30 May 2022
How Much Can I Borrow for a Mortgage?
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Using a mortgage broker is becoming more popular for Australian borrowers. However, using a mortgage broker may not always be beneficial. Here are some tips to help you decide if you should use a mortgage broker.Â
AÂ Broker can find you much lower rates & fees
AÂ Broker can do all the work for you free of charge
If you are self-employed, have a poor credit history, or are a non-resident, applying directly with a bank may not be the best option. This is because banks may consider you a high-risk borrower, which could lead your home loan application to be denied. Instead, working with a mortgage broker could help improve your chances of being approved for a loan. Mortgage brokers are specialists in negotiating and lending policies. As a result, they can help you improve your loan application, get a clear picture of your financial situation, and help find lenders willing to approve you for one of their loans.
The home loan approval process is complicated, especially for first-time homebuyers. Working with a mortgage broker can help relieve some of the stress and make the process easier. Mortgage brokers will: