What’s more important: your new phone or your home loan? A recent survey that showed Australians put more effort into researching phone plans than they did their home loan. Here’s how we can help you get the balance right.
According to a recent Pepper Money survey, more than 70% of Australians say they’re more likely to spend time looking at options for phone and internet plans, car insurance and even electronics purchases, then researching a home loan.
But that’s no excuse to cut corners when it comes to making what could be the biggest financial decision of your life. By allowing yourself to get so daunted that you just go with the bank you’ve had a savings account with for years, you could potentially lock yourself into a lemon of a loan.
Here we will explore why 7-in-10 Australians now use a broker to help them choose the right home loan for them and why 86% say they’d use a broker again.
1 – Save time and money
Applying for a home loan can be a full-time job in itself. The research, piles of paperwork, back-and-forth queries and requests… With busy modern lives, finding the time can be tough.
A broker can save you time by doing the legwork and comparisons for you. We use our industry knowledge and connections to find suitable home loans with competitive rates. We are also aware of the type of additional fees and costs that some loans may have. And this could potentially save you money.
2 – Target suitable lenders
A broker can assess your situation and point you in the direction of lenders who may be more likely to say yes.
For example, say you’re working as a casual or are self-employed. There are some banks out there who don’t really favour these kinds of employment arrangements. However, mortgage brokers have access to a wider range of options and can put forward several potential lenders who are more likely to consider your application.
This targeted approach is important because submitting too many applications can hurt your chances of loan approval. Each time you apply for a loan, your credit history is pinged. And too many hits on your credit score can lead to lenders seeing you as risky, potentially reducing your options. A broker will take this into account.
3 – Expert guidance
What’s my borrowing power? How do I fill out an expense report? What documents do I need?
The application process can be a lot, especially when you are busy. And the financial wizardry and jargon involved can be downright confusing. But a broker can provide you with expert guidance.
We will look after the application process for you and help you organise your finances and prepare the documentation you’ll need. You’ll also (hopefully) only have to supply that documentation once, rather than over and over again with different lenders.
Which is more important, your home loan or your new phone? Visit MUM CFOs blogs for more.
Get in touch
So, if you are ready to find a mortgage and streamline the process, it’s time to put that all-important phone to use and give us a call. We can help you get your ducks in a row and use our expert knowledge and experience to line up with the right kind of loan for you.
Phone: 1300 855 022
Email: clientservices@zippyfinancial.com.au
Zippy Financial is an award-winning mortgage brokerage specialising in home loans, property investment, commercial lending, and vehicle & asset finance. Whether you are looking to buy your first home, refinance or build your property investment portfolio, the team at Zippy Financial can help find and secure the right loan for you and your business.
About the Author:
Louisa Sanghera is an award-winning mortgage broker and Director at Zippy Financial. Louisa founded Zippy Financial with the goal of helping clients grow their wealth through smart property and business financing. Louisa utilises her expert financial knowledge, vision for exceptional customer service and passion for property to help her clients achieve their lifestyle and financial goals. Louisa is an experienced speaker, financial commentator, mortgage broker industry representative and small business advocate.
Connect with Louisa on Linkedin.
Louisa Sanghera is a Credit Representative (437236) of Mortgage Specialists Pty Ltd (Australian Credit Licence No. 387025).
Disclaimer: This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This article is not to be used in place of professional advice, whether business, health or financial.
