What does a mortgage broker do and why do I need one?
A mortgage broker is a professional who can work with you to help figure out how much you can borrow for a home or investment loan. The broker will then fill in all the paperwork and file the application for you. Mortgage brokers have a panel of lenders to choose from. Getting your loan set up through a mortgage broker can save you time as we do the shopping around for you!
Can't I just go straight to the bank to get a home loan?
Yes, you can go straight to the bank to get a loan, however using a mortgage broker opens up a whole panel of lenders at your disposal. The bank you approach for your home loan will have a limited number of products they can offer you. The beauty of using a mortgage broker is that you have access to more lenders and therefore more products, which gives you more options. Your broker will know which will be the best product for you and your situation.
Don't mortgage brokers get paid to choose a particular bank?
Mortgage brokers do get commission from lenders, but they are also bound by the National Consumer Credit Protection (NCCP) Act which is specifically designed to protect you as the consumer. The NCCP Act ensures that brokers do not put consumers in a loan that is unsuitable for their situation.
How much can I borrow?
Each situation is different and how much you can borrow will depend on several things. Contact us to find out more information.