{"id":490,"date":"2021-09-15T08:27:12","date_gmt":"2021-09-15T08:27:12","guid":{"rendered":"http:\/\/blog.effi.com.au\/blogs\/?p=490"},"modified":"2021-09-15T08:27:12","modified_gmt":"2021-09-15T08:27:12","slug":"applying-with-a-broker-makes-sense-in-australias-property-market","status":"publish","type":"post","link":"http:\/\/13.210.238.202\/blogs\/2021\/09\/15\/applying-with-a-broker-makes-sense-in-australias-property-market\/","title":{"rendered":"Applying with a broker makes sense in Australia’s property market"},"content":{"rendered":"

Australian house prices are rising at the fastest yearly pace since 1989, says <\/span>a recent report<\/span><\/a> from The Guardian. So, if you are looking for a property, time is of essence.<\/span><\/p>\n

However, unless it happens to be your hobby, getting a mortgage is no one\u2019s idea of fun. Why? Because it can be tedious, time consuming and highly stressful. If that isn\u2019t bad enough, making the wrong choice of lender or product can be costly, and not just in terms of dollars. A rejected mortgage application can ruin your credit score. But working with an experienced mortgage broker can help protect you from the downside and get your mortgage approved quickly and easily.\u00a0<\/span><\/p>\n

Brokers know where to look, what to look for and how to narrow down their choices to suit your needs and financial circumstances. They know the lenders and their criteria, what they will accept and reject and can teach you the nuances of a winning mortgage application. They are in it to win. And they have the clout to negotiate with lenders, which you do not have.<\/span><\/p>\n

Here’s why it makes sense to use a broker in Australia\u2019s red hot market.<\/span><\/p>\n

Access to a wide range of mortgage options\u00a0<\/span><\/h2>\n

Mortgage brokers work with many lenders and have access to many mortgage packages on offer for a variety of properties. Once they understand your requirements and financial situation, they can narrow down the choices to speed up the transaction.<\/span><\/p>\n

Lender insights and how to get things done quickly<\/span><\/h2>\n

Mortgage brokers know all the lenders and their credit criteria, including what each lender wants and expects in a mortgage application. Brokers have the experience to interpret lenders’ jargon; something that any regular person will find difficult if not impossible.\u00a0<\/span><\/p>\n

Help with getting an application approved\u00a0<\/span><\/h2>\n

A mortgage broker will help you put together a winning mortgage application. Their professional expertise and knowledge of nuances that apply to individual lenders, and indeed their continuing relationships with lending managers, will be of immense help to you.<\/span><\/p>\n

Saves you money<\/span><\/h2>\n

Mortgage brokers have the clout to negotiate with lenders on a range of criteria including interest rates, applicability of Lenders Mortgage Insurance (LMI) waivers, and your eligibility criteria.<\/span><\/p>\n

For example, if you are an overseas qualified professional, you may not be eligible for the same LMI waivers that are given as a matter of course to other professionals even if you are doing the same job and earning similar income levels. An experienced lender will work towards getting you the same favourable terms and privileges. If they cannot get one lender to agree to making suggested exceptions in your favour, they can walk away and find you another lender instead.<\/span><\/p>\n

Have the clout and experience to negotiate<\/span><\/h2>\n

Negotiations like in the example above, and a brokers’ experience, can help you save a lot of money. Brokers can help smooth out any issues that may crop up in the process, working with the banks in a way that individual borrowers typically cannot.\u00a0<\/span><\/p>\n

Furthermore, some brokers are specialists in certain types of mortgages. This can be immensely useful for borrowers who may, for example, be eligible for LMI waivers and discounted rates because of your professional qualifications.<\/span><\/p>\n

Helps preserve your credit score<\/span><\/h2>\n

This is a rarely-discussed benefit of working with mortgage brokers. A rejected loan application can have a negative impact on your credit score. In many cases, it may not even be clear to you why your mortgage application was rejected (they are not bound to tell you). This meansyou can make the same mistake again and again.<\/span><\/p>\n

Often, your application may be missing a minor detail. But for the lender, rejection is easier than having to spend the time to check that point or minor detail that may be flouting a rule in the credit policy. A mortgage broker can help you avoid this, making sure everything is correct before it is submitted.\u00a0<\/span><\/p>\n

Saves time, hassle, and stress<\/span><\/h2>\n

Going it alone means browsing so many websites of different lenders and checking out lending criteria to see whether they are right for you. That does not sound like anyone’s favorite pastime. Even if you manage to narrow down choices, you will still have to put together mortgage applications which are distinctly different from lender to lender. But your mortgage broker is used to that and will help you get it done and make it complete in very little time.\u00a0<\/span><\/p>\n

Mortgage brokers work with comparison sites<\/span><\/h2>\n

The Australian mortgage market is highly competitive with a wide variety of lenders, a myriad of mortgage products, and many brokers. Selecting a product can be quite difficult and confusing.<\/span><\/p>\n

Comparison sites make it easier by bringing together many suitable offerings in one place. Recently Finty, the popular financial comparison website, released their <\/span>mortgage broker service<\/span><\/a> powered by Effi, making it easier for homebuyers to find a local broker and schedule a meeting at a convenient time.<\/span><\/p>\n

For these reasons, a mortgage broker with experience is an invaluable asset that you can turn to when you are looking for a home to live in, a second home or an investment property. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Australian house prices are rising at the fastest yearly pace since 1989, says a recent report from The Guardian. So, if you are looking for a property, time is of essence. However, unless it happens to be your hobby, getting a mortgage is no one\u2019s idea of fun. Why? Because it can be tedious, time …<\/p>\n

Applying with a broker makes sense in Australia’s property market<\/span> Read More »<\/a><\/p>\n","protected":false},"author":6,"featured_media":491,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[9],"tags":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/13.210.238.202\/blogs\/wp-content\/uploads\/2021\/09\/shoulders-of-the-giants.png?fit=583%2C389","uagb_featured_image_src":{"full":["https:\/\/i0.wp.com\/13.210.238.202\/blogs\/wp-content\/uploads\/2021\/09\/shoulders-of-the-giants.png?fit=583%2C389",583,389,false],"thumbnail":["https:\/\/i0.wp.com\/13.210.238.202\/blogs\/wp-content\/uploads\/2021\/09\/shoulders-of-the-giants.png?resize=150%2C150",150,150,true],"medium":["https:\/\/i0.wp.com\/13.210.238.202\/blogs\/wp-content\/uploads\/2021\/09\/shoulders-of-the-giants.png?fit=300%2C200",300,200,true],"medium_large":["https:\/\/i0.wp.com\/13.210.238.202\/blogs\/wp-content\/uploads\/2021\/09\/shoulders-of-the-giants.png?fit=583%2C389",583,389,true],"large":["https:\/\/i0.wp.com\/13.210.238.202\/blogs\/wp-content\/uploads\/2021\/09\/shoulders-of-the-giants.png?fit=583%2C389",583,389,true],"1536x1536":["https:\/\/i0.wp.com\/13.210.238.202\/blogs\/wp-content\/uploads\/2021\/09\/shoulders-of-the-giants.png?fit=583%2C389",583,389,true],"2048x2048":["https:\/\/i0.wp.com\/13.210.238.202\/blogs\/wp-content\/uploads\/2021\/09\/shoulders-of-the-giants.png?fit=583%2C389",583,389,true],"jetpack-portfolio-admin-thumb":["https:\/\/i0.wp.com\/13.210.238.202\/blogs\/wp-content\/uploads\/2021\/09\/shoulders-of-the-giants.png?resize=50%2C50",50,50,true]},"uagb_author_info":{"display_name":"Effi Author","author_link":"http:\/\/13.210.238.202\/blogs\/author\/effi-author\/"},"uagb_comment_info":0,"uagb_excerpt":"Australian house prices are rising at the fastest yearly pace since 1989, says a recent report from The Guardian. So, if you are looking for a property, time is of essence. However, unless it happens to be your hobby, getting a mortgage is no one\u2019s idea of fun. Why? Because it can be tedious, time…","_links":{"self":[{"href":"http:\/\/13.210.238.202\/blogs\/wp-json\/wp\/v2\/posts\/490"}],"collection":[{"href":"http:\/\/13.210.238.202\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/13.210.238.202\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/13.210.238.202\/blogs\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/13.210.238.202\/blogs\/wp-json\/wp\/v2\/comments?post=490"}],"version-history":[{"count":1,"href":"http:\/\/13.210.238.202\/blogs\/wp-json\/wp\/v2\/posts\/490\/revisions"}],"predecessor-version":[{"id":492,"href":"http:\/\/13.210.238.202\/blogs\/wp-json\/wp\/v2\/posts\/490\/revisions\/492"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/13.210.238.202\/blogs\/wp-json\/wp\/v2\/media\/491"}],"wp:attachment":[{"href":"http:\/\/13.210.238.202\/blogs\/wp-json\/wp\/v2\/media?parent=490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/13.210.238.202\/blogs\/wp-json\/wp\/v2\/categories?post=490"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/13.210.238.202\/blogs\/wp-json\/wp\/v2\/tags?post=490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}