Should you really use a broker when arranging finance for a new home loan? Absolutely, because we can save you both time and money!
At the end of the day, the search-to-settlement process of buying a property can be time-consuming and stressful. Investigating finance products yourself, trying to make sense of the options available, comparing them objectively and then negotiating the best deal is a potential minefield that can be exhausting and costly.
As the home loan market becomes increasingly complex, more people are turning to finance brokers, and here are just five reasons why it’s a smart move!
(1) Finance brokers can give you your time back
Choosing a mortgage product can seem impossible and completely overwhelming with the many options available today. A finance broker already has extensive knowledge of the market, banks and other lenders as well as the products they offer. Of course, you can also research the subject yourself…. but having a broker do the legwork will certainly save you considerable time and potential confusion.
(2) Finance brokers can present you with a shortlisted range of options
All finance brokers have a panel of reputable lenders from which they recommend a loan. They have to become accredited with a lender in order to offer their product, and are required to keep up-to-date with their latest offers and promotions. After discussing your specific home loan needs, they can easily sift through what’s available and then present you with only the best options to suit your situation.
(3) Finance brokers can help find you the right loan
The best home loan deal is not necessarily the cheapest rate. A good finance broker will examine your circumstances and future plans to recommend a loan package that’s the most suitable. Many products seem to offer a good deal but can have penalties, fees and charges you may not be aware of. Or, they may not offer the flexibility you require in the future. Grow Financial Solutions can help you avoid taking out a loan you might later regret so you can make the most of the asset your property is.
(4) Most finance brokers don’t charge you a fee
Most finance brokers don’t charge a fee for their service as it’s the lenders who pay them a commission for the loans they write. This doesn’t cost you anything extra at all and it actually likely to save you considerably. You’d probably not be able to negotiate a better rate on your own and you’ve got the benefit of a financial expert doing all the negotiations on your behalf.
(5) Accredited finance brokers are required to put your interests first
If you were to independently meet with a bank to discuss their home loan options, the banking representative is acting on behalf of their employer and only bringing to the table what’s in the bank’s best interest. Under Australian law, a finance broker has a legal and ethical obligation to act in the client’s best interest. These regulations have been mandated to ensure a broker will only ever give you advice that’s aligned with your objectives and that never compromises your financial situation.
Grow Financial Solutions are here to help you avoid the many potential pitfalls that can present when seeking a home loan. As a licenced credit provider, Peta works to save you time and money while giving you peace of mind. If you’ve got your eye on a property – either your dream home or as an investment, call today to see how we can get it financed for you!