Whiz Loan Finder

When to see a Mortgage Broker for Australian Home Hunters?

Any Australian can search for a range of available and suitable mortgage deals on various comparison websites to find their dream home. But there are risks to doing it alone.

You may not end up with the best deal for your particular situation, especially if you have an income trickier to explain. It is true if you're self-employed or you're a first-time buyer, and the application process can take longer.

Also, you might even find it harder to get compensation by going it alone if you later find out that the mortgage is unsuitable.

Why should you seek the advice of a mortgage specialist?

A mortgage broker, also known as an independent mortgage agent, is a specialist with in-depth knowledge of the market.

They're able to look at a range of mortgage products that suit your needs. It's a good idea to speak to a few of them to see what's on offer.

There are three main types of mortgage broker:
Some are tied to a specific lender

Some look at deals from a limited list of lenders, and
some check the whole market for a wide range of products

Even 'whole market' brokers don't cover everything. They can't advise you on mortgages that are only available if you go to the lender directly.

All mortgage brokers must offer you advice when recommending the most suitable mortgage for you.

Securing a mortgage is an important financial decision, which is why most people decide to seek advice. A broker will search the mortgage market on your behalf, compare deals, and guide you through the application process.

Here are other reasons to seek advice from a Mortgage Broker:

They'll check your finances to make sure you can afford a mortgage

They might have exclusive deals with lenders, not otherwise available

They often complete the paperwork for you, so your application should be dealt with faster

Different Types Of Loans
Part 1) Investment Property Loan

An investment property loan is for people looking to borrow money for commercial gain and use the funds to buy an investment property.

This investment property is then rented to tenants. The tenants rent payments
then go towards the investment
property loan repayments.

Investment property loans can differ to “owner occupied” residential loans in that they often require a larger deposit. Investment property loans can also be a slightly higher interest rate as they are considered a higher risk to the financial institutions lending the money.

https://whizloanfinder.com.au/blog/all-you-need-to-know-about-mortgage-calculators/

Are you planning to buy a home soon? If yes, then you would likely need a home loan, and before everything, you have to plan things. Budgeting, affordability, and figuring out the impact of interest rates are boring things to understand and process but believe it or not; they are the most important part.

We understand that it is challenging to set your finances properly. That’s why mortgage calculators are available. It is an online tool that gives you an overview of your mortgage.

https://whizloanfinder.com.au/blog/all-you-need-to-know-about-mortgage-calculators/

Should you expect much when using a mortgage broker? Of course! Professional mortgage brokers are educated and trained in their field, and you should expect good services from them.

These are some advantages of using a good mortgage broker:

1. Educated and trained
Mortgage brokers are knowledgeable since an approved organization trains them to obtain a license. In addition, the experience they have gained is an assurance that the information and deals they offer are suited for your needs.

2. Have good access and connection
They have regular contacts with many lenders since they serve as a bridge between lenders and borrowers. With that being said, lenders are more comfortable communicating with them and might give better deals since the mortgage broker assures them that the borrower or the client can afford the said loan.

3. Saves you time
A mortgage broker saves you time not just during the application but before the application process. They will provide you with a loan apt for your needs, financial status, and best deal offers. You basically don’t have to start from scratch. After being assessed by your mortgage broker, they will provide you with formal comparisons to guide you in choosing the best loan. During the application proper, they will save you legwork because they will do most if not all the time-consuming tasks.

4. Provides service with you in mind
With a mortgage broker, you are assured that they will provide you with the best deals in line with your needs. They will interview you to understand your needs and your goals entirely. From what they have gathered, they will provide you with different options to choose from. They will serve as your adviser and provide you with information, e.g., interest rate, to ensure that you select the best loan.

5. Saves you money
Mortgage brokers not just save you time but can help you save money as well. Because of their connections, they are mostly offered loans at a lower cost by the lenders.

This is just a shortlist of advantages on why you should use a mortgage broker. If you are still contemplating what loan is best for you and don’t know where to begin searching, it would be best to hire a mortgage broker to seek advice. While you’re at it, make sure that you hire the best mortgage broker you can find.

Are mortgage brokers better than banks?

Well, for starters...

Mortgage Brokers are required by law to act in your best interest or they face severe fines.

Banks however can sell you whatever they want!

Here are a few other reasons why Mortgage Brokers are better than Banks for finding you a home loan or investment property loan:

https://whizloanfinder.com.au/blog/are-mortgage-brokers-better-than-banks/

Are mortgage brokers better than banks? | Blog | whiz Loan Finder After you decide that you will obtain a mortgage, you have to weigh in your circumstances. Can you do the process on your own? If the answer is no, then using a mortgage broker is the best option for you but, if you are confident enough with what you know in terms of loans and […]

Regardless of what type of home loan you need, when you talk to a mortgage specialist they will help you decide which of the following types of home loan options suit your individual requirements:

- Investment Property Loan
- Interest Only Home Loans
- First Home Loan Deposit Scheme
- Principal And Interest Home Loans
- Refinancing An Existing Loan
- Residential Home Loan
- Variable Rate Home Loans
- Fixed-Rate Home Loans

Read more about the various loan types here:
https://whizloanfinder.com.au/type-of-home-loans

Types Of Home Loans | Whiz Loan Finder Use our Whiz Home Loan Finder calculator to help you discover how much you can afford to borrow and what your weekly, fortnightly, or monthly repayments will be

Ready to find out how much you can borrow for your refinancing loan?

Use our Whiz Home Loan Finder calculator to help you discover how much you can afford to borrow and what your weekly, fortnightly, or monthly repayments will be.

Enter your desired loan amount and interest rate on this section now and we’ll whiz the numbers together to calculate your borrowing power.

https://whizloanfinder.com.au/refinance

Refinance | Whiz Loan Finder Use our Whiz Home Loan Finder calculator to help you discover how much you can afford to borrow and what your weekly, fortnightly, or monthly repayments will be

Refinancing your home loan to save money...

Buying your first home is never easy. Probably, it is one of the hardest things you will ever do. At the median value of approximately $550,000 dwellings in Australia need a good amount of dough to get cooked up by everyday punter. Unless you have a cash flood, most of the funds will be utilized for borrowing through a home loan –also known as a mortgage.

Several years of savings are required for making a deposit. However, the initial deposit is just the beginning. In the upcoming decades, the ongoing repayments will serve as your biggest costs. One of the best ways of saving on the ongoing cost of buying a home is by getting access to a good value home loan.

The home loan that you choose should feature suitable benefits and lower interest rates.

Read the full article here:
https://whizloanfinder.com.au/blog/refinancing-your-home-loan-to-save-money/

Refinancing your home loan to save money | Blog | whiz Loan Finder Buying your first home is never easy. Probably, it is one of the hardest things you will ever do. At the median value of approximately $550,000 dwellings in Australia need a good amount of dough to get cooked up by everyday punter. Unless you have a cash flood, most of the funds will be utilized [.....

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