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What does a mortgage broker do?

Oktay Sengoz

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26/10/2022

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1 min read

You have been to your bank, and they have advised you that you can borrow an amount and offer you their best interest rate. Most people won’t speak to another bank, in fact, won’t even compare their rate to the market.

Occasionally, It’s due to not wanting to go through the process of another application with another lender, sometimes it’s due to not knowing what options there are.

Most people grew up with a dolomite account opened automatically for them in their schooling years and have just continued to go back to CBA for all their banking needs, including home loans.

60% of mortgages are organised by mortgage brokers and for good reason. Not only do mortgage brokers find you the best deal without you having to shop around, but they also manage the process of organising the loan.

Here are 3 benefits of using a mortgage broker

Find you the best deal

Good mortgage brokers have access to over 45 different lenders, who all offer different features and benefits. A good mortgage broker will analyse your financial needs and objectives and match a suitable lender. Mortgage brokers will also negotiate rates with all the suitable lenders to get you an even better rate than what's been offered on their website. Most lenders also have a different policy for assessing your information, which could mean that you could get a better outcome if you went with a certain lender that suited you specific financial position.

Manage the whole process

Mortgage brokers will request the initial information from you, but then take care of the whole process. They will prepare and submit your application to the lender. This saves you time and effort. They will coordinate the application submission, approval, loan contracts and settlement of the loan.

Structuring the loan effectively

A good mortgage broker will advise on an effective loan structure and offer ideas on achieving the best possible outcome. e.g., splitting the loan into different accounts and fixing one portion and keeping the other variable based on your budget to pay the loan off sooner.

Talk to us today, see how our mortgage brokers can get the best outcome.

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