Anybody Home? Why It’s A Smart Move To Contact Your Mortgage Broker This Summer
With the present tightness of money circulating the home loan industry generally it is even more compelling that you consult with a mortgage broker before making any move towards refinancing or buying a home. Lenders have generally become more stringent over the last 12 months in regards to their lending criteria and you will find that most are rather uncompromising when it comes to leniency.
Mortgage Choice Home Loan Health Check
There are new home loan products released to the Australian market all the time and the loan which was right for you when you bought your home, may not be right for your now. Use the Mortgage Choice Home Loan Health Check service to find out if there is a better loan product out there which could save you years off your mortgage, and interest off your repayments.
- Interest Rate of
- Comparison Rate of
- Application Fee of
- Maximum LVR With LMI:
- Minimum Borrowing: $0
- Maximum Borrowing: $0
A mortgage broker is fully aware of what each lender requires and is in the best position to introduce you to a lender where you will stand a better chance of getting your application for a home loan approved. Mortgage brokers will do all the hard slog for you in finding that elusive home loan that best suits your individual circumstances and they will also help you complete the application in the manner required by the particular lender, as well as make sure you attach all the required supporting evidence. The following details give you good reason to use the services of a mortgage broker as against trying to ‘go it alone’:
• Changing From a Fixed Interest Rate Home Loan. It may have sounded like a good decision when you decided to sign up for a five year fixed interest rate home loan only to find that since that time interest rates have dropped and you have been stuck with paying a higher rate that would otherwise have had to. You have probably made enquiries of what you can do about it only to find you will be faced with having to pay a considerable cost before you could switch to a variable rate loan. What may be hurting you the most could be that at the time you took out the mortgage it was anticipated that interest rates might have been on the verge of dropping but this information wasn’t passed on to you at that time. It probably suited your lender to have you fixed into your rate rather than point you toward a variable rate that was likely to drop. A mortgage broker would have been aware of such a possibility and would have advised you against taking out a home loan with a fixed interest rate at such a time.
• Escalating your home loan application. By applying for your home loan through your local bank manager doesn’t mean your application will be processed any faster than if you had gone through some other lender where you are unknown. All home loan applications go through a processing unit but a mortgage broker will have access to the lenders Business Development Manager (BDM) who is more often than not in the position to escalate issues should the need arise. A mortgage broker can apply pressure because the lender will know they have access to many other lending institutions where an alternative product could be obtained if negotiations got to that stage. It has happened in the past where a mortgage broker has been able to obtain a home loan for a client at a better rate than the home buyers existing loan, although it is from the same bank. Banks will not usually tell you if a more improved product is available.
• The best time to invest in property. The present falling property prices in many regions at the same time that rent yields are rising because of the slowing down of house sales generally, makes for a good property investment environment. It is a good time right now to talk with a mortgage broker on arranging a home loan pre-approval so that you are well positioned to take advantage of the situation presently presenting itself.
• Getting The Right Options. It is disappointing to a mortgage broker when they hear a home buyer tell of how they received a personal loan for their holiday when they could have borrowed their own money through equity in their own home. A mortgage broker will listen to your needs and future aspirations and fit you with a mortgage that suits you best.
• Debt Consolidation. Many people don’t realise that a mortgage broker is well positioned to help you with your debt consolidation as well as paying off any credit card debts that may be getting harder to stay on top of because of the high interest rate. You can save several hundreds of dollars a month just by consolidating your debts by utilising the equity you have in your home.
• Switching Home Loans. If you feel you could get a better deal with a better home loan the best person to talk to is a mortgage broker. A mortgage broker will tell you what is available even if it is with your own lender. It may be as simple as a product switch.
• The Best Deal. All lenders will tell you that they are offering you the ‘best deal’. What they won’t tell you will be that they have hidden costs and charges attached to the loan to make up for the lower interest rate. Once again a mortgage broker will know from inside knowledge what each lender is offering and how the loan is structured. By using the services of a mortgage broker you will be guaranteed the ‘best deal’ is the ‘real deal’.
Related posts:
- Resi Smart Pro Home Loan
- 90% Home Loan – the Loan for First Home Buyers
- Homeside Mortgage Broker
- If Rates Rise, Should I Move to a Fixed Rate Mortgage
- How to Switch Home Loans & Move out to a new House
- eChoice Fixed Rate Home Loan
- 5 Steps to Smart Refinancing
- Resi Smart Option Home Loan
- Best Home Loan Deals
- Adelaide Bank Smart Suite Go Between
Top Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
 
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 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
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 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
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 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded Mortgage of the Year 2012 – this multi-award winner features 100% offset and a loyalty 0.25% rate drop after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
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