What is a mortgage broker?
A mortgage broker is basically a home loan expert. They provide professional advice to match you with a loan to suit your particular needs and financial situation. A home loan may well be the biggest expense you will ever have so it can pay to get professional advice before you dive into the market.
How can a mortgage broker help me?
A mortgage broker can guide you through all the different options to select a suitable home loan, saving you time, effort and (best of all) money.
Assess your financial situation
A mortgage broker can help you work out your budget by discussing your needs and circumstances with you. This gives them the opportunity to determine which type of loan is most suitable for you.
To assist this process, you’ll need to provide documents to prove your identity and financial situation. Your mortgage broker will advise you of what you need for your particular situation but generally these documents include a 100 point checklist for identification, your personal bank statements to demonstrate savings (in most situations), payslips, tax returns, other loans you have taken out, etc.
Find a loan suitable for you
After assessing your objectives and financial position, your mortgage broker will search their database of loan products from different lenders, including banks, credit unions and other lenders. They should provide you with product comparisons and advise you of mortgage repayments as well as any upfront and ongoing fees. They will then recommend a product or products to suit your needs.
Your mortgage broker should also provide you with a copy of the lender’s comparison rate. A comparison rate calculates the average rate, including fees, over the life span of the loan, helping you identify the true cost of a loan.
Manage the process
Once you've decided upon a loan that works for you, your mortgage broker will complete all paperwork, including the completion and submission of your home loan application, and liaise with the lenders on your behalf until your home loan is approved and settled.
How much does it cost to see a mortgage broker?
Mortgage brokers are paid a commission by the lender when you receive your home loan so most brokers don't charge you a fee for their services.
Does Metricon assist with finance?
We have a variety of finance partners who can assist you in organising your finance. For a free, no-obligation chat, contact us.