Currently, in Australia, over 70 per cent of home loans are being settled through mortgage brokers which has demonstrated a significant rise in both in-person and online mortgage brokers over the years. Due to the current crisis with rising costs of living and interest rates, many people are seeking professional advice when wanting to take out a home loan.
Experts are expecting this current figure of over 70 per cent to continue to steadily increase in the coming years, as a mortgage broker can be of great assistance to people who require financial advice and assistance when applying for home loans.
What Is A Mortgage Broker?
You may be wondering what a mortgage broker is before you can understand how they may be of assistance to you. Essentially, a mortgage broker is a financial professional who specialises in all aspects of home loans and mortgage processes.
A mortgage broker will oversee the process of applying for a home loan for their client, from the start through to the end including stages of pre-approval and assistance with the paperwork required. A mortgage broker is often seen as a middleman between banks and lenders, as they will have a range of lenders they work with and will make choices that best suit the client and their personal circumstances.
What Does A Mortgage Broker Do?
A mortgage broker will provide a range of services which include:
- Providing knowledge and explaining how the various loan types work and what is involved in them including their features, costs, and relevant interest rates
- Providing financial advice such as lender’s mortgage insurance, pest inspections, council rates and stamp duty
- Assist by calculating your borrowing capacity through understanding your goals and requirements whilst taking into consideration your financial situation including your income, regular expenses, savings, and equity
- Provide advice and strategic solutions which are beneficial and related to your situation
- Assist in applying for the loan you are wishing to apply for and overseeing the entire process from start to finish
- Liaise with banks on your behalf
There are a wide variety of services that a mortgage broker can provide whether this is your first time utilising a mortgage broker or a subsequent time, a mortgage broker will work with you to form a relationship and understand both your short and long-term term goals to find the best loan options for you and your circumstances.
How Can A Mortgage Broker Assist You?
Are you looking to buy your first home utilising the First Home Buyer Scheme in Australia? A mortgage broker will be of great importance for you in these situations to assist you in understanding the ins and outs related to the schemes, the legalities, interest rates and what you require to be able to apply.
Working with a mortgage broker has many benefits to the client, which is why there has been a rise in the utilisation of mortgage brokers over the years. One of the main benefits is the access that mortgage brokers have access to regarding lenders and banks. Many lenders have built up a reliable client base with mortgage brokers and utilising these brokers may assist you in receiving rates that are lower than what you may receive if you were doing the work individually.
Working with a broker may save you time and work, as they have the knowledge and experience required to apply for home loans and understand the processes surrounding them. A mortgage broker will need your assistance in filling out the paperwork necessary, although they will take care of the loan process, and deal directly with loan lodgements and preliminary assessments, often with a faster approval rate, saving you time, and work and making the process as quick, seamless, and stress-free as possible.
How Do I Find Sydney Mortgage Brokers?
Whether you are searching for an online mortgage broker or a face-to-face Sydney mortgage broker, it is beneficial to conduct some research before selecting which mortgage broker you would like to receive services from. Research can be conducted online through Google reviews or can be done through word-of-mouth if you have a close friend or family member who has had a good experience with a mortgage broker they have worked with.
It is essential to understand the skills and experience a mortgage broker has before receiving their services. Understanding their knowledge and experience will assist you in understanding their experience in the field.
Reach Out To Reputable Mortgage Brokers Today
If you are thinking about buying your first home and need assistance with applying for a home using the first home buyers grant, or a looking to buy an investment property, reach out to a team of reputable and experienced Sydney mortgage brokers today.
Mortgage brokers provide several benefits to their clients, saving the stress and intricate details of applying for a loan. A mortgage broker aims to make the process simple, seamless, and as stress-free as possible!