Top Tips To Find The Right Mortgage Broker
As it is important to find the home to buy that suits all your current and future needs, it is equally as important to locate a mortgage broker who you feel comfortable with. One who will go out and find you a home loan that will see you buying your property at the right price, as well as containing sufficient features so that the document will serve you well throughout the life of the loan. It is the mortgage broker who will be at the helm in setting you up with a workable home loan that is just what you need in your current situation, as well as that of your future needs. It is an important choice and it must be made wisely.
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
You will have often heard it said that you need a mortgage broker to help you obtain the right mortgage today because of the quite large quantity of home loan products on the market. Such a large array of home loans being offered by literally dozens of lenders, all offering different products and all claiming theirs is the best.
Many people will warn you of the pitfalls in acquiring a home loan yourself because of that contained in the so called ’small print’, meaning of course, any hidden penalties for making additional repayments and the extra annual or monthly ‘book keeping fees’ to counter any lowering of interest rates they may be offering to get your business. It has happened however that the number of mortgage brokers plying for your business has also grown considerably and this means a differing level of services being offered in this area as well.
Some mortgage brokers specialise in a particular type of mortgage such as in refinancing or that of first home buyers. Others might be experts in getting loans for people with a less than perfect credit history, or the self employed who may be having difficulty in being able to comply with the strict lending criteria demanded by many lenders. It all comes down to you asking questions of the mortgage broker you are interviewing in order to find out whether you will be properly served by this particular mortgage broker or not. If you feel you may not be confident that this particular mortgage broker can serve you properly don’t hesitate to politely end the conversation and move on to another.
Firstly however you will have to find a mortgage broker. This can be done online, possibly the quickest and easiest way, or by checking out the yellow pages of your telephone book. Many other home buyers act on advice given them in the manner of a referral from a friend or acquaintance who has had a good experience with a certain operator. Whatever way you have of finding your specific mortgage broker it will pay you follow these ‘top tips’ to make sure that this particular mortgage broker is right for you:
• Ask questions to find out what type of home loan he or she prefers to work with. In other words, ‘Do you specialise in any specific type of loan?.’
• Discover whether the mortgage broker you are talking with will still be interested in helping you if they find your credit history has been impaired in any way.
• Find out if the mortgage broker’s firm have any in-house home loans of their own that they put up for sale in your particular case. If so will they still offer you a similar home loan offered by another lender for comparison purposes?
• Interest rates of course are an important part of any home loan, so it will be in your interests to find out at this early stage what this particular mortgage broker has in mind as far as interest rates go. Is he or she able to offer a home loan with discounted rates, if so for how long?
• Make sure you find out if you have to pay any origination fees to your mortgage broker and exactly what will be all the costs associated with getting a home loan through this particular source.
• If a home loan that is believed to be suitable for your specific needs comes up find out if the interest rate quoted can be locked in as the rate you will be taking out the loan at. If this can be arranged ask if there is a cost for doing so and will you get that money back at closing?
• Make certain you understand the rules pertaining to additional repayments before accepting the home loan being offered. Find out if you will be subjected to any penalty for making extra repayments in order to shorten the term of the loan.
• Get a reliable estimate of how long you will have to wait before the loan can be taken up.
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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 |
 
|
 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 |
|
 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 |
|
 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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