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The primary job of a mortgage broker is to give you expert advice about home loans and save you the time and hassle of shopping around for a loan.
Unlike banks, mortgage brokers are not restricted to using the mortgage products of one lender. Yellow Brick Road mortgage brokers draw their product recommendations from a large lending panel of banks, credit unions and building societies. There is no fee for using our services because we receive remuneration from the lender once your loan settles.
Your best interests
Best Interests Duty (BID) legislation introduced by ASIC in January 2021 mandates that mortgage brokers must act in the client’s best interests when recommending a home loan product. This means taking the time to get to know you and understand your objectives, financial situation and needs. Your broker must tell you why they’ve recommended a particular product and how it meets your needs.
A good mortgage broker will use clear and straightforward communication, so you understand your home loan options and can make an informed decision.
We have you covered on all stages of your property journey
A good mortgage broker will use clear and straightforward communication, so you understand your home loan options and can make an informed decision. They’ll answer your questions and keep you updated every step of the way until settlement day and beyond.
For anyone navigating the often complex world of properties, particularly during a pandemic, there is considerable benefit to having an experienced and qualified professional by your side that lives and breathes mortgages.
Here are six things we do well.
Compare home loan products
Because a mortgage broker has hundreds of loans on their books to choose from, they are equipped to find which loans are best suited to your circumstance. This compares to you going it alone, where you would have only a handful of loans to pick from.
A mortgage broker will listen carefully to what you want out of a loan and then use specialised software to search for loans fitting these criteria. They will then provide a shortlist of 2 or 3 loans and explain the pros and cons of each in relation to you and your circumstance.
Work to your schedule
Mortgage brokers pride themselves on flexibility. Rather than dictating time and place, a mortgage broker will make an appointment around your schedule more often than not. Whether it’s a late afternoon zoom call once your workday is done or a meet-up at a café that is convenient to your office (for those lucky enough to be back in a face-to-face workplace), mortgage brokers like to make things convenient for you.
A combination of Covid lockdowns and an influx of keen property buyers has blown out mortgage assessment turnaround times for some lenders. Using a mortgage broker can significantly speed up application turnaround time for several reasons.
Firstly, a broker can guide you through the application to ensure no errors have been made or information omitted that will send your application to the back of the queue. Secondly, a broker’s intimate knowledge of the market means we know which lenders’ processing times have and haven’t blown out. Even if you choose to go with a lender with a long turnaround time, a mortgage broker who has a long-standing relationship with that lender may be able to receive priority service.
Friendly, expert advice
Brokers don’t use complicated jargon or fancy terminology
Mortgage brokers enjoy helping others, whether a first home buyer into a new home, a homeowner refinancing or an investor expanding their portfolio. You will find that brokers don’t use complicated jargon or fancy terminology because we want you to understand the ins and outs of the home loan process, not leave you in the dark.
Perhaps you want to understand how to use your home equity? Or refinance a home loan? As specialists in selling mortgage and mortgage-related products, brokers stay up-to-date with new products, promotions and regulations. They are a wealth of information about all things mortgage-related.
Long term benefits
Long after loan settlement, a mortgage broker will continue to check in on you to make sure your loan continues to meet your needs. Mortgage health checks are conducted routinely to make sure your loan continues to align with your personal and financial circumstances. If interest rates have shifted since you took out your loan, a mortgage broker can use their negotiation skills to try and get a better deal with a lender. Even small interest rate reductions equal large rewards.
Paperwork is a common frustration of applying for a mortgage. Brokers understand the pitfalls of the application process and can help make the process quicker and simpler. Lenders return forms that are filled out incorrectly for re-submission, so getting it right the first time saves time and stress.
Put your Yellow Brick Road mortgage broker to the test to see what we’re good at. Chat to us today; we’d love to help.