Firstly, it is important to understand that a mortgage broker works for you, not the bank. They are paid by the lender under the National Consumer Credit Protection Act 2009 and that legislation is designed to protect consumers and ensure ethical and professional standards in the finance industry. Lenders and mortgage brokers must hold a credit licence or be registered as an authorised credit representative.

A bank will only sell you its products, so you are already in a better position with a broker as they will look at a range of products from different lenders and find the right one for you.

Here are 4 key benefits of using a mortgage broker:

Fees

You don’t have to pay for the services of a broker. Once a loan is agreed, the mortgage broker is paid by the lender, therefore they are completely objective in what products they advise you on.

At Taxpro mortgage and finance, we offer impartial advice so don’t favour one lender over another. We search the whole market to source the right products for you and then negotiate with the lenders on your behalf to facilitate them competing for your business.

Rates

A mortgage broker will have studied the market in-depth. They’ll know what is attainable, what your monthly payments will be, and have access to rates that may not always be advertised. These can often be a lot lower! Some rates are only available to mortgage brokers, so this is another reason it’s smart to go through a broker.

Experience

This is probably one of the biggest financial decisions you will make so you should absolutely do your own research, but if you consider that a mortgage term may be over 25 years, and how much your life may change over that time, a mortgage broker will be able to give you options and scenarios that had never even crossed your mind. Brokers have had experience of so many clients in varying financial positions. These conversations from the start, could end up saving you thousands in the future. 

Save time

You work full-time, have a family, have football practice, ballet lessons, camping trips, and supermarket runs at the weekend, the dog still needs walking and you need to sleep! It would take you hours of internet research to look at all the home loans out there, to review all the pros and cons, to then find the perfect deal, and subsequently find out you are not eligible in the small print. A great mortgage broker will save you time, effort and money. They can also come to you, do the research based specifically on your financial situation and explain the details in plain Australian. Time is so valuable in today’s world, spend your free time doing what you love and let the expert take care of your mortgage.  

Request a call back from our in-house mortgage and finance expert, Reece Sacino here 
Or send him an email: reece@taxproaustralia.com.au to review your home load needs.