Why go with more support? better rates? an easy process? a mortgage broker?
Everything you need to know about the mortgage broking process.
Why go with a mortgage broker?
Everything you need to know about the mortgage broking process.
A mortgage broker works with lenders to help you secure the best home loan for your circumstances. They’ll assess your financial situation, work with a variety of lenders to see what loans are available to you, help you understand any pros, cons and fees with each loan, and organise the paperwork to make the home buying process as easy as possible.
Do Mortgage Brokers act in my best interests?
In 2021 the Federal Government’s Best Interests Duty came into effect. This requires all mortgage brokers to act in the best interests of their clients in regards to:
- Putting the interests of the clients above any benefit to the broker, including not prioritising any loan that gives the broker a benefit unless it is in the best interest of the client.
- Give you options for different home loans.
- Make sure you are aware of the benefits are drawbacks of these options.
- Make recommendations that consider the features and costs of the loan, your likelihood of being approved for the loan, and your ability to repay the loan if you are approved.
The Best Interest Duty ensures that you can be confident your mortgage broker is looking out for you. Not only does it apply for new home loans, but it also applies when a broker suggests staying with your current loan or increasing your loan.
The Benefits of Using a Mortgage Broker
Save Money
Not only can we help you save on your home loan by sourcing loans with the best rates for your circumstances, but we also outline and explain any fees so you avoid nasty surprises.
Save Time
We know you're busy, which is why we do the hard work for you. We save you time by finding you loan options, communicating with lenders and organising the paperwork.
Get Expert Advice
We can talk you through the process every step of the way and explain the pros and cons of all your loan options. Our advice doesn't stop as soon as you sign either. With Northwick Funding, we're here to help you even after the deal is done.
Ready to talk?
Get in contact with our mortgage broker Paul on 0421 323 708.
Common questions About Mortgage Broking
What qualifications does a mortgage broker need?
Mortgage brokers hold a minimum of a Certificate IV in Finance and Mortgage Broking and are registered with the Australian Securities & Investments Commission (ASIC).
Am I locked into a loan if my mortgage broker suggests it?
Absolutely not! A mortgage broker is here to help you make an informed decision. They can explain your options and give you suggestions, but they can never choose your loan for you. If you feel pressured by your broker to choose a loan you’re uncomfortable with, that means it’s time to find a new broker!
Can a mortgage broker help me if I want to go with a specific bank?
You can still go through a mortgage broker if you know which bank or lender you want to use as mortgage brokers will still save you time by communicating with the bank for you and organising your paperwork. However, if you want to go with a bank you already use, going directly to the bank will likely save you time as they already have your financial information. If you think you know what bank you want to use, but want to see other options too, a mortgage broker can help you with that.
I want to become a broker, can you help?
Absolutely. We’ve mentored dozens of mortgage brokers and are always happy to help new brokers better understand the process, paperwork and needs of clients. Give us a call for a chat on 0421 323 708.