By Guest Blogger, Louisa Sanghera, Principal Broker,
Zippy Financial
For many people, the first time they learn about mortgage brokers is when they are shopping for a property.
But here’s the secret about mortgage brokers: we’re much more useful than just helping you get a home loan. Here are just a few of the ways a mortgage broker can save you money, time, and stress:
1. Mortgage brokers can get you a better deal than your bank
When you need to get a home loan, some people think the easiest way forward is to go straight to their bank. But getting a mortgage with your bank isn’t always going to be in your best interests.
Think of it this way: your bank has a handful of home loan options for you. But a broker has access to hundreds, even thousands of different loans. They could get you a cashback offer, a cheaper interest rate, or a package deal that saves you money on other things, like credit card fees.
2. Mortgage brokers provide independent advice
Your bank is in the business of selling you products – that’s how they make their money. A broker wants to earn money, too. But we recognise that the best way to operate is to build a long-term relationship with our clients. This means helping you pay your debt off faster, providing independent advice around loan structures that suit you, and suggesting products and services that are in your best interests.
This isn’t just good business practice – it’s actually the law. Mortgage brokers MUST act in a customer’s best interests, and we’re legally not allowed to suggest you take out a loan unless it’s a good match for you (contrary to those reports that brokers will push you to take a loan where they earn the most commission!). Banks are not held to the same legislation, which is why it really pays to work with a broker.
3. Mortgage brokers save you time
Researching the mortgage market takes time and effort, and a mortgage broker can save you the hassle of comparing the myriad of loan options available. They not only help you get the best deal at the beginning of your property journey, but a good broker will work with you overtime to make sure you’re still getting the best deal.
For instance, they’ll do a regular check-up every 12 months on your borrowing status, to make sure you’re not paying too much in interest. This is a service Brokers provide at no cost to you – and it could save you thousands of dollars each year.
4. Mortgage brokers help you grow your wealth
Good mortgage brokers recognise that building a long-term relationship is not just about getting you a good deal on your mortgage right now.
It’s about setting you up in the best possible structures and with a clear road map to achieve your future goals. This could mean upgrading to a bigger home, investing in a holiday home, building a substantial investment property portfolio, or renovating your home to build equity.
Whatever your goals, your broker can work with you to work out what your borrowing capacity is now, and what it could be in the future.
These are just a few of the things Brokers do to help their customers every day, and remember, they don’t charge you anything for their services. Remember too Mortgage Brokers are paid by the banks in the form of commission, which is compensation for managing the loan process and introducing you as a new client.
Brokers will also work with you to show you how to take advantage of interest rate specials with different lenders when they come up; advise you on how to prepare your application for the best chance of approval and success; and be a source of independent advice, to help you work out your next steps.
Louisa Sanghera - Director and Principal Award-Winning mortgage broker at Zippy Financial
Louisa created Zippy Financial after a 25-year career in banking, with the goal of using her expert financial knowledge, vision for exceptional customer service and passion for property to help her clients grow their wealth through smart property financing. Whether you are looking to buy your first home, re-finance or build your property investment portfolio, Louisa and her team of experienced brokers can help guide you through the challenging maze of finding & securing exactly the right loan for you.
M: 0414083522 or 1300 855 022
E: louisa@zippyfinancial.com.au
Connect with Louisa Sanghera on LinkedIn
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