6 Reasons First Home Buyers should consider using a mortgage broker - Addisons Advisory Group

6 Reasons First Home Buyers should consider using a mortgage broker

Purchasing your first home can be a confusing and sometimes daunting task, from choosing the right home loan to finding the perfect first home – there are a lot of big decisions to be made. The good news is when it comes to organising your finance, it is much easier to let a good mortgage broker do the leg work for you.

What is a mortgage broker?

A mortgage broker is a type of financial adviser who specialises in home loans. They will negotiate with banks, credit unions another finance provider on your behalf during the initial application process, through to settlement. A good mortgage broker will continue to oversee your loan for the life of your loan.

A mortgage brokers first job is to assess your financial affairs and determine the size and type of home loan that will be right for you. They will then offer you a variety of suitable home loan options from a number of financial institutions.

There are many reasons why using mortgage brokers is simply a smarter way of acquiring your home loan, they include:

  1. A good mortgage broker is a great option for First home buyers as they can help you navigate the unknow terrain of purchasing a new home. From loan approval all the way through to settlement, a good mortgage broker will assist you through each step. They will provide you with regular updates and endeavour to make the process seamless and stress-free.
  2. Mortgage Brokers have access to a range of lenders and products, their main aim is to find you the most suitable product for your financial situation. Applying for the right product increases your chances of being approved, while saving you time and money.
  3. Generally speaking, there is no out of pocket cost for you to obtain a mortgage brokers service. In most cases mortgage brokers are paid by the banks, with no fee being built into your loan. That’s right, a good mortgage broker who will help you is free!
  4. A good broker typically has good relationships with lenders, which means they can speed up your application. Sometimes they can even ensure your application is processed faster than if you were to go directly to a bank.
  5. A First home buyer in particular can really benefit from a good mortgage brokers extensive experience. They know what loose ends to tidy up to help get your application approved.
  6. A good mortgage broker understands your financial situation and knows how to make your mortgage work for you. Your broker may recommend a home loan that includes features such as redraw facilities and offset accounts, as they allow you options to manage your mortgage over its lifespan.

Surround yourself with a team of professionals who can provide you with ongoing support and expertise in securing your financial future.

The Addisons Team are here to help!

This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. All loans are subject to lenders terms and conditions – fees, charges and eligibility criteria apply.