Taking out a home loan is a big decision and it can either be an exciting and organised process or the total opposite. You may find yourself in a situation where you need to choose a mortgage broker in Brisbane to help set up your home loan, yet still be unsure who to turn to. While a mortgage is a 25 – 40 year commitment, you want to make sure that you’re in trustworthy hands – to find you the best deal. Your mortgage broker should have a wide choice of lenders, because the difference between lenders could add or cut years off your mortgage.
Here’s four steps to choose a mortgage broker in Brisbane that is right for you.
A mortgage broker who understands your goals
Whatever direction you’re taking, one of the most important aspects when setting up a home loan is that your mortgage broker understands your goals.
Your future mortgage broker should be asking you questions like:
- What are your investment goals for the future?
- How long are you planning to hold onto this property?
- What other major costs do you need to take care of? (Car, boat, holidays?)
- How likely is it for you to change jobs?
Your mortgage broker will need to ask you the hard questions and be a little bit realistic with you, so that they can find a loan that suits you and isn’t outside of your budget.
Find a mortgage broker who clearly explains how home loans work
Your mortgage broker should be able to easily and quickly answer most questions that you have.
The fundamentals of home loans and property portfolio structuring includes:
- How offset accounts work
- What is LMI (lenders mortgage insurance)
- Interest only repayments versus principle and interest payments
- Cross collateralisation and if it’s for you
If you have any other questions, you should feel comfortable asking your mortgage broker. The relationship should always be transparent, because as a mortgage broker, we’re on your side.
More than just low interest rates
Mortgage brokers are here to work with you beyond low interest rates. While this is important and a good deal will be beneficial to you, more experienced brokers know that there are other elements to look for. Aspects like ongoing fees or loan features like offset accounts and redraw are also important to keep in mind.
Ask your friends and family
Referrals are the most effective way to find a mortgage broker. If your friends or other family members have had a great experience with a Brisbane mortgage broker, then you will too. Choosing a mortgage broker isn’t really something that comes up at the dinner table on a Sunday night, however it might be worth you sending out a few emails to friends and family who have recently refinanced or purchased a property and ask them about their experience. It is also a great idea to hear about their experience and take any pointers that are worth looking out for.
Choosing a mortgage broker in Brisbane – Hunter Galloway
Our team at Hunter Galloway are private mortgage brokers in Brisbane. We aren’t a franchise and have grown our business from the ground up. This means that we have no pressure to use specific lenders and are open and honest every step of the way. Having worked for big banks in the past, we’ve seen the good, bad and the ugly when it comes to finance. We want you to have a great experience and to find you the best deal possible. More specifically, something that’s suitable to your circumstances and overall goals.
If you’re looking to purchase property, refinance, set up an investment property, or build, chat to our finance team today.
Have an obligation free chat to one of our team members and see what we have to offer. We’d love to chat over a coffee and speak about available options to you, call us on 1300 088 065 or complete the website enquiry form here.