September 12, 2011
Lenders are scrambling to win borrowers' business by offering a range of appealing discounts and other incentives, urging many Australians hunting for a home loan to ask, 'Who can I trust to help me find the best deal from this confusing maze?'
Know that liaising directly with a lender will give you a deep insight into their products only; however, visiting lenders one by one can make product comparison and negotiation a great challenge.
As tempting as it can be to simply go with the first or second lender you meet with, failing to shop around often leads to missing a more affordable and suitable opportunity, says Australia's largest independently-owned mortgage broker, Mortgage Choice.
Company spokesperson Kristy Sheppard said, "One key reason why over 40% of all new home loans in Australia are sourced through mortgage brokers is that they provide a service one lender cannot - a broad knowledge of our ever-changing market across a wide range of lenders."
"A professional broker provides you with current information on many lenders and loans available in today's increasingly complex market and helps you sort through it while answering all manner of questions. Once you've made a decision, they'll then do most of the legwork while working with your chosen lender on your behalf throughout the application, approval and settlement process."
"Mortgage brokers go the extra mile to negotiate with lenders to structure a better property finance outcome for your unique needs. Standout brokers can leverage their partner relationships to secure interest rate and fee discounts, faster turnaround times and present evidence to negotiate more accurate property valuations for borrowers looking to release equity.
"A good broker will also submit government grant and concession applications on their customer's behalf, arrange regular home loan health checks and source property reports. Some even go as far as organising rental housing for customers who are between properties and hosting community seminars, among other activities that better help people achieve their property dreams.
"Because they are self-operating business owners and employees, professional brokers strongly value their customers and apply a 'client for life' attitude to their work. There at each step to ensure the home loan process is stress-free, they often save borrowers time, effort and money.
"Even better, many mortgage brokers don't charge customers a fee for their service. Either way, be aware not all mortgage brokers provide the same level of service and care. Ensure you enlist the services of a reputable, MFAA-approved broker who you trust to help improve your loan situation."
MFAA CEO Phil Naylor said, "An 'MFAA Approved Broker' can save you time and money, provide you with greater choices and help you avoid pitfalls. Our brokers are also backed by industry education and an accreditation process, so you know you're getting expert guidance."
To find a Mortgage Choice broker near you when you're on the go, download the free 'Home Loan Helper' iPhone app.
For home loan tips, trends, facts, data and other information, visit Facebook.com/MortgageChoice or Twitter.com/MortgageChoice. Or, call 13 MORTGAGE.
For further information or to arrange an interview, please contact:
(02) 8907 0472 / 0407 416 124