Why More Australians Are Turning to Mortgage Brokers for Refinancing
Did you know that nearly 70% of borrowers choose to work with a mortgage broker? In the June 2024 quarter alone, brokers accounted for 73.7% of all new home loans in Australia – the second highest share ever recorded.
When it comes to refinancing, many borrowers prefer a mortgage broker to ensure they’re making the right decision. Here’s why more people are turning to brokers instead of going directly to lenders.
Expert Advice You Can Rely On
In today’s challenging financial climate, many Australians are feeling the squeeze of the cost-of-living crisis. With so many expenses to juggle, it’s essential that your home loan is not only competitive but also has the features that best suit your needs.
A mortgage broker is a trained financial expert who can offer tailored advice to help you decide if refinancing is right for you. We understand the various home loan options and can help you find one that fits your financial situation and long-term goals.
Moreover, mortgage brokers are legally required to act in your best interests. This means that when you work with us, you can rest assured that we’re always advocating for you.
Simplified Refinancing Process
Do you remember the paperwork and hoops you had to jump through when you first applied for your home loan? If it felt like a lot to handle, you’re not alone!
Mortgage brokers simplify the refinancing journey. We manage the entire process for you – liaising with the lender, handling the paperwork, and providing ongoing support.
Bottom line: with a broker by your side, you’ll have someone helping you every step of the way, ensuring the process is as smooth and stress-free as possible.
Customised Financial Solutions
A mortgage isn’t a “one-size-fits-all” product – everyone’s financial situation and goals are unique. That’s why you need a solution tailored to your needs.
A mortgage broker takes the time to understand your specific circumstances. If we believe features like an offset account or a redraw facility could benefit you, we’ll explain why, but we’ll never push products or extras you don’t need.
Access to a Wide Range of Lenders
When you go directly to a lender, they can only offer their own products, which may limit your choices.
Mortgage brokers, on the other hand, have access to a wide panel of lenders, allowing us to compare options from a variety of providers and recommend the one that best fits your needs. With so many mortgage choices available today, we’re here to help you navigate the options and select the right one for your situation.
And when it comes to commissions, rest assured: they are fairly consistent across lenders. This ensures that we’re never incentivized to recommend one lender over another. Our goal is always to act in your best interests.
A Holistic Approach to Your Financial Future
While banks focus on securing your business in the short term, mortgage brokers take a more comprehensive approach. We consider your current financial situation and your future goals, then work to align your home loan with those long-term aspirations.
Common Reasons to Refinance
If you haven’t reviewed your mortgage recently, now is a great time to reconsider your options. Refinancing could help you:
• Lock in a more competitive interest rate
• Benefit from features like offset accounts or redraw facilities that can save you money
• Access equity for renovations, buying additional properties, or funding other financial goals
• Consolidate debt to simplify your financial situation
If you’re ready to explore your options, now is the time to act. With interest rates potentially changing again in early 2025, it makes sense to shop around now and see what lenders are offering.
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We can help get you into your new home.
We’ve worked with clients across Australia to access the different first home owner grants (FHOG) as well as the various stamp duty and other concessions that may be available depending on which state you are in. We can talk you through your various options as well as helping you compare things like buying vacant land vs. an established home.
Use our online calculators to work out how much you can borrow, loan repayments, stamp duty and lots more.
