It goes without saying that it pays to shop around. With the rise of comparison websites for home loans, insurance, credit cards, real estate agents (the list goes on and on) there now seems to be unlimited information at your finger tips. Scouring the internet for comparisons and information is essential… as a first step. This however, should never take the place of tailored professional advice – particularly when it comes to the intricacies of securing one of your biggest financial decisions of your life - your mortgage!
The fine print and detail make all the difference when it comes to determining whether something that sounds like a great deal actually is. Let’s be real - we don’t all possess the ability to make that assessment and we have all heard the old adage, “If it’s sounds too good to be true…’ You get the drift.
Do your research and be armed with information, but get a real person to give you the final low down. When it comes to lending, mortgage brokers are very well placed to do so having the experience and understanding of a wide range of products, policies and options across many lenders - not just a few. They know what to look for and can truly compare ‘apples with apples’ - especially given lending rules have tightened up so much recently.
One of the biggest misnomers are comparison websites that claim to have all your options and answers in one place, when in fact they don’t. That aside, they are usually sales channels where institutions pay for inclusion on the site and they get a commission for your business, proffered by often less experienced call centre staff (and you guessed it, the ones paying the highest commissions take centre stage). You can expect there to be plenty of cheaper, and better deals on the market - and to tell you the truth, it sometimes is not through a broker. But be warned, cheap rates come at a cost of hidden hurdles and headaches in securing approval, so DIY with caution.
Any individual institution also won’t have all the options or packages that are right for you. They also won’t be all over the details of their competitors products in the same way a broker will. What you see advertised is not always the be all and end all.
If you are keen to find out how you can save money, shorten the life of your loan or get a better interest rate, call us for a mortgage health check today on 03 9939 7576 - you could save thousands Click here for your obligation free review.