Why Use a Mortgage Broker
All first home buyers should seriously consider engaging the services of a mortgage broker to help work their way through the whole home buying process. You can choose to go it alone if you wish but the main consideration is the fact that you are making, for most people anyway, the biggest financial commitment that you will be likely to make in your entire lifetime.
eChoice Home Loan Comparison Service
Your eChoice mortgage broker will unbiasedly compare the loans from over 30 lenders to match the right product to your needs. The service is free and means you can make one visit to one person and still be sure you are making an informed decision when it comes to choosing the best home loan.
- You will be matched to a home loan using state of the art eChoice broking technology.
- You will work with your own friendly and knowledgeable home loan specialist.
- Interest Rate of 6.55%
- Comparison Rate of 6.55%
- Application Fee of $0
- Maximum LVR With LMI: 90%
- Minimum Borrowing: $0
- Maximum Borrowing: $0
You will be borrowing a substantial amount of money that you will have to pay back with interest over a very long period of your life and if anything was to go wrong, be it of your own making or not, it could cost you dearly, even ruin you financially. Even making an application for your First Home Owner Grant can be fraught with danger if you innocently forget to include certain relationships with others even when they don’t have any interest in the property you are purchasing.
Mortgage brokers are the accepted experts in the home loan industry, they deal with clients problems on a daily basis and they know all the pitfalls that can entrap the unwary. They also have an advantage over the average layperson as far as dealing with various lenders are concerned as this is what they do for a living. They know from experience what each individual lender requires in the way an application is completed as well as what supporting documentation is required. The same goes for those making application for the First Home Owner Grant. Mortgage brokers can help you make application for the grant, this way ensuring that it is completed thoroughly and honestly. For instance if you fail to give details of your spouse or domestic partner of any gender, whether they are involved in the buying of the property or not, it may be considered as you committing , or attempting to commit, a fraudulent act against the Commonwealth. If found guilty you could face a very heavy fine and if the grant money had already been paid over before the anomaly was discovered, you will have to pay the whole amount back.
A mortgage broker will also be able to have your application for the First Home Owner Grant forwarded to the state or territory Revenue Office where the property is located along with the mortgage application. You will have peace of mind knowing both applications will have all the required supporting documentation attached, meaning they will not be sent back to you seeking further clarification on some point or other. If your First Home Owner Grant is returned for any reason it will be un-processed and you will have to go through the whole process again as if it was a totally new application. If you have your grant application forwarded along with your home loan application and all is in order, you should have it approved by the time of settlement, if you are buying an established home, or if you are building your own home, by the time your lender forwards the first scheduled payment on the construction loan.
First home buyers who decide to ‘go it alone’ will also find the task of choosing the right home loan to suit their particular circumstances a very confusing, if not daunting process. This is because there are literally dozens of lenders out there offering hundreds of different loans. A home loan that appears on the surface to have a low interest rate may carry other charges such as fees and penalties that actually make it more expensive than a similar home loan with a higher interest rate. There is always the question of whether you should take out a mortgage with a fixed interest or one of variable interest, a loan with an offset savings account attached or one with redraw facilities. There is a lot to consider and an experienced advisor such as a mortgage broker will make this task much easier.
Most mortgage brokers don’t charge a fee for their services as they are satisfied with the commission they get paid by the lender for forwarding them your quality business. This doesn’t stop them from acting as your advocate while your application is being considered as well as representing you on any matters pertaining to your home loan up to when settlement day arrives. Your relationship with your lender won’t stop there as they will also be there to assist you in the future should your mortgage need changing to suit any changed circumstances. The whole while you will know that you are not alone in trying to manage your financial affairs as far as your home loan is concerned.
Related posts:
- Mortgage Brokers in Perth 6000 – Western Australia
- Mortgage Brokers Disadvantages
- Home Loans WA
- Guide to Mortgage & Finance Industry
- First Home Buyer Grant Application
- Mortgage Brokers in Darwin 0800 – Northern Territory
- Home Loans – Tasmania (TAS)
- Homeside Mortgage Broker
- eChoice Home Loans
- Home Loan Preapproval
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 |
|
Ask A Question