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  1. #11
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    Also most mortgage brokers won't help you with anything as soon as the loan is drawn down. Any other questions or issues you have you will have to start again with the bank directly.

  2. #12
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    We've used mortgage choice in Sydney but they're franchises so you may not get one as good as the one we used. Basically he found out our circumstances then found the best loan for us. They're incredibly patient. They're paid the same amount no matter which bank you end up going with but in saying that, I doubt you'll find a broker who deals with every single bank.
    Ours reviews our loan annually to make sure we're still getting the best rate.
    Also another benefit of a broker is that their relationship with the lenders can often save you money, e.g. We never pay loan application or valuation fees as the broker gets them waived.

  3. #13
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    Brokers are great and I would use one. However they don't have access to all products on the market.

    So best is to start with a broker then approach another bank to get s better deal. That's a valid process if you are borrowing a fair amount. No point doing it for small loans.

  4. #14
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    Quote Originally Posted by JR03 View Post
    We've used mortgage choice in Sydney but they're franchises so you may not get one as good as the one we used. Basically he found out our circumstances then found the best loan for us. They're incredibly patient. They're paid the same amount no matter which bank you end up going with but in saying that, I doubt you'll find a broker who deals with every single bank.
    Ours reviews our loan annually to make sure we're still getting the best rate.
    Also another benefit of a broker is that their relationship with the lenders can often save you money, e.g. We never pay loan application or valuation fees as the broker gets them waived.
    This is our experience with mortgage choice as well. Our broker also pushed for a loan feature for us that our bank would not offer us directly, but our broker argued our case and got it, which was fantastic. Saved us heaps. We ended up with a loan from our usual bank, but better then they offered us directly. I don't mind at all that the broker receives payment from the bank for that!

  5. #15
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    Not all mortgage brokers are the same! Also you need to be careful with enquries as they may affect you credit record if you apply for too many.

    I would suggest starting by talking with your bank. Thrre are comparison websites. Your bank can advise how much you can borrow and you can base your investigations on that.

  6. #16
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    Default Homeloan options

    Thanks for all the advice everyone. Lots to think about.

  7. #17
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    I went through Aussie Home Loans, this was 7 years ago but they were fantastic. It doesn't cost anything and they were very knowledgeable.

  8. #18
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    I won't use a broker again. When we applied for our first home loan he filled out our application to the bank and had us sign it. I told him I wanted to supply more info regarding my income (APA scholarship so tax free & no group certificate), and added in an explanation with the form, which he took upon himself to remove. Of course the bank then did require that info, a delay of a week in sorting that cost us an interest rate rise, 5 year fixed loan, so heaps of money. It's easier to just sort stuff yourself.

  9. #19
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    @bezzy probably a good idea not to use that broker again.
    However he doesn't represent the skills level of the whole profession... There's good and bad brokers like anywhere else.

  10. #20
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    find a mortgage broker you trust. we shopped around and met with a few before deciding on the guy we used. lots are quite pushy and don't really listen to your needs. the one we chose really listened and worked within the brief we set him.

    you can go straight to the banks but a mortgage broker has access to more and is more of a one stop shop. he did the legwork and liaising for us, we just showed up and signed the paperwork. would definitely use him again.


 

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