Many people head straight to their bank when it comes time to apply for a home loan, but finance experts warn,you may be missing out on significant benefits if you do.

There are countless reasons why it pays to use a mortgage broker when shopping for your home loan, and even if you want to use your own bank for your mortgage, you can still use a mortgage broker to process paperwork and manage the application on your behalf.

“If your heart’s not set on using a particular lender, a mortgage broker can be your best friend”, says Sue Hayter from Trusted Mortgage Broker.

Sue offers the following five arguments as to why every borrower should seek out a qualified mortgage broker when trying to obtain property finance:

1. Choice

“The biggest advantage of a mortgage broker over a bank is choice,” she says. “When you sit in front of a broker you are sitting in front of 25+ banks& lenders and 150+ home loan products versus visiting a banker who has access to only one bank’s products. This is especially important at a time like now, when the mortgage broker can negotiate a big discount on your interest rate and save you money for your future financial goals instead of paying more interest to the bank.

2. Experience

Ask the bank lending manager how long they’ve been helping people with home loans, Sue suggests. “Brokers often own their own businesses and are committed to their clients in the long term, with many years of industry experience,” she says. “Banks are big companies; they move their staff around and reward good performers with promotions away from their customers.” So the next time you go back to your bank the same person who helped you will not be there anymore.

3. Specialisation

If you’re looking for specialised assistance with your loan, it pays to talk to a specialised mortgage broker. “For example if you’re starting property investing, look for a broker who specialises in property investors. Or if you are a first home buyer, look for a  mortgage broker who specialises in first home buyers. Bank staff often don’t have the training or experience in one area, but service whoever happens to walk in to the branch,” Sue says.

4. Follow Up

Following up the progress of your loan application is time consuming and frustrating. A good mortgage broker will have a good system for chasing up the bank, keeping you informed and saving you time.

5. Personal Banker

Your mortgage broker is “like the perfect personal banker,” Sue says. “They know what needs to be done, they make sure it happens and because it’s their own business, they’re in for the long haul. Bank staff change often so even when you find a good personal banker they change jobs before you know it.”

Trusted Mortgage Broker has a great range of mortgage calculators to help with all those tough decisions that come with finding the right loan. Have a look at our calculators on our website to help you further. www.trustedmortgagebroker.com.au/calculators/

About the Author

Sue Hayter

Sue's service commitment is fantastic. At Trusted Mortgage Broker we work with our clients to ensure they understand their options, know exactly how much they can borrow and ensure they choose the right home loan and the right lender that is not unsuitable to their individual needs.

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