As buyers advocates looking to source new and off the plan properties for buyers we have always appreciated the services of a finance broker. A finance broker is a person who helps a buyer purchase a home loan to own/settle a property. Most buyers use borrowed funds to buy a property. Many rely heavily on the outcome of a loan approval. This is very much the reason why a finance broker can be an important trusted partner in your buying property experience.
In this market insight we summarise five (5) reasons you should use a finance broker.
Reason 1
Finance brokers aren’t tied to lenders or loans. They are able to save you time and money by finding the right loan and lender for you.
Reason 2
They can guide you closely through the lending process. Not only will a finance broker help you find the right loan, they can also help you with the home buying process. Liaising with everyone from accountants to real estate agents, ensuring the entire home buying process is calm and enjoyable.
When sourcing the right loan, the lowest interest rate is not always the most important objective. You’ll soon learn that each lender may offer different borrowing capacities and fees. These may have greater influence when buying a property.
Reason 3
You’ll receive a personal service. You don’t have to pay to work with a finance broker. In most cases they are remunerated or paid by the lender. This is outlined and explained in your first consultation. This means everyone can access and afford their service. Don’t mistaken their service to be an added cost from the lender. It is an expense for the bank to pay a finance broker for successfully processing a loan.
Reason 4
You will receive a loan approval or outcome faster. Finance brokers have a strong relationship with a range of lenders, allowing their to often get your loan approved faster.
Reason 5
Brokers are experts in different areas of specialisation. Some work closely with:
- First home buyers
- Construction loans
- Refinancing solutions
- Investment lending
- Off the plan purchases
- Private finance
Dealing directly with the bank can cause issues for a borrower. Banks aren’t going to be across all of the different options. They will try to help you, but they are also limited to only offering the bank’s products to solve your lending needs.
Talk to a finance broker before buying
Before looking to commit to purchasing a property, we recommend seeking lending advice from a finance broker. The lending landscape is quite big with many lenders and loan products to choose from.
A finance broker will review your circumstances and compare a number of loans to suit your needs. If you would like an introduction to a lending specialist, please don’t hesitate to contact us. They can ensure you’re well prepared in advance.
Best of luck from the team at Crest Property Investments.
