The face of mortgage lending has changed in the last 15 years
It’s been estimated that 50% of loans for property purchase in Australia are through brokers. The face of mortgage lending has changed over the last 15 years, and it is likely to continue even more along the path of bank and brokers.
Australian consumers are intelligent buyers. They use social media more than many cultures already. By the time they are ready to talk, most consumers will have visited sites, Googled information about loans, and probably are bombarded with an overload of data.
With the access to so much information about loans, there is no reason for anyone to stay with one lending institution when there is a free service available by brokers to source the best deals for you. Brokers deal with lenders every day and know where the best opportunities are for their clients. Did I mention that their service does not cost the consumer anything?
Five things to think about when choosing your Sydney mortgage broker:
- Are they independent from all lenders? Brokerages like Aussie® home loans are 80% owned by the Commonwealth Bank. Does that give them the freedom to access all lenders, or will they be looking at CBA products primarily?
- Have they asked you about your personal circumstances? It is really important to be able to trust your broker. If a deal comes across the table at you before you feel that you haven’t explained yourself to them, odds are that the deal may not be ideal for you.
- With how many lenders are they affiliated? The bigger the net, the larger the opportunity for a great deal.
- What other services do they offer? A great brokerage will be able to connect you with other professional services – like accountants, lawyers, insurance brokers, and property managers.
- How far along the process will they be there for you? Be sure that your mortgage broker commits to acting on your behalf to settlement and beyond. It is in their interest to look after you and develop loyalty.
Need help finding the best local businesses in Sydney?
Did you know Tradebusters Connect powers the Sydney Top 3 Local Choice directory? Unlike other directories, the businesses listed here undergo an interview and screening process for your peace of mind.
From local trades, real estate, property and finance service providers, we’ve got you covered with genuine recommendations.