So many first home buyers are unsure where to start when it comes to financing their first home. We get it! There is so much information available online – it can be confusing. And we’ll admit: the home loan process isn’t always smooth sailing. That’s where mortgage brokers can help!
The role of a mortgage broker is to act as the intermediary between you and the banks, by doing the research and legwork for you, while also advocating on your behalf. We like to think that we level the playing field with the banks – giving everyday Australians the support they need to find the right home loan.
In fact, more and more Australians are trusting a mortgage broker to get them a great home loan: over 70% of home loan applications are now assisted by a mortgage broker.
Here are 5 ways a mortgage broker can help first-home buyers:
Our home loan service is free
We think this is an important point to start with! Many first-home buyers aren’t aware that in Australia, mortgage brokers offer a free service to anyone looking for expert advice about their home loan.
Instead, the bank pays your mortgage broker a commission when your home loan settles. It doesn’t affect your home loan rate or increase your payments. It means that anyone can access expert advice & support, no matter where they are in the home loan journey.
We give you access to a wide range of banks & lenders
If you go directly to your bank for your home loan, they can only give you access to the home loans offered by that specific bank. It means fewer options, which could mean the home loan doesn’t fit you or your budget. When you’re borrowing a significant amount of money, the right interest rate and loan features make a big difference.
In contrast, mortgage brokers give you access to a wide range of lenders – including all the big banks and some specialist lenders. While the exact panel of lenders depends on the broker you work with, most Mortgage Brokers have a lender panel of twenty or more. That gives you thousands of home loans to choose from.
We do all the research & paperwork
We know how many thousands of home loans are available on the market. Researching these on your own would take days, if not weeks, and you still wouldn’t be across the fine print. The good news is: your mortgage broker can do it all for you.
The first conversation with your broker will be focused on getting a clear picture of what you want from your home loan. They will go through your numbers: income, debt, and assets and let you know how much you can afford to borrow & repay and which lenders would fit you best.
Your mortgage broker will then go away and do all the research for you: handpicking a small selection of home loan products that suit your needs. Our experience means we know where to look and what questions to ask.
Your broker will then put the application together in a way that will give it the best chance of approval and answer any questions the lender has on your behalf. It leaves you free to find a great property.
We help you figure out what incentives & grants you could be eligible for
Both the Federal and NSW state governments offer a great range of incentives and grants for first-home buyers. An important part of our service to first-home buyers is figuring out if you’re eligible for any grants and incentives and helping you apply.
We help you navigate the home loan process
Buying a home for the first time is a big step for anyone, and it’s hard to know what to expect. Your mortgage broker will be there to guide you; from the very first conversation all the way through to settlement.
A good-quality mortgage broker will even remind you when it’s time to review your loan to see if we can get you a better deal through refinancing.
We advocate on your behalf
It’s so important to remember that as mortgage brokers, we don’t work for the banks – we work for you! Our access to a wide range of lenders means that we can use the competition between the lenders to your advantage.
An experienced mortgage broker will know when to push a bank for a better deal and how best to negotiate your home loan terms. Our goal is the best outcome for you.
We would love to help you
At Mortgage Choice in Neutral Bay, we are passionate about the value that a quality mortgage broker can provide to first home buyers who are just starting out on their property journey.
- We have over 35 lenders on our panel.
- Stephen has over 25 years of experience in residential finance.
- We have an award-winning team.
- We can help via phone, video chat, or in-person!
Get in touch with us today – we would love to help you find a great first home loan.
Stephen Lemm – Mortgage Choice in Neutral Bay
P 0414 242 924
