The home loan market is becoming significantly more complex and there is an every increase number of loan products available from the numerous banks, building societies, credit unions and non-bank lenders.
Fixed rate, split loans, Honeymoon period, this one has a credit card, variable rate, break costs, comparison rates, this one has an offset account, FHOG, defered establishment fees, what does LVR mean…
Using a good finance broker has a number of benefits, with Peace of Mind being a main one.
A finance broker will provide you with professional advice, genuine choice and personal service in finding you a financal solution which will meet your needs.
Some of the other benefits that a good finance broker will provide you include:
Save you time
You can choose to research the various lenders and their products yourself, looking for just the right loan or work with a credit adviser who already has that knowledge. Saving you time and stress. A finance broker will assist you with selecting a loan, completing the application and lodging the supporting documentation with your selected lender.
Give you choice while helping you find the right loan
A finance broker will be accredited with a number of Lenders from which they recommend a loan. This provides a finance broker with access to 100’s of loan products. This allows the finance broker to provide you with 2 or 3 products to choose from, including a reconmendation of a solution which is right for you.
The best loan for you is not necessarily the one with the cheapest rate. A good finance broker will have an understanding of your current circumstances and future plans and will recommend a loan that best meets your needs. Having the appropriate loan for your circumstances can save you money in the longer term which can help you build wealth.
Help you avoid pitfalls
Best not judge a book by it’s cover
Unfortunately there are many products that appear at first to offer a great deal but they have penalties, fees or charges you are not aware of; they may not offer the flexibility you require in the future, or they may not have the features you require. A finance broker can help you avoid taking out a loan you might later regret and in the process potentially save you a lot of money in bank fees and additional repayments over the life of the loan.
A good finance broker is there to support you over the life of the loan. They will be available to regularly review your loan or to answer any questions you may have.