If you are time-poor and unable to pop into a bank during business hours, a mortgage broker is a miracle sent from above. A mortgage broker can help you apply for the right loan at a convenient time for you. Whether that be on your lunch break, after hours or on the weekend in the comfort of your own home.
What is a broker and why do you need one?
A broker is a person or firm that acts as an intermediary between you and the bank. We are blessed for choice when it comes to the amount of competition that exists across the mortgage market. There are literally hundreds of different loan products available right now. With so many lenders and so many products under each of their brands, it’s so important that you take your time with this critical decision when deciding what type and who you choose to broker your home loan. Whilst this makes it harder for you to choose the right loan, it does mean that there’s likely a lending solution out there that will meet your needs. This is where the team at Melbourne Finance come in! As brokers, our purpose is to explore a more comprehensive market and make sure we are providing you with the most beneficial product to meet current financial goals and objectives. We will complete all the paperwork for you and keep you up to date with the application progress.
Why not just go to your bank?
Banks are limited in options, so it is not always the most pleasant experience. To put it in perspective, you wouldn’t go into a Ford dealership expecting to buy a Mercedes.
At Melbourne Finance, will provide you with excellent advice on the different types of loans we have to offer you.
How do brokers get paid?
In essence, brokers are agents of the bank which finds them customers. We prepare the applications, collect the relevant information, pre-assess your application before they are submitted, complete the loan sign up, and assist with the settlement process and post-settlement activities. In return, the banks pay the broker a commission and the bank saves on marketing/advertising, wages, super, sick leave, annual leave, office space etc. Generally, we will receive an upfront fee to cover the initial service and then brokers are paid a monthly ongoing fee for the life of the loan. The commission paid has no effect on your interest rate or service you receive.
What to look for in a good broker
A good broker will portray a few things, here are just a few to look for when considering your next broker:
- Industry and local knowledge of the market
- The ability to negotiate a better outcome.
- Recent reviews and referrals
- Provide you with loan options.
- They are transparent and explain all their fees.
- They explain how they get paid.
The Melbourne Finance Difference
Did you know that 60% of residential mortgages are processed through finance brokers and not through the major banks?
At Melbourne Finance, we want to save you the time and stress of going through your bank and find you the right home loan for your financial circumstances. Our team are experienced professionals who have been working on residential mortgages for several years. We believe a loan application should be all about you which is why we really get to know you and work with multiple lenders to find you the best mortgage options.
What are you waiting for, call us today on 03 8568 3644!