- Mon - Fri 8am to 5pm and Weekends by appointment
- [email protected]
Mon - Fri 8am to 5pm and Weekends by appointment 
[email protected]
Mon - Fri 8am to 5pm and Weekends by appointment [email protected]
Sunshine Coast Financial Solutions
A recent study found that mortgage brokers settled 59% of all residential properties in June 2021. Let’s take a look at the reasons why more property buyers are choosing mortgage brokers in Maroochydore, especially when purchasing in the area.
A Mortgage Broker is a specialist in property loans and acts as a matchmaker between a borrower and a lender. A broker is paid a commission by the lender for settlements of loans and this is not passed on to you, the borrower. If a broker fails to act in their client’s best interest, they can face fines up to $1 million.
A mortgage broker works with lenders and banks to arrange home loans, and usually deals in other types of loans as well. When suggesting a loan to you, mortgage brokers should act in your best interests.
A good mortgage broker in Maroochydore can work with you to:
What is the difference between a direct lender and a broker?
A borrower may also contact a lender directly, but a lender only gives you access to what they have to offer. They are not legally obligated to work in your best interest. And they certainly will not tell you about a better offer with another lender.
Before you meet with a mortgage broker in Maroochydore, consider what is most important to you about a home mortgage. Do you just want the lowest interest loan? Do you need specific features like the ability to make extra payments or want an offset account?
It will make it easier to talk with your broker if you think about these things before your first appointment. You can make a list of:
Mortgage brokers expect their clients to ask them questions. Here are some that might apply to your situation:
Get your home buying process right from the start by working with a mortgage broker in Maroochydore today.
It can be exciting to buy your first property, but it can also prove confusing due to the jargon surrounding mortgage loans. Even for the most experienced homebuyer, understanding the structure of home loans in Australia can be confusing. However, for those who are just starting out, it can be very overwhelming. It’s good to know the basics so you can understand how home loans work in Australia and get your first loan. We have included the most common terms and what they mean below.
Stamp Duty
Stamp duty is a government tax on a property purchase and payment for the transfer of property from one owner or another. It depends on where the property is located, but you could be paying thousands of dollars in up-front costs. You can adjust the fee depending on whether your property is a purchase or an investment. However, most states offer concessions if you are a first-home buyer.
LVR = Loan to Value ratio
The loan to value ratio (LVR), is the percentage of your loan of the property’s Value. This number is used by lenders to assess your risk when lending money. Your lender will divide the value of your property by the amount you are able to borrow.
Lender’s Mortgage Insurance (LMI)
Lender’s Mortgage Insurance, or LMI, is used by the lender when your LVR is above 80% in order to protect lenders from possible default on the loan.
Interest Rates
When you borrow money to pay off a mortgage, you will be paying a percentage of the interest on that loan until it is fully paid off. When deciding on which type of loan to get, you can choose either a fixed-rate or variable-rate loan.
Transfer Account
An offset account can be a savings account linked to your home loan where these funds are used to reduce your home loan balance. You can’t attach an offset account to all home loans but your mortgage broker can advise you on which loans have offsets available when helping you select a home loan.
Our first home buying experts and mortgage brokers in Maroochydore will be happy to answer any questions you have about home loans.
As your most-trusted mortgage broker on the Sunshine Coast, we will be able to help you with more than just your mortgage.
If you are looking for:
we can provide the right answer and the right loan for you.
Send us a message for all of your mortgage broker needs in Maroochydore and we’ll make sure you get the best advice every time.
At Sunshine Coast Financial Solutions, we have a team of professional finance brokers who are able to provide the exact information you need. We’re here to work for you and your future endeavors
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