Why Use a Mortgage Broker

Why Use a Mortgage Broker – mortgage broker vs. bank manager: which is best?

The question that has been pondered by many in the past, to use a mortgage broker or visit my bank? Over 50% of borrowers in Australia utilise the services of mortgage brokers, this number is set to increase significantly as the lending market changes with regulations on investment properties becoming tighter. Finance experts warn consumers they may be missing out on significant benefits when it comes to heading straight to their bank to apply for a home loan.

There are a number of reasons why it pays to go through a mortgage broker to shop around for your home loan. Even if you decide to stick with your bank for your home loan, you can still use a mortgage broker to process the application on your behalf. The following 5 points will explain why you should seek out a qualified mortgage broker when trying to obtain property finance:

1. Options and Choice

One of the advantages of using a mortgage broker over a bank is the number of options that they can provide. A mortgage broker will have access to 20+ banks with hundreds of different product offerings as compared with visiting a banker who has limited access to home loan offerings.

2. Experience

Brokers are committed to their clients in the long term, especially for the fact that a large majority are running their own businesses, and have many years of industry experience. As for banks, they move staff around constantly and rewards good performers with promotions.

3. Specialisation

When dealing directly with the bank, most staff are trained up for basic home loan scenarios. Mortgage brokers have a broad skill set, they are happy to roll up their sleeves and do the hard yards. Some brokers even specialise in specific areas such as Commercial Lending, Self Managed Super Lending, Investment Lending, etc.

4. Follow Up

Following up the progress of your loan application is time consuming and frustrating. A good mortgage broker will have a system for chasing you up, keeping you informed and saving you time.

5. Personal Banker

Your mortgage broker is the perfect personal banker. They know exactly what needs to be done, how and when. They make sure it happens. They’re in it for the long haul, especially when they are running a business.

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. To find out how Hunter Galloway can help you call Nathan Vecchio on 0410 000 689.

For more information on property investment or cross collateralisation.