Many people ask us why they would consider using us as opposed to going directly to the Bank themselves. This is a fair question if you ask me, so these facts will hopefully clarify this for you.
What does it cost to use a Mortgage Broker?
Business Mortgage Brokers, Personal Finance Brokers
While some business mortgage brokers, personal finance brokers may charge a fee for their services, most don’t, and this is something that Loan Wize prides itself on. We are very transparent with our clients in relation to how we are paid, and one of our main goals is securing finance for our clients in the most cost effective manner possible from our extensive range of lenders. It is true that the lenders do pay us for the referral of a new client once the loan has settled, however, this income is mostly the same with the majority of our lenders, and is fully disclosed to you in our documentation. The most important part is that you will not pay anymore using a mortgage broker going to the lender than you would if you applied directly to that lender yourself! This is important to understand, and more importantly knowing that you also have the brokers years of experience and solid financial advice to help guide you toward a solution that is tailor made for your personal circumstances. We even negotiate the rate in most occasions with the lender of choice to ensure you are getting the best deal on the day.
So, what is a mortgage broker?
A mortgage broker is essentially a lending specialist (quite often well trained in a big bank) who looks through all of the different lenders possible products and finds two to three loans that are not only the most competitive available from over 30 lenders, but also ensures that all the features and benefits that you require are included in the selection. It is not always about price either, sometimes it is about finding a loan that suits your specific circumstances even though your bank has told you they can’t help you.
Ultimately you make the decision, however, you know that the decision is based on your personal situation and requirement, and represents the most suitable and competitive loans available from a large pool of lenders.
As a mortgage broker, we earn our commission from the bank, not from you the client. It is in the banks best interest as they receive over 51% of all new business from Brokers, and this allows them to pay the broker accordingly, as it takes the expense away from the bank to find and advise the client first. And the overall winner in all of this is the client, who gets the back relationship, choice and options, coupled with fantastic advice.
So why choose a Mortgage Broker over a bank?
The Lending Specialist earns their commission from the bank, not from you the client, and they will generally find a more competitive loan package than you can on your own.
- We do all the running around for you, saving you time and making the task of finding a home loan easy as possible.
- We are members of the professional broker association, MFAA and have all completed our Certificate IV in Mortgage Broking.
- Our Professional Lending Specialists hold qualifications recognised within the industry and most consultants are degree qualified as well.
- We offer over 500 products from 30 different lenders.
- Loan Wize has been working in the industry for over six years, and our brokers have over 20 years experience as well…we did not just spring up yesterday!
- We provide you with a written contract for your protection which discloses all commission and payments received.
- We do not sell our own home loans and therefore are not an agent for one lender in disguise.
- All loan recommendations are based on listening to your personal needs, and tailored to meet your current and future requirements.
- After your loan is finalised, Loan Wize will be available for any further inquiries you may have.
Remember, we are professionals with many years experience in the finance industry, and our business is all about giving you total satisfaction. We understand how banks think, and therefore take the stress out of dealing with them directly. We become your personal advocate with the lender to ensure that your experience is a great one.
We are also here for you when you need to ask a question. Contact our Sunshine Coast mortgage brokers Anytime!