A mortgage broker is a qualified mortgage specialist who negotiates a loan on your behalf with the lender and then supports you right through the application process until the loan settles. A mortgage broker has undertaken full training and accreditation to ensure they can provide you with the best possible advice on which loan will suit your needs. In Australia, mortgage brokers are regulated to ensure compliance with banking and finance laws.
Mortgage brokers are independent and impartial. They help tailor a home loan solution to suit your exact needs. With access to over 30 trusted lenders, Collins Home Loans offers a comprehensive mortgage broking service to ensure you are matched to the best possible loan option to suit your current circumstances.
A bank only has access to the loans they offer, which may not be the best product for you at the best rate. Recent revelations from the Banking Royal Commission highlight the continuing lack of competition practices by the big four banks, with the ACCC calling out the big four banks for not rewarding existing customers for their loyalty - by offering discounts to new customers but not existing ones. A qualified mortgage broker will compare a range of lenders for you and will manage the whole process , and will go the extra mile just to make sure that your questions are answered and your lending needs are met.
A mortgage broker will do the heavy lifting for you which will include a comprehensive step by step process to ensure that your application has all the required information it needs, in order to lodge the paperwork on your behalf. They’ll also tailor your meetings to suit your time and place preferences.
Mortgage Brokers generally charge a fee for their services which comes out of the commission they receive from lenders. The commission structure and amount will vary depending on the lender as well as the size of the transaction.
When you first meet up with your Collins Home Loan mortgage specialist, be sure to bring the following documents with you, to make the process easier:
Our mortgage specialist will guide you through your loan selection process in 3 easy steps:
1. Assess your needs
Your mortgage specialist will assess your current circumstances, financial situation, and objectives, based on all the information you can provide. Afterwards, we’ll be able to determine exactly the kind of assistance you need.
2. Recommend some mortgage products
Your broker will then use a specialised home loan calculator to determine which of our 30 lenders could provide the best home loan deal for you.
3. Negotiate on your behalf and assist with the best choice
Here’s where you get to be a part of the decision-making process together with your mortgage specialist, you’ll choose the right home loan to suit your needs at the moment. Once you’ve made your choice, you will be guided you through the process of applying for a home loan through Collins.
Oh, and don’t hesitate to ask your mortgage specialist anything about the whole procedure. With a wide range of expertise regarding loan-related matters and substantial (and practical) experience, our brokers are here to help you out to the best of their abilities.