What does a mortgage broker do?
A Mortgage Broker is a go-between between the borrower and the lender (usually a bank), who negotiates the loan on your behalf.
They will do the legwork on researching products on the market from the hundreds available, and then support you through the application and settlement process.
There are a number of benefits to using a broker, particularly through the application process.
Firstly, they can shop around for you. Everyone knows shopping around could lead to a better deal but it’s time consuming, especially if it involves contacting a number of banks and lenders. A broker can search the range of loans available from multiple lenders very quickly to find you the right home loan for your needs.
They also provide you with one central point for mortgage information and will talk you through the process.
All banks have different guidelines, and unless you’re familiar with them you can find yourself not getting a loan - just because you haven’t crossed a ‘t’ or dotted an ‘i’.
Professional Mortgage Brokers only focus on loans. If you have a toothache, you go to the dentist not a florist. If your car is broken you take it to a mechanic not a librarian. You go to someone trained to help you with your specific need. It’s same when you need a loan.
Brokers have access to a wide variety of loans. This mean your broker can find a loan is just right for you.
Do you Charge fees for home and investment loans?
Our service is considered complimentary as Majestic Finance is paid by the lenders for bringing the client to them. As with any loan or property fees, our Finance Consultants go to great lengths to ensure that you have a full understanding of the costs of borrowing funds and wherever possible try to reduce those costs. this ensures that you not only get great service but also save you money!
HOW DO I APPLY FOR A LOAN?
We will assist you to complete all the mortgage applications to ensure your home loan application has the optimum chance of success. Our custom mortgage broking software compares all mortgage rates, fees and hidden costs so we can deliver you the best value home loan for your situation.
WHAT IS PRE-APPROVAL?
A pre-approval gives you an indication of the maximum amount you can borrow. By getting your pre-approval you have the power to purchase with confidence.
How much can I Borrow?
Before looking for a property, people should ask the most fundamental question to themselves: "how much can I borrow?". Simply enter your income and any expenses into our quick calculator to work out an indicative borrowing amount and an estimate of your repayments.
SHOULD I GO FIXED OR VARIABLE?
Fixed rate mortgages offer certainty over the interest rate, but they take away some flexibility. Most lenders have restrictions on extra repayments and redraw is usually not available. Fixed rates also have break costs that need to be factored in.
It is difficult to predict the movement of interest rates and it's best to look at fixed rates as a protection strategy. For example, a Fixed Rate may be appropriate if you could not afford further interest rate rises on your current salary.
You could decide to split the mortgage between fixed and variable and it is part of our service to help you determine what will work best for you.
I'm not in your area - can we still work together?
Sure thing! We help our clients nationwide.
Which lenders do you deal with?
We have access to many lenders – these include the major banks, second tier lenders and credit unions. We can source you a loan from the lender of your choice.
Who sets interest rates?
The reserve Bank of Australia meet on the first Tuesday every month to determine the official cash rate for the country. The lenders then use this information to set their own rates. Mortgage brokers do not set rates.