1) What is a Mortgage Broker?
Put simply, a mortgage broker is usually a person or company which has a relationship with a large number of different mortgage Lenders. Typically these Lenders are both banks and non banks. Because of all these relationships, mortgage brokers can offer a huge variety of home loans to their clients, with the very real prospect of having the perfect loan for each client, no matter what the client's requirements. It is the broker's job to evaluate your mortgage needs and work together with you to select the most appropriate mortgage from the hundreds of loans they have on offer. Mortgage Selector has over 34 different Lenders and 500 different mortgages to choose from.
2) How can a broker help me?
It's interesting to note that just under half of all mortgages sold in Australia are now done through mortgage brokers. It's because they have such a big choice of loans on offer and can offer you relevant advice, that so many people are now using a broker to find their mortgage. And of course as we mentioned above, all the mortgage broker's time and effort spent on finding the right loan and following it through to completion does not cost you a cent. Typically a mortgage broker will do the following for you:
- Initial discussion about your home loan requirements
- Discuss the variety of loans on offer and with your input and that of the software tool, settle on the right loan for you, given your requirements
- Help you complete all application forms
- Guide you through the loan process, from application to settlement
- Explain any associated costs which may be incurred (like stamp duty)
- Keep you informed throughout the entire loan process
- Negotiate with the Lender to achieve the best possible deal
3) How can a Mortgage Broker not charge for their services?
Mortgage brokers give banks and non bank Lenders additional visibility in the home loan marketplace. For example, as you know, banks carry out their own advertising campaigns but mortgage brokers also help to promote these Lenders by having them on their panel of preferred Lenders. After you jointly decide with the broker which Lender has the best loan for your particular needs, and the business is placed with that Lender - then the Lender pays the broker a fee for the business introduction. So in effect, the Lender pays the broker - not you! The good news is that you get the services of a professional mortgage broker helping you solve the mortgage puzzle and the fee he or she earns from the Lender, is not paid by you and does not impact on the interest rate you pay on your home loan.
4) Does Mortgage Selector have loan comparison software?
Yes, we do have a very powerful and sophisticated loan comparison tool. It's a piece of software that has taken years to develop and refine, and now its world class. When we find out all your details, we put them into the software and it then sifts through all the loans on offer and finds the top three loans for you.
We then go through each of these top three loans with you, and with your help choose the one which is most suitable for your needs. It's a great time saver and takes the hassle out of going from shop front to shop front to find the best loan.
5) What will my repayments be?
Go the our Calculator and enter your details. You’ll soon find out!
6) Can you help find me a Solicitor?
With any property purchase there are legal implications and it's a good idea to have an experienced Solicitor or Conveyancer to help you through this aspect of the process. And we can help you here, just give us a call.
If you don't have someone you can use and need some help, we can give you the names of a couple of different Solicitors and Conveyancers and you can make a choice as to the one you think is best.