Home Loan Finance – So Much to Choose From When You Deal With a Mortgage Broker

So often we settle for what is easiest or the most convenient. If you are looking for home loan finance you might think that the easiest course of action is to apply to your own bank. Well, it might be the easiest but it may not be the best or cheapest home loan available. Some borrowers don’t enjoy the prospect of applying for a new home loan directly with their bank. They don’t always have their financial papers in order, they are uncertain as tom what exactly is required for home loan finance. This is where a good mortgage broker makes it so much easier and delivers so much more to you Aussie Broker.

I had originally applied for home loan finance through my own bank. Firstly I found it very frustrating that I could not speak to someone when I first called. I had set aside some time because I thought there would be a fair amount to discuss on home loan finance but when I eventually got through to someone they were unable to assist and could not put me on to someone directly to help with the queries I had about the home loan finance I wanted. No, I had to goivbe my name and contact details and wait on a return call from someone. Needless to say that came through at dinner time and it simply wasn’t convenient to discuss home loan finance when my son was wanting help with homework.

I decided to contact a mortgage broker who had been referred to me by a friend. He had been in the market for home loan finance and had told me that by using a mortgage broker he had not only been able to obtain a better interest rate but the mortgage broker also ensured that the home loan finance was very flexible. The mortgage broker had experience and an extensive knowledge of the different home loan finance packages available in the market. I gave the mortgage broker a call and it was smooth sailing from there. He let me know what home loan finance was available and explained the benefits of certain features of different home loan finance product.

I knew nothing about 100% offset accounts for example and my own bank had not mentioned that this might be an attractive structure for me. I did have about $15000 in a savings account with my bank and the mortgage broker explained that if I put this into a 100% offset account (attached to my new home loan finance) then I would only be required to pay interest on the difference between my outstanding loan balance and the $15000 in my offset account. This made a significant difference to the total interest I would pay over the term of the home loan finance. My bank did not discuss the benefits of salary crediting and using a credit card for monthly purchases. The mortgage broker showed me how by crediting my salary to the home loan each month I saved in interest because interest is calculated on the loan balance on a daily basis. Even if I have extra money in the home loan finance account for a short while it still means a better “bottom line” for me. The mortgage broker advised that by using a 55-day interest free credit card to make my monthly purchases and then paying the credit card balance in full on the due date, I made further savings. The mortgage broker calculated the interest I would save by leaving my salary in the home loan account for as long as possible before having to pay off the credit card balance. As a general rule the banks might not highlight these features because if you use them correctly you save money while the bank , for a change, loses out!

Compare Home Loans And Find The Best Home Loan Package

While trying that loan know the most useful ways out. You ought to browse around and select a loan in which the rate of interest would be the cheapest. The ideal loan is going to soon be usually the person with all the best rate of interest. There certainly are some ideas that may possibly think of the most economical mortgage which will be supplied. They are:

• Low rates of interest, low prices, just a few additional functions: the cheapest loans will be typically the very best. They have very low degrees of interests and so they don’t comprise too many excess features Mortgage Broker.

• A rigid home-loan a easy home loan takes one to cover a little amount at the end of the calendar month.

Of course that is simply not away from knowledge which the interestrates which banks bill on the loans vary from lender to bank. In addition, the sort of attention that is charged also fluctuates. The 3 common Sorts of interest that banks charge are:

• Fixed interest rate with reset clause

• Floating rate of curiosity

• Mixed rate of


It’s entirely your decision, whether you will go to get a determined rate of interest or a floating rate rate. However, several people wind up being confused concerning it particular question.


• First zero upon that which house you are likely to purchase. Some exact common mistake people perpetrate is they first hunt a loan to get their new house, before they find the real estate that they are going to purchase. This they do to understand simply how much loan they’re eligible to derive in your financial institution. That you may learn just by using a calculator. Normally, you can land in embarrassing situations in case somehow you do not wind up getting the home.

• Before taking a loan look around for sometime in the manner of window shopping and bargain in what you might be now being supplied. Do not only think about the interest that you are receiving. Additionally look how much money will be the banks ready to give you. It is surely that your choice. But, choosing a balanced situation is advisable. Even a cheap home loan may perhaps not always be the ideal alternative. There can be much better possibilities. So don’t miss out on these.

• Teaser premiums that are offered are good. Nevertheless, you must first try to comprehend them fully before you end up taking a loan. Teaser rates are those rates of interest which are reduced but are far high in the later part of these installations.

• The matter of fixed interest rates and floating interestrates: research attentively about which kind of bank loan that you are getting. Read in between your outlines before registering for the mortgage documents. This really is only because in the newspapers there can be many clauses which are not clear. Therefore, in order to guard your self out of being victim to all these matters see the newspapers carefully before enrolling anything.