Mortgage Broker Melbourne Defined and Explained



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  • January 24, 2022

Mortgage Broker Melbourne Defined and Explained

This blog defines the term Mortgage Broker Melbourne and explains its role. Additionally, it outlines the benefits of mortgage-backed finance to buy a property.

Mortgage Broker – Definition

Mortgage Broker Melbourne is any licensed professional providing mortgage broking services. A broker assist you to locate, apply, and get mortgage-loan approval for the:

  1. Buying a residential or commercial property.
  2. Existing cost on small holdings of residential or commercial land.
  3. For large-scale development of residential or commercial property.
  4. Refinancing any existing mortgage loan.

They use their knowledge and experience of Australian lending market to offer high-quality services.  Additionally, they help you avoid potential pitfalls, especially if you never applied for mortgage. As a rule, a Melbourne based Mortgage Broker charges zero fee for their services. Moreover, directly with them.

However, sometimes Mortgage Broker may charge a fee depending on transaction’s complexity.

There are several legislative authorities to govern the mortgage broking industry. Their task is to ensure that a Melbourne-based Mortgage Broker acts in their client’s best interest.

Mortgage Broker Melbourne – Role

The approximately 17,000 Mortgage Brokers in Australia perform functions such as:

  1. Calculate the borrowable maximum amount.
  2. Advising on the maximum lending amount.
  3. Determining if the loan request supports long-term property goals.
  4. Explain various loan types, the advantages and disadvantages. Also, they explain features available for each loan type.
  5. Examining available product options to find the most suitable alternative.
  6. Protecting your credit score by limiting loan applications that are unlikely to be approved.
  7. Help you complete and submit loan application to the selected lender.
  8. Work with lending institutions to progress application through the approval process.
  9. Managing the process from the point of approval through to settlement.
  10. Maintaining an ongoing relationship.

Mortgage Broker Melbourne – Benefits

Oz Lend qualifies as a Mortgage Broker Melbourne provides its clients with a full range of mortgage broking services.

The Benefits of Hiring Mortgage Broker in Melbourne

There are multiple benefits mortgage broker brings to the table which include:

  1. They help locate best loans by different lenders depending on your requirements. As a result you can save, effort and resources. Moreover, they find loans with the competitive interest rate, better flexibility, and low upfront fees.
  2. Prevent frustration and pitfalls of obtaining a mortgage on a property loan.
  3. Establishing the true cost associated with signing loan paper.
  4. Preventing delays in the loan assessment by ensuring your application is under lending criteria.
  5. Treating you as a person and not just a number for best services. Moreover, they offer services most lending officers at major banks cannot provide.
  6. In addition, they have flexible working hours. As a result you don’t need to take time out of your busy days.
  7. You have to  deal with the same broker throughout the process and for future transaction.
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