Are you looking to secure your first home loan? Perhaps you are buying again but your financial situation is more complex than last time? Or maybe you just don’t have the hours to research all your options?
A mortgage broker may be the answer to securing yourself a better home loan to build your ideal Boutique home.
‘Whether you’re a first-timer or a seasoned expert, building a home can be incredibly exciting. But it can also be a little overwhelming,’ says Resolve Finance Mortgage Broker, Sunny Singh, who has over 10 years’ experience in the banking and financial services industry.
‘The financial requirements for building a brand-new home are very different compared to purchasing an established property. It’s best to use a qualified and experienced broker with knowledge in handling construction home loans as this can help make the process as easy and seamless as possible.’
What is a mortgage broker?
Mortgage brokers are financial specialists who compare lenders and home loan products to ensure their clients secure the right deal for them. Their wealth of knowledge and experience means that they can guide their clients through the entire home loan process, explaining the ins and outs of the application and answering any questions.
Over half of the home loans in Australia are written by a mortgage broker. What’s more, they’re free for you to engage – brokers receive a commission or fee from lenders, rather than their customers, and are legally bound to act in your best interests.
3 benefits of using a mortgage broker
Finding a great broker can help make the process of your home loan journey easier and more cost-effective. Here are just some of the benefits:
1. Ensure you get the right home loan deal for you
Mortgage brokers specialise in finding the right deal for you and your circumstances. They understand the latest market trends and deals, and they have the specialist knowledge to present you with home loan options that match your goals.
This is in stark contrast to heading directly to a bank that will generally only offer you their home loan products.
‘The brokers at Resolve Finance work closely with your Boutique New Homes Consultant to take the time to understand your lifestyle, financial circumstances and objectives,’ says Sunny.
‘For each client, we use our knowledge and tools as construction loan specialists to thoroughly investigate and compare a panel of over 30 lenders and then pinpoint the home loans with the features and benefits that match your needs.
‘We guide you – presenting the ins and outs of each loan – so you can make a more confident decision.’
2. Saves you valuable time
Comparing lenders – particularly the smaller ones – and products can take hours you might not have. Brokers ensure they are on top of all the latest rules, regulations and products, so you don’t have to be.
Brokers also have the sophisticated software, intel and relationships that make the entire home loan process that much quicker – both during the application process and when a formal loan approval is needed as soon as possible. This is even more important as you near settlement.
3. Makes the lending process as stress free as possible
Knowing which deal is right for you is one thing; applying for it is another. Brokers aim to make the entire home loan application process as stress-free as possible. They can help you understand your borrowing power (how much you can lend for your new home) as well as advising you on how to organise your finances and ensuring that all the paperwork is in place for a smooth approval.
‘We deal with your lender and other parties, so you don’t need to,’ explains Sunny.
‘We also use the latest technology and systems to gather your financial information, meaning fewer printouts and sorting through old bank statements, and faster turnaround times.’
This is particularly important for those with more complex financial situations. For example, if you are self-employed, own several properties with multiple mortgages, or are using a guarantor to secure your new loan.
Are you ready to start your home loan journey?
Talk to one of our New Homes Consultants about starting your home ownership journey or, if you have any specific questions or concerns about finance, you can contact Resolve Finance, Boutique’s award-winning, specialist finance partner.