Why use a mortgage broker?
The financial markets are continually changing and it can be hard to keep up to date with new products as well as what lenders are operating. At the beginning of September 2017 their were 79 banks, 67 credit unions and more private lenders than you can poke a stick at. If you decide to walk into a bank they will only offer what they have available and if you can’t get the finance with them by the time you go to the next bank, your chances of getting a loan will be harder again due to the credit checks they perform.
The banks are very quick to publish their lowest rate to draw you in but the interest rate is the last thing you should be looking at. I know you probably think I’m crazy for saying that, but honestly it’s all about the lenders policy and comparison rate. You see, if you don’t fit the lenders policy and guidelines then you won’t get the loan, so the interest rate doesn’t matter at this early stage. Not to mention, the comparison rate is a better reflection of how cheap a loan is compared to the interest rate which only gives you half the picture.
As a mortgage broker I have access to over 40 lenders giving me a wide selection of products and policies so I can help you choose the best loan for you. I can also do this without destroying your credit rating, since every time you apply for credit it goes on your record and the more times you apply the lower your score goes. In America, your credit score can effect the rate you get on your loan, with a lower score getting a higher interest rate, luckily this policy hasn’t been introduced to Australia yet but it’s only a matter of time.
Don't waste your time and money or ruin your credit score. Contact me today for your free assessment.