What does a mortgage broker normally do?
Mortgage Brokers work to find a great loan for your and your circumstances. Whether you’re looking for a residential home loan, investment home loan, SMSF loan, business loan, commercial loan or car loan, mortgage brokers work on your behalf to identify a great loan from multiple lenders. At Connecting Finance we have access to over 40 lenders & a strong understanding of the banking industry so we can find a great loan for you. We guide you through every step of the loan process and even work to ensure everything is set up as it should be once the loan is in place.
Is it worth getting a mortgage broker?
It’s definitely worth engaging a mortgage broker as they’re not tied to one specific lender and they’re paid by the bank, not by you. Mortgage Brokers such as Connecting Finance have access to different loans from multiple lenders so they can identify and negotiate (or renegotiate) a great loan for you from across the market.
Do I have to pay a mortgage broker?
No, you don’t have to pay mortgage brokers, mortgage brokers are paid by the bank or lender, not by you! From initial meeting to final settlement and any loan reviews, all costs are paid by the banks or financial institution so it’s one less cost for you to think about.
How many types of mortgages are there?
The main types of mortgages & home loans in Australia are fixed rate and variable rate mortgages. Typically an Australian mortgage term is for up to 30 years. With a fixed loan, borrowers can lock in the interest rate on their loan for an agreed period of 1 to 5 years. With variable loans repayments change from month to month in line with any interest rate movement. Additional mortgage and home loan features include redraw facility, offset accounts, interest only repayments, and it’s also possible to negotiate a repayment holiday for a short period if your circumstances change such as parental leave or if you’re in between jobs.
What type of loan is best for buying a home?
The best type of loan is one that suits you, your family and your business! At Connecting Finance we consider your personal circumstances, financial situation and goals as well as the market situation, so we provide an exceptional loan experience for every customer, every time.
Are mortgage brokers better than banks?
Because mortgage brokers are not tied to a bank or financial institution, mortgage brokers review loans from right across the market rather than being restricted to their own loans as banks are. This means we’re well positioned to negotiate and secure a great loan which is tailored to you and your needs.
What type of loan is easiest to qualify for?
If you’re a first home buyer in NSW there are lots of ways we can help you to qualify for a loan and get into your new home sooner. The NSW government has a first home buyers grant on offer and you won’t pay stamp duty on properties which are under $650,000, with discounted stamp duty for properties from $650,000 to $800,000. There are also ways that family members can help with a deposit or through a parental guarantee, using equity from their own home. At Connecting Finance we’ll work with you to understand the easiest loan for you to qualify for and to ensure you can meet ongoing costs and requirements.
How much deposit do you need for a home loan?
In NSW the minimum home loan deposit is 5%, however most financial institutions require 10%. If your home loan deposit is under 20% then you will need to pay for mortgage insurance. When it comes to determining how much you have for a home loan deposit, we can work with you to consider your savings, review your financial situation and home loan costs and repayments.
Is the first home buyers grant still available in NSW?
The first home owners grant is still available in Australia in 2022. If you’re buying your first home or buying land to build a home then you may be eligible for the NSW first home owners grant of $10,000. You may also be eligible for stamp duty under the first home buyers assistance scheme.
Do mortgage brokers get lower rates than banks?
Mortgage Brokers can secure lower interest rates because mortgage brokers have access to loans from many different lenders, and the ability to negotiate across those banks and lenders on your behalf. While a bank has a suite of loans on offer, mortgage brokers review their loans as well as loans from their competitors and other financial institutions to recommend a loan with low rates and optimal terms. At Connecting Finance we have access to over 40 lenders so we’re always reviewing and comparing the best loans in the market – from across banks and other lenders.