Is there any point for first home buyers to use mortgage broker nowadays? do they necessarily find you a better deal or rates?
Mortgage Broker - First Home Buyers
consumeconsume on 23/05/2019 - 15:12
Comments
I think your brokers have been duds then. Mine came to me, we supplied the documents once and then everything was taken care of. Very easy.
He also found us a rate and package below the advertise rate because as he claims he’s been dealing with that bank manager for “years” and gets them lots of business.
A good broker is worth every penny ($0 since the bank pays them, not you). They can definitely get better deals. Bad ones are just a middle man who may or may not get you a better deal and probably just want a one time commission.
Totally disagree with you.
Lowest market rate is variable 3.48% comparison rate (that i can see) don't need a Broker to get that and you don't need a middle man unless you can't upload documents to an email and press send
Often the online brokers don't accept clients with LVR of 80 or higher.
@dcep: Yep that's my point. So I think going to a mortgage broker is the smart thing to do for a FHB.
Have you noticed there are 100+ products out there?
It's not all about lowest rate. What product best for you, good broker will go through that.
Plus brokers comes with added bonus of helping you processing the docs, bank do that too, but good brokers way better.
I don't use brokers now, but for new buyer, its worth while.@boomramada: what products are you referring to?
I'd suggest that most first time buyers just want the lowest rate and perhaps an offset account if they are not happy with a redraw facility.
interest only for a while (which i wouldn't recommend for anyone) or split loan.
what are the 100+ more products that a Broker needs to go through?
Processing docs, come on…unless your computer illiterate then this is worthless.@boomramada: No response to my question below??
Too busy negging I suppose And the fact that you are obviously talking through your pie hole.
Yes and yes.
It’s not just the rate, the ongoing relationship that can yield results over the longer term. Good brokers have their finger on the pulse and can move you between products and lenders frequently to get you a better deal over the next 30 years.
can move you between products and lenders frequently to get you a better deal over the next 30 years
That's called churn and burn, lines their pockets and adds costs to lenders which is passed onto borrowers. Why check with existing lender to match first, if you see see a better deal.
I guess mortgage broking is not a service for you then.
I trust my broker. Doesn't mean you have to.
so what is your current rate ?
3.64%
2nd Tier Lender
10 free offset accounts (I'm using 6 and have 1 loan split)
Fee free black credit cards earning QF points
Fantastic iOS app
Apple PayIt's not just about the rate.
Annual fee?
@Skramit: That home loan usually has a $248 annual fee. Did your broker waive it for you for life of loan or are you being reimbursed after x years on loan?
Edit: Also, how long have you been with them? Have they raised the interest rate despite still advertising the lower rate?
Macquarie?
sounds like suncorp
Sounds good, what lender, what lvr?
3.64 OO Variable free offset from Macquarie is a fantastic deal.
Share your broker please.
Would be perfect for First Home Buyers, they give you options, you find the one that suits you.
Exactly, better brokers will ask you which product you are also considering/thinking about/heard of. In that way they can provide a comparison between the product you think might be suitable against the products the broker may suggest.
We used one on our first home and for someone who knew nothing about how to buy a house and set up a home loan it was a good experience. Really took all the extra work out of it, considering you have to arrange building and pest etc etc as well. One less thing to do
depends on how much you know about loans and you current situation - in my experience most people are too dumb/lazy to go onto the Canstar Website and find the best loan that suits them - if that isnt you then do that it honestly
Also if you are looking for a low-doc loan then i'd recommend a broker
It certainly does not hurt to talk to a mortgage broker first, they are a wealth of information and contacts.
Use them to find you some deals but once you are knowledgeable and confident enough you can also find your own deals with no obligation to the brokers at all.
It's not just about getting you a better rate, it's also about their experience and contacts within the various banks and lenders that can help you along the way.
We've used the same broker for our first home, sale of first home and purchase of our second home. On our second home we got the runaround with the bank losing documentation, stuffing things up and causing an absolute headache. The broker was able to get in contact with someone within their lending department and after being stuff around for a week or more, the issues were sorted out the next day.
Not all of them are the same though, it's about finding the right ones.
Please share details for any good broker in sydney area.
Brokers can't necessarily always get you the "best" deal and often you can get the same deal from the bank the brokers has recommended. If your situation is pretty strong financially and your requirement is quite standard, you can probably get a low rate with your own research. However, with all the lending policy changes and the complexity of putting together a loan application, brokers can add value to help you navigate the process. They also can provide lots of education and guidance depending on the brokers experience of course. I think it all depends on the client and their needs. Using Broker or not, there are many options that are suitable.
I'm a mortgage broker myself.hey - interested to contact you for more info - can you please turn on receiving PMs, or PM me? Thanks.
Numpty21 on 23/05/2019 - 15:35 Comment score below threshold.