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With many home loan options and products available to everyday consumers, it’s not uncommon to be confused as to which lender might be the perfect fit for you. With strong competition amongst banks, it is important to know that certain lenders may be more favourable to one’s given position as opposed to others.

How do I know who the best lender is for me?

This is where a Mortgage Broker can help. A Mortgage Broker is a financial professional that specialises in finding the very best lending solution for their clients. Their role is to represent the client and be the intermediary between the consumer and the lender. In Australia, more than half of the home loans written are from Mortgage Brokers and with more products coming on to the market each year, the role of a Broker has never been more important. Mortgage Brokers are accredited with multiple home loan providers, and with the increase of second tier lenders amongst the big four (CBA, NAB, Westpac and ANZ), consumers are broadening their scope in the search for the most suitable lender.

So why should you use a Mortgage Broker?

Ensuring you’re getting the best deal

Walking into your local bank branch may be convenient but how do you know if the product they are offering you is the cheapest and most suitable. Mortgage Brokers are accredited with various different lenders and have scope to compare many home loan products against one another. This gives you a platform to make an informed decision that is right for you instead of being subject to one home loan option.

Mortgage Brokers represent the consumer and provide education on products and processes

A Mortgage Broker can be a great sounding board as well as an excellent resource for navigating the complex world of banking. For those that may not necessarily have a lot of experience within this space, a Mortgage Broker can break down the complexities and provide education on the most suitable home loan. In addition to providing information on home loan products and solutions, a Broker’s role is to also ensure that their client has the confidence and knowledge in the purchasing process.

They make the home loan process easy

Mortgage Brokers take the legwork out of time-consuming home loan applications and the complexity that comes with it. The detailed paperwork and requirements by the lender will be explained thoroughly and ensure the client is fully aware of their selected product.

Provide complex lending solutions or alternative lending options

If you wish to utilise some of the equity within your home for renovations, purchases or a holiday then a Mortgage Broker can be used to access these funds. Refinancing to another lender offering a better interest rate is also an important aspect of the day-to-day tasks of a Broker. Interest rates and individual circumstances change frequently so having a Mortgage Broker in your financial team will allow you to be up to date with market rates and options.

With a high level of lending knowledge behind them, Mortgage Brokers should be considered a key member within your financial services team. If you are seeking to purchase a home or thinking about refinancing to another lender, then contact the team at 40 Forty Finance to ensure you have the knowledge and support behind you.

 

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