Are you taking the first step into purchasing your first home but have no idea where to start?
When you think 'mortgage' you think of borrowing money. And where do you typically go to buy money? Your bank. There is nothing wrong with going to your bank, however your bank may not be the right fit for you.
When you apply through just one bank, you only get one answer. That’s where a mortgage adviser comes in.
Why Work With a Broker/advisor Instead of a Bank?
Using a mortgage adviser means you have access to:
- More lending options (not just one bank's offer)
- Expert knowledge of credit policies and market conditions
- Simplified paperwork — we do the heavy lifting
- Clear explanations — no banking jargon
- Flexible meeting times, even outside work hours
HOW MUCH DOES A MORTGAGE ADVISOR COST?
Mortgage advisors are paid commission from the bank which the borrowing is taken out with once the loan has been agreed, or some time afterwards. This means that it's nearly always free to use a mortgage advisor - it certainly is with Stephanie Murray Mortgages!
Getting a mortgage may take several meetings and for some buyers as long as years! Your mortgage broker will help you through the process so it's best to book a chat with them early so you can have your questions answered in plenty of time.
WHAT DOES A MORTGAGE ADVISOR DO?
At Stephanie Murray Mortgages we go over your full financial situation, goals and what you are looking to achieve. We then recommend which bank/finance company we best see fit to your unique circumstances. This may depend on credit policies, pricing (interest rates), where your current banking relationship is and a number of other factors.
As we deal with banks all day, every day we know what the current market situation is, therefore, can advise what we believe is best for you. We then send an application to a bank or banks or your behalf. Only one application is completed that can be sent to more than one bank if necessary. This means there is no need to do this twice.
Once we have an approval for you we explain the terms and conditions applicable to you, taking away all the banking jargon. When the time comes to structure your loan we relook at your financial goals and can recommend what may work best for you.
WHEN CAN I CHAT TO MY MORTGAGE ADVISOR?
One of the biggest benefits of working with a mortgage adviser is personal access and flexibility. Instead of waiting on hold with a call centre, you'll speak to the same dedicated adviser every time — someone who understands your goals and is there to guide you through what can be a stressful process.
At Stephanie Murray Mortgages, we offer appointments at times and locations that suit you, including evenings and weekends.
We also host friendly, informal seminars — like our First Home Buyer, Building Finance, and Investment Property evenings — featuring expert guest speakers to support you on your homeownership journey.
CAN A MORTGAGE ADVISOR GIVE ADVICE ON MORTGAGE TYPES?
Yes! Because your mortgage advisor is constantly checking on bank requirements they have up-to-date information on new considerations to factor in. Likewise you mortgage broker would have helped dozens of other people in similar circumstances find the right mortgage for them. This means they can recommend the best plan for you and your unique needs.
An example of this would be if you wanted to pay off an additional $50k above your repayments in the first year. It may be recommend that you keep $50k of your borrowing on a floating rate so there are no penalties to repay this when you wish to.
Another example may be that you are wishing to expand your family, therefore, income may be lower for six months. In this situation, it may be recommended to have a maximum repayment term (say thirty years) to keep your repayments to a minimum at this time.
Stephanie Murray Mortgages has up-to-date knowledge of the current interest environment which means the team know just how far banks are prepared to lower advertised interest rates to gain business. This could mean a lower rate for you and overall savings in the long-term.
Credit policy with banks is ever changing and has been affected by the Reserve Bank restrictions even more so since 1 October 2016. A good mortgage advisor is constantly on top of these changes, therefore, can advise which bank policy may suit your borrowing circumstances.
CAN I FIND FREE RESOURCES ABOUT BUYING A HOME OR GETTING A MORTGAGE?
Yes! We have a free 'First Home Buyer's Guide' and a guide on what you need to know if you're Building a Home.
Stephanie Murray Mortgages are available at a time and place that suit you for a free no obligation chat. Contact Us Today
This information is general only and must not be relied upon as legal advice. A disclosure statement is available here.
