You know you want to borrow money. You’ve already got a relationship with your bank – why would you need a mortgage adviser? Turns out, there are lots of reasons.
While a mortgage application might seem a straightforward process at first glance, there can be many little fishhooks that can catch unsuspecting borrowers out along the way. That’s where we come in.
Here are five great reasons to have a mortgage adviser in your corner.
We can negotiate on your behalf
Sure, you can ring a lender and liaise with them directly. But as mortgage advisers, we have a working knowledge of what’s being offered (unadvertised) across the mortgage market. We also have a good understanding of what each lender is looking for in a borrower, so we can help you match with the most appropriate lender for your circumstances.
We can help you put ‘all the ducks in a row’
We oversee the application process, so you know that all the boxes have been ticked, and the documentation filed. Also, we can look at your application before it’s submitted to ensure it’s in the best possible shape to get a “yes” – or suggest an action plan to maximise your opportunities. We can also tailor the application for a specific lender, knowing what they are looking for.
The rules keep changing
The Government and Reserve Bank have changed the rules significantly in recent years. With so much to think about, it can be challenging to keep up with what’s going on and what criteria will be applied to your application.
Fortunately, it’s our job to know what the LVR settings are, or what rental income test the lender might apply. We will make sure that you’re on the right side of the rules, so you can get peace of mind.
We can help you work out your borrowing power
Interest rates are historically low, but they’re likely to go up again at some point in the future.
Many lenders are still applying stringent stress tests to applications to ensure that borrowers can cope even if the rates increase. We can help you work out what you can afford – both in terms of the lender’s appraisal and your own budget. We can also assist you to work out an appropriate strategy to make the most of low interest rates now while providing some protection into the future.
House prices are surprisingly strong
Despite prediction after prediction of house prices plummeting, they have continued to rise. This can give buyers a sense of FOMO (fear of missing out), thinking that if they don’t act now they won’t ever be able to.
Once again, we can be in your corner, helping you make sensible decisions and setting you up for a strong financial future, at the same time as getting you into the right property as quickly as possible.
Thinking about buying?
As mortgage advisers, we’re here to help. If you have any questions about your mortgage, or would like to discuss your options in detail, please don’t hesitate to contact us.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.