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.