For our parents’ generation, obtaining a home loan was an entirely different beast to what it is today.
Back then, it was often about relationships. Bank managers were respected – to the point where applicants usually dressed up to attend a meeting about a loan – and people developed personal relationships with their bankers, which often gave them the inside edge when applying for finance.
Now, those days are long gone. At least, they are for the average consumer.
Getting a competitive deal on your mortgage, for your circumstances, may prove almost impossible on your own. The biggest savings and heaviest home loan discounts with major banks are often only set aside for premium lender partners and professional clients.
The little-known secret banks don’t want you to know…
When applying for a loan in the modern mortgage marketplace, your bank may suggest they’re giving you their best offer. But you still might not get the lowest interest rate, the right loan features and most competitive fees by going direct, and here’s why.
Banks and lenders tend to work with two loan markets: direct home loan customers and finance brokers.
Brokers can work with over 15 banks at a time and do a lot of the pre-qualifying work, which is 1 reason why the banks and lenders like working with them. When a broker presents a potential customer, it comes with a fully completed loan application and the required supporting paperwork, while the broker has usually pre-evaluated the applicant’s suitability for approval.
Because brokers handle this pre-qualification process, banks tend to reward mortgage brokers accordingly, with access to more competitive interest rates, special product packages and loan terms than what is available to the general public.
Premium Broker Status
For their very top brokers, banks and lenders may even offer premium broker status.
This is where Mortgage Corp sits in the market and this status allows us to access the most exclusive loan packages, boasting attractive rates and generous terms and better service levels on our clients’ behalf with many lenders.
What does this mean for you? It means that by not working with a premium broker, you could be costing yourself tens or even hundreds of thousands of dollars over the long term.
For more details on how we can help you get the most suited mortgage for you and help you start saving money today, contact our mobile loan experts now.
What else can a premium broker offer you?
Using a qualified and experienced broker can do more for you than securing a competitive interest rate.
Premium mortgage brokers offer a range of services and specialised advice that can alleviate stress and streamline the home loan approval process. These include:
- Extensive experience with unusual applications
We have extensive experience working with borrowers who have unique or complicated situations, which means we can guide you towards the most suitable bank or lender to suit your specific needs – improving your chances of a loan approval.
- Fast settlement
Experienced brokers know the right questions to ask, the right paperwork to file and the right people to talk to, to get loan documents processed and settlement affected more quickly.
- Direct access to decision-makers
Premium brokers have direct access to the right people to get things done – fast. This can make all the difference when your loan application is time sensitive.
- Expert advice
We can offer individual, personalised advice and expertise on structuring your finances to help take advantage of every available resource. For instance, we may be able to arrange as offset account, which has the potential to save you a significant sum of money.
Can’t I just haggle with my bank for the best deal direct?
As a borrower, you might attempt to negotiate directly with your bank or lender in an effort to get the most competitive interest rate and loan term. In some instances, particularly if you can provide evidence of another lender offering a better deal, you may be successful in securing a lower interest rate or reduced fees.
This is because in reality, although it may not seem like it at times, banks do value your patronage and they do actively want your business.
But why go through all the stress and hassle of running around and liaising back and forth with your banker, simply to settle on loan terms, rates and fees that your professional broker could negotiate on your behalf?
And why would a bank offer the most competitive rate upfront?
Or keep you informed about all the ways you could save money on your loan along the way? The driving aim of banks and lenders is to make money off you by keeping you as a customer for as long as possible, so showing you how to save large amounts of $$$ on your loan isn’t their number one priority!
What’s more, many customers may struggle to get from their bank the same high level of personalised service they would from a mortgage broker, simply due to the size of the bank.
A premium finance broker, on the other hand, can provide you with attentive and customised service while also looking at the bigger picture. We’re dedicated to working with you, for you, to create a long-term relationship that delivers ongoing positive outcomes for your financial situation. We rely on referrals of our customers and they come to us for their 1st, 2nd, 3rd+ properties and refer their family and friends to us because we always have their best remove word best interest at heart, no matter which bank the broker puts them with.
At Mortgage Corp, this means that we’re not just interested in getting this current deal ‘across the line’. We want to work with you to help you set up the most suitable loan for your circumstances to move you forward financially. As a result, we have a vested interest in doing things right and getting you the most competitive loan and terms to suit your situation, now and in the future.
To learn more about how our experienced 5-star mortgage specialists can help you take the next step towards securing the home loan that is right for your situation, contact us today!