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  1. #1
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    Default Homeloan options

    Df and I want to apply for a homeloan but we have no idea where to start.

    I have been in contact with someone from Rams, originally called them just from a Google search to ask a couple of questions, but since then the person I was talking to takes forever to get back to us and I'm not sure if they are the right person to be talking to anyway.

    Who would I need to contact to find out all our options? A mortgage broker? How do I find a good one? How much do they cost? Are mortgage broker costs and any added costs apart from the house price paid out of our pocket or included in our homeloan?

    Thanks 😊

  2. #2
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    We went through our bank, I don't know much about Rams etc but wouldn't their interest rates be higher?

    Definitely shop around

  3. #3
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    Default Homeloan options

    I've heard multiple people recommend mortgage brokers, they will lay out all your options and explain the process thoroughly.

    They don't cost anything I believe they are paid by the bank you get a loan through? Could be wrong though.

  4. #4
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    Definitely speak to a good mortgage broker- ask friends and family if they can recommend one. They dont cost anything (cant remember exactly how it works but there are no costs to you). Other costs to factor in are: stamp duty, building and pest reports, solicitors fees and ours also advised us to have money aside for rates etc to show our capacity to pay them.

  5. #5
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    We've just gone through the process with a mortgage broker. They are good if you want help or have circumstances which make it harder to know what your best option is.

    My DP is self employed and we bought rural and the mortgage broker knew exactly who would be able to help us (not all banks/lenders do rural and we had to go low doc).

  6. #6
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    Oh yeah and we used my dad's mortgage broker. Always good to go with a recommendation of you can.

  7. #7
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    Thanks everyone. I guess I'll start looking for a mortgage broker. I only know 1 person that has recently bought a house so will ask if they had a mortgage broker. Other than that I don't have anyone to ask. No family in this state.

    Does anyone here recommend a mortgage broker in Perth NOR?

  8. #8
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    Don't bother with a broker they get kick backs for reccomending certain banks/lenders. I reccomend starting with your bank and seeing what they can offer you.

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    The reason brokers are better is because they have access and knowledge of all the rates, application demands and requirements of all the banks - they get paid from any bank you choose and ethically should be recommending the best deal regardless of the bank - as pp said try get a referral from someone - your accountant, solicitor or agent may have people they recommend

    Don't forget to add mortgage insurance to your budget if you are borrowing more than 80% of the loan plus you will need your stamp duty saved as well as the deposit

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    Quote Originally Posted by Mum2b87 View Post
    Don't bother with a broker they get kick backs for reccomending certain banks/lenders. I reccomend starting with your bank and seeing what they can offer you.
    We tried to use a mortgage broker. Apparently he was very good and came recommended. No idea why!

    He said there was no way we could borrow what we needed and told us we'd be lucky to get a loan let alone a good interest rate. So we phoned the commonwealth bank and got a loan straight away.

    Maybe we were just unlucky!


 

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