One of the most daunting aspects of purchasing a house in Melbourne, is applying for a home loan. By matching homebuyers to suitable loans, assisting in the preparation of loan applications, and directing the borrower through the settlement process, a mortgage broker can make the process easier and less stressful. Mortgage brokers, unlike loan officers who work for individual banks, have access to a broader range of mortgage products offered by multiple lenders, which means borrowers will be able compare interest rates, and often obtain a more favourable mortgage.
Anyone who wants to eliminate some of the legwork and headaches from the process of applying for a mortgage loan, should consider partnering with a home loan broker in Melbourne.
If you are a first-time homebuyer, you would be wise to seek assistance from a local Melbourne home loan broker, and take advantage of their greater knowledge and experience of the local home loan market, to avoid some of the pitfalls faced by less experienced borrowers.
Keep in mind that Melbourne’s home loan brokers are regularly utilised by experienced home buyers and seasoned professional investors who value their time, and recognise that the expertise on offer that can often expedite the loan process.
What Is the Role of a Mortgage Broker?
A mortgage broker is a supervised and licensed financial professional who serves as an in-between for borrowers and lenders. Brokers find loans that best suit the needs of borrowers and compare rates and conditions on offer, so that the home buyer can save time and energy whilst getting a good deal. Mortgage brokers may sell mortgage products from a variety of lenders, giving them access to a wider range of options than loan officers, who are limited to the products offered by their own bank.
Clients are guided through the application process by mortgage brokers, who help compile application evidence, assess the borrower’s credit background, and check income and employment details. Finally, to ensure that the loan settles on time, mortgage brokers communicate with everyone involved in the deal, including the seller’s solicitors or conveyancer, the borrower’s solicitor or conveyancer, the lender, and the borrower.
When you want to buy a house, or have already purchased one, and need guidance or assistance to navigate the complex mortgage market, you should contact a home loan broker in Melbourne, who will work to help you find the most suitable loan, at a highly competitive interest rate, from multiple local lenders competing for your business.
You can also save a lot of time, energy and frustration by working with a mortgage broker. A mortgage broker can help you to determine your maximum borrowing capacity, identify the lenders who can lend at that level, guide you in terms of the lending criteria you will need to satisfy to get approval and help you correctly complete the necessary paperwork and provide the required supporting documentation.
Advantages of Using a Home Loan Broker in Melbourne
- Help to minimise costs associated with multiple applications for mortgage loans.
- Simplify the loan-finding and loan assessment process.
- Reduce the amount of time and effort needed to search the market for the best deals.
- Easily determine how much you can borrow and obtain a realistic opinion on your chances of getting a loan.
Mortgage Broker vs. Bank Loan Officer
The following is the distinction between a loan officer employed by an institution and a mortgage broker.
An employee, who sells mortgages and other loans originated by their employer, serves as an officer at a bank, credit union, or other lending institution. They may have a wide range of loan available to finance property purchases, but they all come from their institution and are generally all subject to similar terms and conditions and that institution’s lending policies.
Mortgage brokers are independent operators who are compensated by lending institutions for bringing lenders and borrowers together. They work as freelance agents for multiple lenders and are paid on a commission basis by the lender with whom they place the loan. They have far greater flexibility and discretion in selecting the right loan for their clients, and which terms and conditions are more advantageous to clients.
OZ Lend has vast experience as one of Melbourne’s home loan brokers and has access to over 30 lending institutions. When you want to save time, energy and reduce costs, whilst also keeping frustration levels low when seeking mortgage finance, you need the services of a mortgage broker. Oz Lend has the experience, expertise and local market knowledge to be your mortgage broker. Call us today on 1300 438 669 for further details on how we can help you get approval for your home loan.