Australia’s lending climate has changed dramatically in recent times. Banks have tightened their lending terms and as a result, are a lot fussier who about they will lend to. If you in the process of getting a loan – or thinking about it – here’s a few good reasons why using a mortgage broker can increase your chances of success.
The right tools to keep up-to-date
Banks are not stagnant institutions. They frequently change terms, products, processes and staff to keep in line with the financial market to ensure they remain competitive (and continue to make a profit!).
The loan market is certainly not immune to change. A mortgage broker intimately understands this and keeps pace with these fluctuations in real time. They know which bank is offering the best rate at any given time, or which one is currently a bit more flexible with their lending terms. By engaging a broker, you can take advantage of this inside knowledge to your benefit.
They know what information is good to share … and what isn’t
As a loan newbie, it’s easy to make mistakes during the application process. Divulging too much, too little or the wrong sort of information to the bank can be the difference between an approval or a decline. A mortgage broker gets this – in fact, it’s actually one of the most important parts of their job! They can help you navigate through tricky application forms and the submission process, while ensuring you make a good impression on the bank.
You get choice – and a lot of it!
With an abundance of lenders on the market, it can be time-consuming and frankly, quite exhausting, trying to compare them all yourself. It’s even more difficult if you aren’t quite sure what you are looking for, or what will best suit your financial situation.
A mortgage broker takes the stress out of finding the right deal. They have nifty intelligent software programs plus a large pool of lenders to choose from (ones they have developed strong relationships with) to help their clients make the best choice. It’s also worth noting they have access to ‘broker only’ offers that are not available to the general public.
In the vast majority of cases, you don’t pay a cent when you visit a mortgage broker. They are paid a commission from lending institution you choose.
Brokers specialise in helping people with all sorts of circumstances
People take out loans for a variety of reasons:
· Business (properties, equipment etc)
· Personal (car, caravan etc)
Mortgage brokers are adept at covering all of these areas. Some – like us at MacLend – even specialise in ‘professional loans’, helping those in medical professions or the military secure loans with reduced interest rates and home loan fee waivers.
We’re all about supporting local businesses too and have a great loan that only requires a minimum of three months of trading. There’s also a ‘low-doc’ loan for self-employed workers who only need to submit a one-year tax return with their loan application. Interested in using your property equity to pay out a tax debt? We can help with that too.
When you’ve been filling out loan applications on an almost-daily basis for 20 years, it’s natural to pick up ‘best practices’ along the way. That’s exactly where we sit at MacLend. We use our combined years of knowledge in the home loan game to individually tailor each application. And with a 95% approval rate, we’re pretty sure we’re doing something right!
If you’d like to hear more about how we can help you, please get in touch.