Why use a Mortgage Broker?
I think Mortgage Brokers are needed more today than ever before, why?
I have been working in this field for over 10 years now, and every year that has goes by, it just gets that little bit harder to obtain finance for Clients.
This industry is a liquid industry, credit policy is always changing. And those changes can be forced by Lenders, Regulators, Government both State and Federal, Social Conscious, Workforce changes, the Environment i.e. global warming, Overseas activities and Consumer Lifestyles.
It is challenging enough working in the industry full-time to keep a breast of all the ongoing changes, let alone being a consumer who may only every apply for a home loan 2 or 3 times in their life.
My job as a Mortgage Broker is to know my Clients, to understand their goals and aspirations and to provide finance solutions that will help them achieve their goals.
When submitting an application to a Lender, it is my job to present my Client to the Lender in the best possible light that sees them obtaining the finance they are after with minimal fuss, effort and cost.
The credit crunch, property prices fall
At the time of this publication Australia is experiencing a severe credit crunch, Lenders have tightened credit policy to the degree that it is having a negative impact on the Australian property market, which has seen property prices fall and talk of a property market crash looming because of the credit crunch.
Yes, Lenders have made it harder to get a home loan, however the following conditions have exasperated the severity of obtaining finance. An extend period of political uncertainty which the constant change in Prime Ministers, stagnate wage grow, high levels of inflation, especially with Utilities.
There is another very good reason to use a Mortgage Broker and that is customer service. Most Mortgage Brokers are self-employed, so it is in their interest to provide you great service and look after your interest.
Most Mortgage Brokers are mobile, they can meet with you at your home, office or you can come to them whichever is the easiest for you. Most of them will be willing to meet with you during business hours or after business hours whichever is the easiest for you.
Also, they are most likely to be there next time you need assistance with your finances. Where as most home loan writers for the Bank move around within the Bank over the course of their career. Which means they are no longer able to assist you.
Mortgage Brokers by nature create competition, we are not confined to just one option, I alone have access to over 40 Lenders. It is rare for me not to be able to find a solution for a Client, and it is rare for me not to be able to get my Client a better deal when it comes to their interest rate.
It is for these reasons why I believe Mortgage Brokers are need more today than ever before. And it is highlighted by the fact that over 53% of all home loans in Australia are brokered by a Mortgage Broker and this percentage if growing daily.
Declan Hanratty – Managing Director
M: 0409 089 456 F: 03 9416 1916 ABN: 19 880 907 430 POSTAL: PO Box 1551 COLLINGWOOD Victoria 3066 MFAA Membership No. 50217 Australian Credit Licence No. 383120 Credit Ombudsman Service No. 412201