So, you've decided to take the plunge and buy your first new home – high five!
That’s more exciting than the time you finally got a decent photo on your licence! But it also means the time has come for the big ‘M’ word… Mortgage.
Time to head straight to the bank, right? Well, not necessarily. When it comes to applying for a home loan, there may be significant benefits in using a mortgage broker.
Let’s find out why.
What’s a mortgage broker?
If you’re too busy mastering Angry Birds to shop around for finance, then a mortgage broker may be your new best friend. Put simply, a mortgage broker acts as a ‘middleman’ who contacts a range of lenders on your behalf, compares rates and combs through details to find you the best home loan deal.
They charge a fee for their service, which is either paid by you, the borrower or the lender.
Brokers vs bankers
It’s a finance face off! (bum bum buuuum!) Let’s compare how brokers and banks stack up head-to-head in five different categories:
Banker: Bankers only have access to their own products.
Broker: Brokers usually have access to over 50 products from multiple finance providers, giving you unrivalled mortgage choice.
Banker: As large companies, banks often reward their top performers by promoting them to positions (probably in big comfy armchairs) away from customers, leaving you with the dregs!
Broker: Brokers have a core focus on helping clients, drawing on many years of industry experience to get you the best deal.
Banker: Banks usually train staff to help anyone that walks through the door, meaning they may be less receptive to your needs as a first home buyer.
Broker: These guys often specialise in certain areas such as first home loans.
4. Follow Up
Banker: As big companies with ‘bigger fish to fry’, banks often fail to keep you in the loop with the progress of your loan application.
Broker: The best mortgage brokers have a system for chasing you up, meaning they’re more likely to keep you up-to-date.
5. Personal Banker
Banker: Good personal bankers are out there – trouble is, they change jobs all the time. One minute you’re with Jack, the next, Jill!
Broker: Mortgage brokers often own their own businesses, meaning they’re there to help you for the long haul.
Westgate Financial Services – the best home loans (Perth)
As WA's first home specialist, Easystart Homes looks after you every step of the way, starting with finance. They have their own in-house home loan and personal finance specialists - Westgate Financial Services.
So before you head straight to your bank, talk to Westgate’s highly trained and industry accredited brokers and consultants. They’ll research and compare hundreds of different loans from Australia’s biggest banks and lenders to find the best possible low deposit home loan tailored to your budget.
No wonder Easystart Homes are the affordable home builders Perth love! They can also help you get all the government grants you're entitled to, including the $10,000 first home owners grant.
Contact the best budget home builders (Perth) today. The home loan and finance specialists at Easystart Homes can help you with a no-obligation consultation.