Are you planning to purchase a home? You’ll undoubtedly need a home loan to realise your dream.
Like many Aussies, shopping for a mortgage is a life-time investment that’s full of promise. However, when you get down to the nitty-gritty of the process, the property jargon and interest rates can make you tear your hair out.
Here is where you require a helping hand.
You could choose to use a mortgage broker or a bank to secure your home loan. With these two choices, you need to pick the right one to save on costs. So, should you go to the bank or the mortgage brokerage way?
In this article, we explain why you should use a mortgage broker instead of a bank. Keep reading to learn more.
Brokers Offer Freedom of Choice
When you visit a bank for a home loan, you’ve limited choices.
Most banks only have a few home loan products. So, they will try to convince you to buy one of these products, which means your freedom of choice is restricted.
Using a mortgage broker secures this freedom. The broker acts as an intermediary between you and the banks, giving you an excellent opportunity to compare and contrast different home loan products.
Also, your broker will offer information to help you determine which product is the perfect fit for you depending on your financial situation.
You’ll Get a Home Loan Fit for Your Needs
As noted above, a mortgage broker offers you an opportunity to compare different home loan products without restrictions, as more often than not they are not tied to one lender.
You’ll get the opportunity to choose a home loan product that is in line with your needs and easy to service. Hence, you not only get to buy a home but also keep costs down for the repayment years to come.
If you’re using a bank, the case is very different. Despite explaining your needs and preferences in detail, the bank can only recommend one of their home loan products. You can only compare the in-house mortgage products with several restrictions, and in the end, you get a loan that may not be suitable for your unique situation.
Brokers Offer Great Savings Opportunities
A mortgage broker allows you to save massively.
Since they deal with many lenders and banks at a go, they’ll have had the chance to access special offers and favourable interest rates well before you even walk through the door.
With a broker, you can expect to get a loan that offers such perks as cashback, discounted rates, and fees reduction. All these extras save you some money, which you can use for other purposes like finishing or upgrading the home.
On the contrary, banks only deal with in-house products, and often, these don’t have offers or discounted rates. In case you want to enjoy a lower interest rate, only luck will help you to get banks offering such terms on a home loan. Hence, a mortgage broker is the only sure-fire way of accessing cost-saving opportunities when buying a home.
Brokers Offer Enhanced Convenience
Undeniably, the home loan application comes along with a colossal paperwork task. You ‘ll need to fill several forms with detailed information, and if filling in forms isn’t your thing, you’ll have a rough time of it; the exercise can be tiresome, tedious, time-consuming.
When applying for your home loan through the bank, you’ll need to do all this work yourself. Even though some banks offer online home loan application options, they still require you to appear in person at the bank at some point to complete your application. Remember, you can only visit banks during business hours.
When you use a mortgage broker, you get a hassle-free experience. Brokers take up the home loan application process and help you to fill the application forms and other paperwork. Also, they negotiate loan terms on your behalf, so in case they need you to visit their office, you can do so at your convenience.
In a word, using a mortgage broker eases your home loan application process.
Brokers take on the dirty work of filling in forms and scouting for the most favourable interest rates, leaving you to focus on more important matters.
At Bris Loans, we have a team of professional mortgage brokers that has a deep understanding of the Australian home loan market. We offer you free mortgage broking services that ensure you find the best loan terms for your needs.
So, if you need some assistance in finding a home loan, feel free to reach out to us and well set you on the right path.