Because they can save you time and money.
As the home loan market becomes increasingly complex, more people are turning to finance brokers. Here are some of the reasons.
Finance brokers can save time
The choices now available in the mortgage market can seem limitless and completely overwhelming. You can choose to research the subject, the lenders and their products yourself, or work with a finance broker who already has that knowledge.
Finance brokers give you choice
All finance brokers have a panel of Lenders from which they recommend a loan. They have to become accredited with the lender to offer their product, and are required to keep up-to-date with their latest offers.
Finance brokers can help find the right loan
The best deal is not necessarily the cheapest rate. A good finance broker will examine your circumstances and future plans to recommend a loan that is right for you. Having an appropriate loan which works for you can help you build wealth.
Most finance brokers don’t charge you
Most finance brokers don’t charge a fee for their service as the lenders pay them a commission for the loans they write. There lenders offer the same rate via the finance broker as they would directly, and a finance broker could save you money in other ways.
Finance brokers can help you avoid pitfalls
Many products seem to offer a great deal but they could have penalties, fees and charges you may not be aware of. Or, they may not offer the flexibility you require in the future. A finance broker can help you avoid taking out a loan you might later regret.
The only finance brokers to deal with: MFAA members
A good finance broker can save you time and money, and give you peace of mind. But, remember, only work with finance brokers who are members of MFAA – they are the Essentials of Borrowing..
An MFAA Approved finance broker is not your average mortgage broker.
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Why speak to a finance broker now!?
When saving a deposit to buy a home, many people have a goal amount in mind that they need to save before they meet with a finance broker who will help them secure the finance.
If this is you, you’re doing it wrong. From day one, when you first think ‘I could maybe buy a house if I worked hard and saved a lot’, you’re ready to have a finance broker on your side.
A finance broker’s knowledge of the loan and property market will help you work out how much you will be able to borrow, which determines the size of the deposit you will need to save.
They will also be able to help you develop a realistic timeline to save your deposit and find ways to pay down debts faster, and provide creative solutions that will help reach your goals sooner.
You may also be pleasantly surprised to find that you are closer to your goal than you thought. The tools in a finance broker’s belt that can help you realise your dreams more quickly and efficiently include lender’s mortgage insurance, specialist lending products, land loans and, for investors predicting significant rises in property prices, interest-only loans.