in handy.
They can help by identifying suitable loan options and might even be able to negotiate with a lender on your behalf to secure even cheaper solutions.
As a property developer
The property development industry has grown substantially over the course of the past decade, especially within Melbourne where new developments are popping up each year. One problem that a lot of developers face is the need to source funds for their latest projects – and this can be very time consuming.
By taking on the services of a home loan broker, they could set about searching the most affordable construction loans available while the developer simply focuses on getting on with their next project.
As a property investor
For those of you that already own at least one home, you may be keen to purchase another property with the purpose of investment in mind. Fortunately there are specific loans available to those of you in this position – and a brokering service may be able to help with these intentions, too. Some banks propose specific deals to investors, while others may offer cheaper interest rates and exclusive deals to those that are already using them for a mortgage.
A good way to find out about what’s available is by having a broker take care of the search on your behalf. They can take care of rate comparisons and package deals to allow you to pick and choose.
These are just a handful of borrowers that could stand to benefit from hiring a home loan broker – and when you’re ready to proceed with your application, getting in touch with a local broker near you can be the ideal place to start.