How Mortgage Brokers Help
First Home Buyers 

So, you’re thinking about buying your first home? You must be pretty excited about getting your own place. Whether you’re going solo or making the move with a partner, you’ll get to style your new home any way you want. If you’d like to get a dog, a cat or even a bearded dragon, the choice will be all yours. And the best part? There’s no more dealing with those pesky property managers.

But we’re getting ahead of ourselves. Before you get to enjoy the perks of homeownership, you first have to do some of the less exciting stuff. From taking out a home loan to sorting out the paperwork, there’s a lot of work you need to do to get into your first home.

Well, what if we told you there’s a way to get someone to sort out all the boring bank stuff for you, and they’ll even do it for free? You might be thinking that sounds too good to be true, but that’s exactly what a mortgage broker can do for you. If you get a broker on your side, you can sit back, relax, and they’ll take care of everything.

Want to know how it all works? Here’s 5 ways a mortgage broker can make your life a thousand times easier.

1. They coach you through the process

Whenever you do anything for the first time, there’ll always be a lot of new information to take in. As a first home buyer, you probably have heaps of questions about the process of taking out a home loan.

You may want to know –

  • How does the first home buyer’s grant work, how do you apply and are you eligible?
  • How much can you borrow and what will your monthly repayments be?
  • What’s a guarantor and do you need one?
  • Would you be better off with a variable, fixed or split interest rate on your loan?

We could go on and on to cover off every question you might have on your mind, but the point is, you probably need some help to understand how home loans work and what’s going to be best for you as a first-timer.

Sure, you could go off on your own and try to figure it all out, but you’ll probably get there a lot faster if you have a mortgage broker to coach you through it. Put your trust in the experts and they’ll help you wrap your head around it all.

2. They give you the best options

There’s no shortage of options when it comes to home loan products. The real problem is finding out which one is going to be best for you.

It would be a pretty big task for you to compare every option available on the market, but mortgage brokers do this all day, every day. They know what’s out there and what’s going to suit your needs. If you use a mortgage broker, you’re giving yourself the best chance of finding the best option.

You could go to your existing bank and chat with them about taking out a home loan, but they’re only going to show you their own products. Even if you meet with a few different lenders, you’re still only getting to review a limited number of options.

A mortgage broker will narrow down the field of all the potential products available to you so that you can make the right decision.

3. They do all the hard work for you

Comparing home loan products is only one part of what a mortgage broker will do for you. Throughout the entire home loan process, they will be right there by your side. From organising your initial application to liaising with the banks to making sure everything is ready in time for settlement, they will do all the heavy lifting.

When you use a mortgage broker, they will be your go-to contact for everything. That means you won’t get the runaround or get stuck on the phone trying to communicate with your bank. If you want a progress update or have a question, you can just go directly to your broker.

GET STARTED WITH
LOAN MONSTER

Are you looking to refinance? Want to buy your very first home? Need an investment property loan? We can take care of it all for you at Loan Monster. Get in touch with our team and let’s get started today.

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4. They could get you a better deal

In life, there are never any guarantees, but it’s always good to stack the odds in your favour when you can. Mortgage brokers have relationships with a range of different lenders and can negotiate on your behalf to try and get you the best possible loan deal. It could be a lower interest rate, an additional loan feature or a better loan structure.

They can also find solutions when you have a unique situation. It could be that you’ve just changed jobs, you have bad credit history from a long time ago, or you only have a small deposit. When there’s a will, there’s always a way, and a mortgage broker can help you find the way to homeownership.

5. They do it all for free

Mortgage brokers don’t charge their clients. Instead, they get a commission from the bank for bringing them business and brokering the deal. That means you get to have someone doing everything for you and it won’t cost you one cent.

As the banks are paying the brokers, you may see this as a bit of a red flag. Before you start working with a mortgage broker, you need to do your research to make sure you’ve got one of the good ones. What you want is an independent mortgage broker who can show you they’re looking out for you, not the banks

Have a chat with Loan Monster

Here at Loan Monster, we want you to know all your options and help you get the best deal. If you want to get the ball rolling or just want to get some advice to start with, get in touch with our team.

We’re based in Perth and Fremantle and can tee up a time to talk about what you need and how we can help. Contact us today and we’ll get back to you in 24 hours, even on the weekends.

GET STARTED WITH
LOAN MONSTER

Are you looking to refinance? Want to buy your very first home? Need an investment property loan? We can take care of it all for you at Loan Monster. Get in touch with our team and let’s get started today.

Get started today