Welcome to our Home Loan Essentials Guide.
There’s a lot more to choosing the right home loan than just the interest rate. This guide covers all the home loan basics and how
to get started.
Take note that this blog post is just a summary of the “Home Loan Essentials PDF Guide” that is available in our downloads page. You can definitely download the complete guide here.
Now, let’s briefly walk you through the aspects to focus on when it comes to your home loan.
Using the services of a mortgage broker takes the stress out of the home buying process and offers you constant support.
A Mortgage broker, like Key Choice Group, service promises are:
- Professional Service
Mortgage brokers are qualified, educated home loan experts.
- Customer Focused
A mortgage broker will always put your interests first.
When you enlist the services of a mortgage broker, you’re dealing with a loan and credit advice specialist.
- Focused on Choice
Mortgage brokers have access to a wider variety of loan choices than your local bank.
Value of Choice
The main benefit of using a mortgage broker is choice because they have access to a variety of lenders and their products.
What’s the difference between a bank and a mortgage broker?
A bank only has access to their own loan products and interest rates. Mortgage brokers have access to a wide variety of lenders with competitive rates—including the “Big 4” Australian banks, second tier lenders, and credit unions. That means a mortgage broker can find you the most suitable loan product for your needs—without the hassle of you going to multiple banks.
Getting a home loan with a mortgage broker is safe
Using a mortgage broker is just as safe as going to a bank—as they are all governed by the same laws and regulations.
You may check the top 4 reasons to choose a mortgage broker over bank on Page 11 of the “Home Loan Essentials PDF Guide”
When you choose to get a home loan through a mortgage broker, you’re guaranteed to have personalised support from start to finish. This means a better home buying experience for you.
Your broker can give you a better picture of your borrowing power. This includes your overall budget and what home you can afford to buy. So everything goes more smoothly. Once you understand your borrowing options, your mortgage broker will be there to help and guide you.
This is throughout every step of your buying journey. Check the complete steps on Page 13 of the “Home Loan Essentials PDF Guide”
Asking the Right Questions About Home Loan
Before you meet with your mortgage broker for the first time, you should think about what questions you need to ask. Asking questions is an important
part of ensuring that you understand the home loan process and get the right loan for you.
Having your questions answered professionally will help you feel comfortable and confident in your broker. Then you’ll know for sure we’re the right people to help.
Here are the categories of questions:
• Personal situation
Do I earn enough money to afford a home loan?
What loan will suit my lifestyle and needs?
Will a lender give me pre-approval on a loan?
How much deposit do I need for the type of home I want to buy?
Will my credit rating affect my ability to get a home loan?
• Loan product features:
What is the interest rate?
Does it come with an offset account?
Is it variable or fixed?
Can it be split?
Can I redraw my extra repayments?
How much is the loan establishment fee?
What does the loan establishment fee cover?
What will the ongoing monthly repayments be?
What is the level of service after settlement offered by the lender?
Is there a cost to discharge the loan early, make a lump sum repayment, or increase the size of the repayments?
Are there any ongoing fees?
What loan structure should I use if I want to buy an investment property in the future?
Long-Term Expertise on Home Loan
When you choose a mortgage broker, you’re choosing a professional advisor who will be there for you in the long-term. They provide advice and
continual support beyond buying your home. You can ask a mortgage broker to help you secure additional finance products down the track. This includes car loan or finance for your first investment property.
In addition to these, mortgage brokers can refer you to other experts you’ll need throughout your property buying journey.
Here are some of the key professionals you may need along the way:
A conveyancer is a person professionally licensed and qualified to provide advice and information about the sale of a property.
An accountant can provide you with specialised knowledge relating to your financial matters such as your tax liabilities and potential deductions.
• Property Valuator
A valuator (sometimes referred to as a valuer) provides professional reports on the valuation of properties.
Home Loan Essentials Guide – Conclusion
Basically the Home Loan Essentials Guide could give you all the information that you need when it comes on partnering with a mortgage broker. We at Key Choice Group will help you as your mortgage broker and guide you purchasing your home.
Get in touch with us to start we’ll begin turning your home buying dreams into reality.