13 Aug 2021

When Should I Use a Mortgage Broker?

Every business reaches the point where it has expansion needs that it cannot pay on its own. When the business reaches that point, it is necessary to reach out to a financial institution for a business loan.

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. 

 

If you have strong credit and are very conservative

Broker can find you much lower rates & fees

You’re time pressured & busy

Broker can do all the work for you free of charge

You’re Considered a High-Risk Borrower

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.

You’re a First-Time Home Buyer

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:

  • Help you fill out your application, make sure your application is filled out correctly, make sure your required documents are up-to-date and will guide you through the entire process.
  • Liaise with all the people involved with the home buying process, including solicitors, real estate agents, valuators, and your lender
  • Be your one point of contact during the process. They will schedule everything from the valuation to the settlement date so you can stress less.

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