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Buying a new home is exciting, but with so many lenders to choose from and so many different types of home loan available, finding the right loan to meet your needs can be tricky. So, you may decide it’s easier to get help from a mortgage broker when looking for the right home loan.
Between October and December 2021 mortgage brokers facilitated 66.5% of all new residential home loans1.
Check the brokers accreditations
Ensure they are licensed with ASIC.
Are they asking enough questions?
Mortgage brokers should ask you a lot of questions about what you want in your home loan as well as about your financial situation. This might include:
Your top questions:
Is it cheaper to get a mortgage through a broker?Mortgage brokers can have access to a wide range of lenders, so they can be a good way to understand what offers are currently in-market, and most of all, talk to someone about what could work for your situation. While most brokers don't charge for their services (as they are paid via a trailing commission if you take out a loan through them) they sometimes may have access to industry rates that banks aren't offering to the public. However, as always, it pays to do your own research.
Mortgage broker vs bank: which is better?Depending on your situation, both have their pros and cons. While a broker will have access to a wide range of lenders and can help you compare products, they won't have access to every product available on the market (some lenders only offer direct-to-consumer loans) so it's a good idea to do your own research first to understand what offers are available, and what value looks like to you.
This article provides you with factual information only and is not intended to imply any recommendation about any financial product(s) or constitute tax advice. If you require financial or tax advice you should consult a licensed financial or tax adviser. Neither Pepper nor its related bodies, nor their directors, employees or agents accept any responsibility for loss or liability which may arise from accessing or reliance on any of the information contained in this article. For information about whether a Pepper loan may be suitable for you, call Pepper on 13 73 77 or speak to an accredited Pepper Money broker.
All applications are subject to the credit provider’s credit assessment and loan eligibility criteria. Terms, conditions, fees and charges apply. Information provided is factual information only and is not intended to imply any recommendation about any financial product(s) or constitute tax advice. If you require financial or tax advice you should consult a licensed financial or tax adviser.
©Pepper Money Limited ABN 55 094 317 665; AFSL 286655; Australian Credit Licence 286655 (“Pepper”). All rights reserved. Pepper is the servicer of home loans provided by Pepper Finance Corporation Limited ABN 51 094 317 647. Pepper Asset Finance Pty Limited ACN 165 183 317 Australian Credit Licence 458899 is the credit provider for asset finance loans.