Do you remember dial-up internet access? How about audio cassettes? Don’t worry if you don’t; they are, of course, a thing of the past. Similarly, a 30-year mortgage with one lender is a thing of the past and something that is largely obsolete nowadays, especially given the current climate. In this blog, we will discuss why you should use a mortgage broker to refinance.
Mortgage Broker Expertise You Can Trust
At the moment, there is intense competition in the home loan industry. Banks are offering all sorts of sweeteners to get you on board. So, how do you know which home loan is most suited for you? That’s where you need a professional on your team. A mortgage broker is a trained finance specialist who knows the system and which products best suit clients’ needs. We are also across all the latest industry developments, so you gain access to a wealth of knowledge by working with us.
Tailored Finance Solutions
There’s no one-size-fits-all mortgage. Everyone’s financial situation and goals are different, which is why you need tailored finance solutions. We’ll find a loan that’s appropriate for your specific needs. If we think you could benefit from loan features like an offset account or redraw facility, we’ll explain why. But we must work in your best interests and won’t push any extras on you that you don’t actually need.
Options, Options, and More Mortgage Options
If you go directly to your current lender asking for a more competitive rate, you only get what they are able to offer i.e. their loan products and the rates they are prepared to put on the table. We, on the other hand, have access to a panel of lenders with different types of products, features, and benefits. The commissions we receive are pretty similar across lenders, ensuring there’s no incentive for a broker to recommend one over another. Our role and obligation is to act with our clients’ best interests.
How a mortgage broker can make your life easier
Trying to understand all the different home loan products out there can be stressful and overwhelming. With a mortgage broker, we can take the burden out of refinancing. We can also liaise with your chosen lender and facilitate the whole process.
How to Prepare for the Fixed Rate Cliff
One fifth of Australian home loans will revert from fixed to variable in 2023. Do you fall into this category? If you do, it’s worth speaking to a mortgage broker about your refinancing options. Your current lender’s variable rate may not be the most competitive or appropriate for your circumstances, so it’s important to get a second opinion.
Would you Like to Chat to a Mortgage Broker?
We understand the market. We understand mortgages. And we’ll take the time to understand your financial situation and goals. Speak to us about how your home loan compares to others, and we will explain if switching lenders could be financially worthwhile. Get in touch with us today.