If you’re an overseas investor (or an expat) looking to buy property in Australia, there’s plenty of good reasons why you should use a mortgage broker.
Getting an Australian property loan is a big decision. Even a small difference in the terms and conditions offered by different lenders can make a big difference to how much you’ll pay over the life of a property loan.
Did you know that more than half of local Australians currently use a mortgage broking service to find their home loan?
Here’s why.
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Mortgage brokers are more knowledgeable about the lending market
Mortgage brokers source home loans for people for a living. They’re professionals and they keep up-to-date with the market, so that they know where the best deals are. They also know the policies of regulators and banks in the Australian lending market.
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They work for you
Mortgage brokers try and find you the best deal. If they can’t do that, they’ll go out of business. It’s in their interest to look after you, not the lender. If you deal direct with a lender, they’re looking to get the best deal for themselves, not for you.
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They save you money
Lenders offer a range of terms and conditions and features with their property loan products. A mortgage broker will advise you on the best option/s to suit your needs. They’ll also make sure you’re not paying any extra fees for any loan features that you don’t need. And they’ll make sure you get the features that you do need.
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They save you time and hassle
Mortgage brokers are across all the loans from all the lenders in the market. Imagine how much time that would take you to research yourself. Sit back and let a professional do it for you.
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They match you with the right lender
Did you know that if you have a loan application rejected that it negatively affects your credit rating in Australia? That can make it harder for you to get a loan in the future. Mortgage brokers will take the time to understand your situation and then match you with lenders that are more likely to approve your loan, before you submit your application.
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They help you with your application to improve your chances of a quick approval
Mortgage brokers know the criteria that different lenders use in assessing loan applications. They’ll help you choose a lender and help you prepare your application to give you the maximum chance of a quick approval. At FindAHomeLoan, we look at the debt servicing ratio frameworks in both Singapore and Australia to match the right lender or bank to your requirements.
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They’re convenient
Mortgage brokers will meet you at a time and place that’s convenient for you.
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They can help you borrow the maximum amount to get the best possible property
Lenders in the Australian market have tougher mortgage lending restrictions for overseas investors and expats. Some lenders in the market will lend up to 80% of a property for a non-resident investor, while others will lend less.. Your mortgage broker can help you to find a lender that will let you borrow the amount you need for your property.
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They can help with your property buying process
Mortgage brokers usually have a network of partners including lawyers, accountants, notary publics and bankers to guide you through the property investment process.
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They can help with refinancing if circumstances change
Mortgage brokers can help you switch lenders to get a better deal if your circumstances or market conditions change. They can take care of all the paperwork.
How we can help
At FindAHomeLoan, providing mortgage broking services for investors looking to buy property in countries like Australia is one of our specialities. Whether you’re looking for a new loan or to refinance, we can provide detailed advice and assistance.
We work on a no-fee model until we find the right loan for you. We would be happy to speak or meet with you to discuss your needs and goals.
We’ll take the time to understand your circumstances and provide the best advice.
Contact us now to find out how we can help you!