The highly active real estate market in Melbourne is a heaven for mortgage brokers, many specializing in the local area with various services available across each. But where can you find the best one that suits your demand? Mortgage Brokers, in this article we are discussing what mortgage brokers do compared to a bank or direct lender; why using the right Mortgage Broker is crucial and finally how you can find the best service from lending professionals verses cheap rates offered by many of their competitors.
Break Free Home Loans can help take the stress out of finding your home sweet loan, whether you are a first-home buyer or looking to refinance.
What is a Mortgage Broker?
A mortgage broker literally just mediates between yourself and the banks or lenders. They have access to a wide selection of home loans from multiple lenders and can aid you in locating the best loan for your personal situation. Brokers compare loans for you and negotiate directly with lenders to secure the loan — they do all of the leg work saving you time, effort and stress.
Melbourne Finance Brokers are licensed and abide by the rules provided under National Consumer Credit Protection (NCCP) Act. This guarantees they are a responsible lender, and everyone is working for the same side.
Why Use a Mortgage Broker?
Here are just a few reasons you might consider working with one of the most experienced mortgage brokers in Melbourne.
1. Access to Multiple Lenders
That’s because mortgage brokers may be able to tap a wide network of lenders, from the big banks you have probably considered as well as perhaps smaller institutions that might not have been on your radar. This means they are able to compare rates, fees and features from a range of lenders which might be better suited for you.
2. Save Time and Effort
When applying for a home loan, it can take quite some time and be very confusing Everything from documentation to dealing with the lender is taken care of by mortgage brokers. They can help you out significantly by handling these tasks and ultimately save your time as well as efforts in the process.
3. Expert Guidance
Even seasoned buyers can find the mortgage landscape confusing, but for first-timers it is often downright baffling. Such expertise is what a mortgage broker offers you on all the possible options based upon your individual situation. They can interpret the details– like how interest rate works, offset accounts and lowdown’s of backed versus variable repayments.
4. Better Negotiation Power
They make a habit of negotiating terms on your behalf, so they have an insider view relating to low interest rates and other loan fees that can be manipulated.
How to Select the Right Mortgage Brokers Melbourne
Now that you know why working with a mortgage broker can be advantageous, the next thing on your agenda is to find one in Melbourne. Here are nine things you should consider.
1. Experience and Expertise
Seek a broker with the track record of being able to apply for most loans successfully. And, the more experience a mortgage broker has under their belt, ultimately means they are likely to better understand what works best for you and your Melbourne investment property.
2. Accreditation and Licensing
A licensed mortgage broker is a must. Australian brokers must be licensed by ASIC (the Australian Securities and Investments Commission) or under the NCCP Act. Check their credentials to make sure they are up to the industry standards.
3. Reputation and Reviews
Read their online reviews and testimonials of some previous consumer. An honest and professional mortgage broker will have positive reviews, no doubts about his offerings. We have had a good experience with Break Free Home Loans, which is reflected in the many client testimonies and positive reviews.
4. Range of Lenders
Make sure to ask potential brokers how many lenders they deal with and make 100% that you are satisfied by the selection, from lots of big banks through smaller reputed ones. If a lender offers more options, it means you are more likely to be able to find a loan that is tailored for your requirements.
5. Fee Structure
Most mortgage brokers are paid by commission through the lender at settlement of your loan but fees could be an important thing to look at in front. At Break Free Home Loans transparency is the key though with no hidden costs so you can be assured we’re working in your best interest.
Why Choose Break Free Home Loans in Melbourne
Break Free Home Loans — Committed to tailor-made home loans for Melbourne. We know that no two buyers are alike and all of us have different financial circumstances, so we take the time to understand your needs. Here’s what sets us apart:
1. Tailored Loan Options- Whether you are a first home buyer, or an investor we look to find the most appropriate loan for your circumstances.
2. Step-by-Step Support- simplify a seemingly overwhelming process and make sure you are clear on every step.
3. Fast and Efficient Service- Time is generally of the essence in Melbourne due to how fast the market will turn over.
4. Work on Your Relationship Building Rhythm
At Break Free Home Loans, we don’t stop when it comes to your first mortgage. We prioritize developing robust, long-lasting relationships to be your constant go-to for refinancing or making additional purchases down the line.
If you are a Melbourne resident, then the team of experienced home loan brokers at Break Free Home Loans is here to help you navigate your way through the complex nature of obtaining finance and finding solutions that fit with what it is you want to achieve.