With interest rates at such a low level, potential homebuyers have a perception that it would be difficult to find a good home loan deal.

Take a look around. What is a mortgage rate that begins with a two? It’s quite amazing! It’s a great idea to just throw a dart at any bank and see which one it hits.

Better yet, you can make it extremely easy by simply going with the person who manages your daily transaction account. This approach is dangerous and flawed. It is better to hire an independent, experienced mortgage broker than take a chance and try it all on your own.

But if the Coronavirus (COVID-19) has taught us anything, it’s that having professionals on your side in times of need is one of the greatest assets you can have.

The appeal

These days, everyone is very time-poor. There’s little time to spare for anything, due to work and family obligations. You don’t have the time to search for a loan home in that small window of time.

A mortgage broker does all of the groundwork for you to assess your situation and find the absolute best possible loan out there that meets your needs. They will then do all the legwork for you, making sure that the application process goes smoothly.

Moreover, they are independent, knowledgeable, and on your side.

Experience

The lives and dreams of thousands of clients are made real by mortgage brokers every year. They are therefore very knowledgeable about home loans. There’s more to understanding what makes a mortgage a good one than just the interest rate. It is dependent on many other factors, and then it must be considered how they relate to your situation and you.

They will get to know you and your needs and find the best home loan for you. This is something you won’t find at a bank, or online.

The convenience factor

The flexibility and motivation of mortgage brokers is their foundational strength. They are open to working with customers and will often work around their schedules. Work odd hours? You need to meet up at a café near your child’s school between the appointment and the 3pm pickup. It is possible to arrange for a broker.

A world full of choices

You will be presented with all the home loan products available when you visit a bank directly. There might be a few, especially at much bigger banks that offer mortgages for all types of customers.

A broker can help you get access to hundreds of home loans from dozens different lenders. This means that you don’t have to stick to one bank or a few loans. Instead, you should be looking for the best deal in the market.

They are natural teachers

A mortgage broker helps you find the best home loan possible and makes it happen. A good broker does more than just that.

They can share their many years of experience with first-time buyers and investors to help them understand the lay of the land. In addition, they can help you clearly understand the financing process from start to finish.

You might be able to learn from them some of the tricks that agents use to help you go on the property hunt with confidence. They have been there and are there every day for their clients. This gives them a better understanding of what can happen each step of the journey.

Getting it done quicker

Ask anyone in the banking industry about their experiences and you’ll hear the same thing: it’s flat out.

There has been an influx of buyers looking to buy a home or invest in property, especially in the major capitals. This is due to the recent recovery of our property markets. The banks are under intense pressure.

For those who are borrowers, this is creating uncertainty and delays. Speed is always a positive thing. It’s never too hard to reduce the time it takes to navigate through banks’ hoops. It’s particularly true in busy markets.

Brokers are known for their professionalism and can help speed up the process by an average of two days compared to if they were doing it all yourself.

Staying in it for the long-term

A great broker will not only make the loan process easy, but will also be there for you over many years.

They will reach out to you to remind you of the importance of reviewing your home loan’s health and to help you find a better deal. They’ll also be available if you have to refinance your home or purchase elsewhere.

Access to advanced systems

Let’s suppose you are looking for a home loan, and you’re doing it all yourself. Go to the bank’s website and fill out the application form. Then wait.

Perhaps your situation is complicated – maybe you are single or your partner isn’t working right now, your salary is low, or you have other financial issues – and the bank will knock you back. Your chances of getting approved were not in their favor.

Although it would be disappointing, you could move on to the next lender and try again. Because it was an actual application, the mark is now on your credit report. Credit inquiries, as we all know, can cause problems when you apply for a loan.

Brokers, on the other hand, use sophisticated software to create a profile about you, your situation, and your aspirations. This information is then compared to the loan products available in the market and the lending criteria they are likely to follow.

Brokers can help you save time and stress by assessing your borrowing potential and likelihood of success without affecting your credit history.

Cutting through the clutter

Everybody has a different opinion on home loans. You can just mention you are buying a property at a backyard barbecue and get suggestions from the crowd. This is what you should do. Ask for it. This is unnecessary. It is confusing.

A broker can help you cut through the clutter.

The best things about life are free

This is the best option for property buyers, considering all the compelling reasons why a mortgage broker is necessary.

Brokers work for you, but are paid by lenders.

Brokers are paid a commission by the selected lender. This doesn’t come at a cost to you, but it is regulated so there is no preference for certain products or banks. Your best interests will be the only consideration.

Because of the above factors, brokers now represent more than 55% of all Australian mortgage business. They are subject to Best Interest Duty, which ensures all consumers receive the best outcome. Banks are not required to comply with this duty because they only sell one product.

You might find it compelling to use a professional mortgage broker as your advisor in one of the most important financial decisions you will ever make.