When it comes to taking out a home loan, all the options can be overwhelming. Should you go with a Big Four bank or a lender that’s less known? Is it best to choose a variable home loan or a fixed-rate loan in today’s lending environment?

With so many questions to ponder, it’s little wonder why more Australians than ever are choosing to use a mortgage broker.

The mortgage broker market share hit a record high of 76 per cent in the December quarter. That’s right – three in four borrowers now use a mortgage broker to help them navigate the home loan application and approval process.

Here are some compelling reasons why Aussies are placing their trust in the expertise of their brokers, rather than going direct to a lender.

Maximise your borrowing power

Different lenders have different lending criteria, so the amount one bank will lend you may vary considerably compared to a competitor. Mortgage brokers understand the nuances between lenders and their home loan products.

If you want to maximise your borrowing power or you have a complex financial situation (for example, you’re self-employed), a mortgage broker can help get you over the line with finance.

Options that work for you

Mortgage brokers work with a wide range of lenders, giving you access to many different home loan products. A broker will take the time to understand your specific financial situation and goals, then recommend a home loan that suits your needs.

A bank, on the other hand, is solely interested in getting your business.

Access to special offers

Some lenders offer special home loans or products based on your profession. If you’re a teacher or a doctor or you’re self-employed, for example, your broker could line you up with a lender that may have special offers for you.

Brokers may also be able to negotiate a more competitive interest rate or loan terms on your behalf. However, if you went direct to the bank yourself, you’d be the one doing the negotiating.

Brokers have your back

A broker is bound by a Best Interests Duty, meaning they are legally obliged to put your interests first. That means providing home loan options that are based on your unique circumstances and goals.

Someone to do the legwork for you

For many borrowers, having someone to walk them through the pre-approval and home loan application process is invaluable. Your broker will take care of the paperwork and optimise your chances of a successful home loan application.

A mortgage broker can also answer questions at any point in the home loan journey – whether you’re curious to know what your borrowing capacity is, or you want to evaluate your home loan 12 months after settlement.

Ready to chat about your finance needs?

For most people, buying a property is the biggest financial decision of your life. You want to get it right.

Using a mortgage broker makes the process smoother and more efficient, while also potentially saving you time and money.

To explore your borrowing capacity, organise pre-approval or to review your current home loan, get in touch today and discover why three in four Aussies use a broker.