Benefits of using a loan broker - Option Home Loans

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Option Home Loans - Benefits of using a loan broker

Did you know that most Australians make a critical mistake when financing their first home? They use their existing bank as their lender and take a home loan through their own bank without comparing home loans.

“Buying a home might be the most important financial transaction you’ll make in your life. If you’re looking to become a homeowner, you’ll likely be considering a mortgage to help you finance the purchase.” (Business Insider Australia, 2019) 

Business Insider Australia published a recent article where Danny Gardner, gave his best advice on mortgages for first-time home buyers. There are 8 things Gardner thinks every home buyer should know about mortgages:

  1. A 20% down payment is not a requirement
  2. There are thousands of programs to help homebuyers make down payments
  3. If you’re not careful, your mortgage applications could hurt your credit score
  4. Understanding lender fees and shopping around can save you money
  5. You might not need an appraisal
  6. If you can close quickly, you could score a lower interest rate
  7. You should prequalify for a mortgage, but you should still shop around
  8. Educating yourself about the home-buying process will increase your chances of getting your dream home

“One in ten Australian home owners have admitted they would not be able to pay an extra $100 a month on their mortgage, while nearly half of mortgage holders said they would struggle to find this much extra a month.” (Business Insider Australia, 2018)

Existing home loans can be refinanced to lower mortgage repayments. Many don’t think about it without seeing other options for their home loan.

“It’s time for mortgage holders to proactively look for ways to curb their monthly payments, and a great solution is refinancing.” (Business Insider Australia 2018)

If you looking to find an easy and convenient way to compare home loans and your possibilities, there is a better option: using a loan broker. By using a loan broker, you’ll get free advice on your home loan. Lending Specialists will help you search, choose and settle your home loan online – at a time that suits you. They do the paperwork on your behalf and can help you apply for the First Home Owner Grant or other government incentives.

 

Why go it alone?

Using a Loan Broker service is at no cost to you because the lenders pay to brokers. There may be much more attractive loan package available, in what is generally a highly competitive market. Which can save you tens of thousands of dollars over the lifetime of your loan. By using a Loan Broker you’ll have expert’s advice and support at every step.

Benefits;

  • Only one application
  • Compare more than 35 home loan lenders
  • Get free expert advice
  • Get better rates
  • Save time and money
  • Less paperwork for you
  • Guided help to apply for the First Home Owner Grant or other government incentives
  • Easy and convenient

 

How does it work?

At Option Home Loans, we will meet you at a time and place that suits you. As soon as you contact us or book an appointment, one of our lending specialists will be into touch.

Make your life changing decision and contact us today!

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References:

https://www.businessinsider.com.au/mortgage-tips-first-time-home-buyer-2019-5

https://www.businessinsider.com.au/australians-close-to-defaulting-on-mortgage-2018-11