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Mortgage brokers: working for you
With so many changes in today’s world of finance, the clear message is DON’T PANIC! Seek advice from a trusted source.
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Below are some reasons why you should call your mortgage broker over the next months. Remember that a mortgage broker is there to help you find your best solution from the many available options. Let a mortgage broker do the ground work and research for you so that you can still sleep comfortably at night.
1. Getting the ‘best deal’
Everyone will be advertising ‘the best deal.’ But what they may omit to tell you about are the hidden costs, break out fees and other associated issues when changing lenders. Do not assume that all institutions have passed on the full interest rate reductions. Mortgage brokers have access to many lenders and will be able to guide you through your decision if you are thinking about your finance options right now. Don’t do it on your own – speak to one of the experienced financial advisors and they will work through this with you.
2. Switching
You may not even need to change lenders. Sometimes your current lender has brought out better products since you have taken out your loan. If they have introduced a better product, they are not likely to let you know. A mortgage broker, on the other hand, work for you – not the bank. So they will always make suggestions in your best interest, not theirs. It may be as simple as a product switch and a mortgage broker can help you find out whether it is financially beneficial for you to stay with your current loan, or switch to another product.
3. Credit card/debt consolidation
This time of year usually starts us questioning how we can better manage our debt – especially credit card balances that creep up and never seem to get paid. Often consolidating loans can free up substantial cash. It is common for a mortgage broker to save their clients several hundreds of dollars each month just by consolidating a few credit cards and personal loans. Why not add some more cash to that interest rate reduction and really take advantage of getting rid of that built up debt? Speak to one of the financially advisors now to explore your options in more detail.
4. Top up that loan!
If you need extra cash over the holiday period, sometimes it’s as easy as taking some from the equity in your home. it is disappointing when a mortgage hears that their clients ‘just went to the bank’ for that extra $10,000 when they could have helped them ourselves – and usually through more creative options. Once again, even small changes to your finance, like a top up or a small personal loan, can have severe consequences if all avenues are not explored and all changes discussed.
5. Invest
Increases to the first home owner’s grant (FHOG), falling property prices, increases in rental yields and dropping interest rates can only mean one thing. Investment time! Now is the perfect time in most parts of Australia for first home buyers and investors to get into the market. Get your loan pre-approved now before you go property shopping.
6. Escalate your loan
Don’t think that by going to your local bank, it will get done faster or that it will be more beneficial to you. All loans go to a processing unit. Brokers have access to the banks Business Development Managers (BDMs) who can escalate issues. If it becomes necessary, a mortgage broker will make them work harder to ensure your loan gets through. Because they have access to many loan products across many institutions, often they can find alternative solutions for funding that some banks just can’t access.
It’s not uncommon for brokers to get a loan through the same bank that has just declined a loan a loan through their local branch. Call your trusted mortgage brokers first and save time.
7. Getting out of your fixed loan
Unfortunately, some people have locked themselves into 5 year fixed rate loans at relatively high rates. These customers are now faced with hefty exit fees if they want to break those loans to benefit from the lower rates on offer.
What is disappointing is that all the indicators over the past 12 months showed that Australia was in for a decrease in rates. However, this advice was not passed onto clients from their lenders and therefore decisions were made that are now having a major financial impact on many families. If you or any of your friends or family need some guidance as to what to do when arranging a new loan (or breaking free from one), please call a mortgage broker now, as in many instances, these costly mistakes can be avoided.
With tighter uniform regulation in the broking industry on its way across Australia, think of your broker as being more of a professional in the same way you think of your accountant, financial planner or solicitor. Brokers build ongoing relationships with their clients and think of your best interests and not those of the bank. If we are your chosen trusted broker, get us working for you.
It is prudent to keep in touch with us at least annually for a review, but when times are volatile, it is wise to contact us more frequently to discuss your options in this ever changing market.
About Intellichoice
Intellichoice are experienced mortgage brokers who aim to help everyone achieve their dreams. They specialise in home loans, personal loans, business loans, commercial loans, development finance and owner builder finance just to name a few.
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