Looking to buy your first property in Melbourne or surrounding areas? Here’s how a Mortgage Broker will help you achieve your goals.
So you’re ready to buy your first home.
Perhaps you’ve started saving for a deposit and are making the budgetary arrangements to prepare for a mortgage.
Maybe you have your deposit and have even researched your market… but now what?
We advise you get yourself acquainted with a mortgage broker as soon as possible.
Here’s why you need this professional on your side for your property buying journey.
A broker is a wealth of knowledge
Knowledge is confidence.
For something as major as a property purchase, it’s important to know as much as you can, particularly in the 2020s when property prices are not as stable as they have been in past decades.
All your options, choices and benefits should be presented to you before you lock into an investment of this size.
The importance of a mortgage broker really comes into play when you consider the constantly shifting goalposts of buying a home in Australian. With lending conditions and interest rates changing almost monthly, you need someone on your side who is across the current conditions.
You may have thought you couldn’t afford to buy or borrow to invest, only to realise with the help of your broker that things have changed. It’s definitely worth a discussion.
Brokers work for you
A mortgage broker’s job is to advocate for you – purely to find you the best solution for your unique situation. Capable of offering up unbiased advice and knowledge, and with their relationships with major lenders, a mortgage broker can tailor your solution to your specific requirements.
A bank can only really offer you one option, their option. If your situation doesn’t fit their criteria, your offer will be declined. Chances are, if you go next door to another bank, you’ll be greeted with the same criteria, and be declined in the same way.
This process is exhausting, and, more often than not, a waste of your time. (If only someone was there to make life easier!)
Brokers make life easy
Applying for a loan is time-consuming. You need to complete forms, provide supporting documents, not to mention all the research required to simply understand what’s going on.
Then there’s following up your application process, and keeping in touch with your Real Estate Agent, Solicitor or Conveyancer. All of this can really chew through your time.
A broker saves you a lot of that time.
Because we deal with lenders on a day-to-day basis, we know how to wade through all those steps productively and professionally. We also have all the information on hand – across the board – and we can keep you informed every step of the way.
And best of all:
A mortgage broker won’t cost you anything.
It’s true. The service of a mortgage broker usually doesn’t cost you. It’s actually the lender that pays the broker’s commission after your loan settles.
Oh, and one more tip…
Start before you’re ready. Pre-approval is your key.
Engage the support of a mortgage broker in these early stages of your property search and set yourself up for pre-approval. This will give you that edge you need as you bid for your home.
Pre-approval should be done even before you start looking for property. It gives you a firm idea of exactly how much you can borrow and that you have the green light from the bank (just don’t quit your job as pre-approval is conditional).
For more info on pre-approval, see our earlier post, “Considering your next property purchase? Consider it sorted with Pre-Approval”
Start climbing the property ladder with help from TM Finance Group. All you need to do is reach out to set up your first appointment.
Get in contact today, for a better tomorrow.