Written by Fact checked
If you’re considering a home loan and want to find the best deal out there, what are your options? Mortgage brokers provide many Australian home buyers with a start-to-finish service when it comes to sourcing and applying for a home loan that suits both their budget and specific needs.
In this guide, we’re going to look at the pros and cons of speaking to a home loan broker and how much they cost. These days, there’s no need to be in the dark about home loans, their features, or to get a lousy deal. Savvy partners with the best and brightest fully approved mortgage specialists all over Australia so all homebuyers can get great advice and assistance from a local qualified home loan specialist – and save money.
For many years, mortgage brokers played a vital role in the Australian home loan industry. Before the internet, it was a lot more challenging to find information about how the home loan process works, the fees, the complexities of interest rates, and even the different features available – like fixed or variable-rate repayments, and even split-rate repayment options, for example.
Despite the advantages of the internet, there’s perhaps an even wider choice of products and options around today, so some homebuyers still prefer to sit down with a broker and discuss their needs before they commit to a home loan. There are some real advantages to doing that:
The job of a mortgage broker goes beyond finding the lowest interest rate. Once they’ve done that, they’ll look for ways to make borrowing even cheaper. They can draw on a range of specialist features and mortgages to do that, such as:
You don't have to pay a cent to compare home loans with us, enabling you to do so at any time.
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Yes, because seeing more options will give you a better chance of qualifying and finding a better rate. Having no credit history can limit your home loan options, but it’s really only one of the elements a lender will consider. Your income and spending and your employment stability are also important factors in determining your eligibility. You’ll likely pay a slightly higher interest rate without a credit history, but that doesn’t mean you shouldn’t seek out the cheapest options with a mortgage broker.
You can. One of the most significant benefits of shopping online for a home loan is that you can compare options quickly, then apply directly with the lender from a smartphone, tablet, or computer.
Interest rates are an essential part of choosing a home loan, but they’re by no means the only thing you need to consider. The best mortgage for you I one that’s also got the features and repayment options you need – so you should look at as many offers as possible. Generally, a great way to do that is by sitting down with a mortgage broker.
It’s never a bad idea to have insurance. Mortgage protection is there in case you get ill or injured and can’t cover your mortgage repayments – which can happen to just about anyone. It’s essential to make sure you get a great deal on any insurance policies you take out, and mortgage brokers will offer a number of options – plus, they’ll advise as to the best level of cover for you.
Yes. Many home loan brokers will partner with at least one lender that offers self-employed mortgages. A mortgage broker can typically help you compare products from dozens of specialist home loan lenders, including options for contractors, freelancers, and business owners.
Absolutely. In fact, mortgage brokers are arguably even more effective when you need a specialist home loan. They help a diverse range of Australian home buyers find the solution that works best for them, including:
Explore your home loan options if you are looking to buy, refinance or invest in property and find competitive rates through Savvy.
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