Why use a Mortgage Broker to refinance your Colac home?
The most common reasons people consider refinancing their mortgage are:
- To secure a more competitive interest rate
- To make the most of interest-saving features, like off-set accounts or redraw facilities
- To access equity for renovations, additional properties or other financial goals
- To consolidate debt
A Mortgage Broker can help with this process, even if you didn’t originally get the original loan through that broker. Reasons to consider using a Mortgage Broker to refinance your home loan include:
1. Mortgage Brokers are governed to act for the client
The Mortgage industry has changed a lot in recent years, resulting in a wide range of lenders and lending policies. For many, this makes the navigation of this area more daunting than ever. A Mortgage Broker is a trained finance specialist who:
- Understands the system
- Is governed to always act in the best interests of clients when providing credit assistance
- Won’t cost you money
- Is across latest industry developments across lenders – rather than just an expert on one lenders’ product
2. Tailored finance solutions
There’s no such thing as a one-size-fits-all mortgage. Behind every home loan application is a financial situation and medium and long-term goals that are different to the next applicant. That’s why you always need a tailored financial solution when it comes to your home loan.
A Mortgage Broker will go through your unique financial requirements, and find you a loan that’s suited to your specific needs. For example, we might believe you will benefit from loan features like an offset account, or a redraw facility. But we will always explain what they are, and why we think they’ll suit your situation. Then, we’ll allow you to make an informed choice about whether you want or need them. We won’t push extras that you don’t want or need.
3. We provide you with access to many lenders
Attending a single lender means you will only have access to the products that a particular bank or lender offers.
Mortgage Brokers are different in that they have access to a full panel of lenders, so that you can ‘shop around’ and find the right product for your situation.
We always aim to save our clients’ money, but we know we will always save them time – because there’s no need to go from branch to branch, lender to lender – those comparisons of products, rates, offers – they are all done in once place… by us!
What about commissions? The commissions mortgage brokers receive are similar across lenders. This is to ensure there is no incentive for a Mortgage Broker to recommend one lender over another. Our job is to act with our clients’ best interests at heart.
4. Less stress
We can’t promise that seeing a Mortgage Broker will be stress-free – we KNOW that for most people, taking out a mortgage is a daunting prospect. But Mortgage Brokers’ service model is designed to make the process of refinancing much less hassle. We run through your financial situation and requirements, then provide you with options – that we’ll also explain in full.
If we do find you a more appropriate home loan than what you’ve currently got, we will liaise with the lender and facilitate the refinancing process. From overseeing the documentation requirements, to ongoing support during the process – we hang in there for the entire journey, so you don’t need to feel too stressed.
5. A holistic approach to your finances
Some banks (not all!) can be focused on the here-and-now; those banks tend to have a primary goal of securing your business, and locking you in.
Mortgage Brokers take a holistic approach to your finances. We take into account your current financial situation and future financial aspirations, then line you up with the right finance to support these goals.
This is particularly true at Sinclair Wilson; Mortgage Broking is just one of many services we offer our clients to build their wealth and financial security. We have Financial Planners, Business Advisors, Accountants and Superannuation Experts working alongside us to ensure our clients have access to a well-rounded suite of Financial Advice and Expertise.
If you haven’t reassessed your Mortgage in the last two years, now is the time: rates are competitive! We can liaise with your bank to see if you are getting the best deal, and compare the market to see if there are other options around that might better-suit your current circumstances and future plans.
We will also crunch the numbers and explain if the benefit of refinancing outweighs any costs involved.
Get in touch today to find out if you can save yourself some interest!