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Jan 22, 2019

The Benefits Of Using A Mortgage Broker When Purchasing Your First Home

So, you’ve decided you’re ready to purchase your very first home? How exciting! Whilst you may be tempted to gather up your documents and head straight to the bank to discuss a home loan – this isn’t necessarily the best option. In today’s blog, the Aston Homes team highlight why using a mortgage broker could be a beneficial alternative. Read on.

What is a mortgage broker?

Many Australians will engage a mortgage broker when they’re considering the purchase of a new property or block of land. The primary role of a mortgage broker is to compare the lending options available, understand a client’s borrowing capacity, assist with the fine print on their contracts, and provide continued support for the length of the loan.

A mortgage broker is able to offer access and compare products from a number of lenders, all with different features. An individual may select from over 100 loan products to find the one that fits their circumstances perfectly. When sitting down with a bank to discuss a home loan, they’ll only ever present products from their organisation. There’s still likely to be six or eight options available, but they will all be from same provider – and ultimately may not be right for you.

Why should you engage a mortgage broker?

One of the clear benefits of sitting down with a mortgage broker right at the start of the purchasing journey is that the whole experience will be personalised to your needs. When it is a client’s first time purchasing property, they lack knowledge and experience with the home loan process; leaving them vulnerable to making the wrong choice when it comes to lenders. To address this, a broker will take the time to answer all of their questions and understand their unique needs. This will allow a client to feel far more confident and informed about the home buying process – there can be a lot to learn.

A great mortgage broker will also help to establish a client’s borrowing capacity, as well as assess their eligibility for the First Home Owners Grant or any other incentives that may help with their application. They’re also able to support a client to understand what they can afford when it comes to their loan repayments.

A great home loan broker will view the relationship as long term, ensuring that they remain in contact and offer assistance for the life of your loan. For the buyer, this means that their expert advice is available from first contact until settlement and beyond!

The Aston Homes team hope that you’re feeling more informed about the home buying process and the benefits of engaging a mortgage broker. If you have further questions, we are always on hand to assist with information about purchasing your first home. Contact us here.