Should you use a mortgage broker?

For those of us who feel confronted by the time-consuming and stressful process of getting a home loan, using the services of a mortgage broker will make the process just that bit easier. Mortgage brokers are a big fan of solving complex financial situations, offering advice and guidance throughout the process to make sure you get the most suitable loan option. 

One of the biggest reasons to use a broker is they operate under a Best Interests Duty (BID) when providing credit assistance to consumers. Coming out of the Royal Commission, financial advisers, by laws, have BID and so do brokers. It means brokers are obligated to provide a detailed and customised rationale for their product recommendation for each client. 

Without further ado, here are the next biggest reasons you should go to a mortgage broker when you resolutely decide to get a mortgage. Strap me in!

Brokers do all the application on your behalf

The toughest part of getting a mortgage - especially if you have a complex case, (you have multiple properties, you might be self-employed, you might have dependants) - is the sheer amount of labour it takes to get to completion. Having to provide endless rounds of paperwork and negotiating for a better deal, it feels as if your brains start crawling out of your eye sockets. 

This long and tumultuous process is taken care of by your mortgage broker. In the last 5 years, broker workload has increased by 40 per cent. Mortgage brokers are expected to spend over 20 person-hours to process a deal with the ever-increasing compliance burdens.

But the best part of the process is the end result when customers get a key to their new house. That’s probably the favourite part for any broker. It means all the hours of work that they put in have paid off. 

Brokers ensure you get the right home loan deal for you

To quote Sir Issac Newton who wrote in a 1675 letter to fellow scientist Robert Hooke: “If I have seen further, it is by standing upon the shoulders of giants”. The phrase can be understood to mean that if you discovered more about something than others, then it was because you have the light of discoveries made by those who are a little further down the path. 

There are giants in every field. In the mortgage industry, you are probably better served to go to an experienced and competent mortgage broker who specialises in finding the right deal for your specific goals and circumstances. They have the market and industry know-hows. They understand which lenders match your unique situation and which lenders don’t. 

The way brokers operate their business is they will often have a chat with you, understand where you are at and e