Choosing and applying for a home loan can be complicated and involves lots of back and forth with different lenders, so a MoneySure Mortgage Broker will save you the time by doing this on your behalf and providing the expertise to navigate the banks. They work for you and do the leg on your behalf, acting as the intermediary between you, and the bank or lender who provides the home loan.
A MoneySure Mortgage Broker will ask you about your plans to buy now and your future goals such as buying an investment property. They will gather an understanding of your current financial situation (like income and debts), then use specialised software and their finance industry expertise to narrow down the most suitable loan products tailored to your individual needs.
More than 51% of home loans in 2015 were done through a Mortgage Broker and this figure continues to increase. The main reasons for using a MoneySure Mortgage Broker:
You get access to hundreds of different loans from over 25 different lenders and banks
This includes the majors like CBA, Westpac, ANZ as well as smaller ones you may not have heard of who often have good deals.
Manage more of the paperwork than a bank does
It’s no secret you’ll need to provide lots of paperwork to get a home loan and a good MoneySure Mortgage Broker does the majority of this on your behalf, making the process simplified and hassle-free.
Provide expert, unbiased home loan advice
A reputable MoneySure Mortgage Broker will work out which lender is the best fit for you and assist all the way through to setting your loan up. Good brokers will also have plenty of experience dealing with real estate agents and builders so can advise on this throughout your home ownership journey.
Most of the time, it will cost you nothing to use a mortgage broker.
This is because Mortgage Brokers are paid by your lender once your loan has settled (ie. when you pick up the keys). The payment is not out of your pocket.
Mortgage Brokers typically get paid in two ways:
- Upfront commission when your home loan settles; and
- Trail commission for every year you hold your loan with them
If your situation is really complex, for example a self managed super fund or you have multiple loans and properties in the one transaction, a fee may apply due to the time investment required to get your deal approved.
It’s increasingly common for Mortgage Brokers to charge a fee if they have spent significant time working to get your loan approved but you decide to go with another bank or broker at the last minute. Make sure to confirm this upfront before you commit to a broker or get the process started with one.
Get in contact for an immediate chat over the phone with one of the MoneySure team to get the process started. This is an opportunity for you to ask any burning questions you may have and get a feel for us.
One of our experienced MoneySure Mortgage Brokers will also ask you some questions about your personal and financial situation, such as what you plan to buy, your employment and savings.
From here the next step is to arrange a meeting with one of our MoneySure finance brokers. This is where we can talk more about the property, and give you further guidance if necessary, including helping you with budgeting plans, providing property reports etc. If we find you’re ready, we can get the loan process started immediately.
This can take anywhere from 2 days to 3 weeks. Once we have your paperwork, such as bank statements and payslips, we can have your loan submitted the next day. It then depends on the bank queues and any other complexities we come across.
Rest assured though, we speak to the lenders daily on your behalf to push your application along as quickly as possible.