7 Reasons To Use a Local Mortgage Broker

If you have equity (total or partial ownership) in your residential home, you can use that equity as your deposit on an investment property loan.

The policies of different lenders varies, but each will have a maximum loan-to-value ratio (LVR) that they are prepared to accept for an investment property loan.The LVR is the amount of the loan expressed as a percentage of the value of the property.

For example, if you want to borrow $480,000 for an investment property worth $600,000, your LVR would be 80% (i.e.

If this percentage falls within the lender’s maximum LVR and you can demonstrate that you can afford your repayments, your investment Home Mortgage Loans Newcastle should be approved.Interest-only investment property loansAs the name suggests, interest-only investment property loans only require you to repay interest on the amount you borrow.

The main benefit of an interest-only loan is that it has low repayments, so taking one out can allow you to buy an investment property sooner.

An interest-only loan can also help you to afford a more expensive investment property.Interest-only loans are available for terms of up to five years.

They expand choices and boost competition between market lenders, which pushes them to provide superior customer service and more competitive mortgage pricing.DEA’s report is The Value of Mortgage Broking and it was published 24 July 2018.

It also discusses the impact broking has on Australia’s economy, lender value proposition, and customer value proposition.The report was released in the face of the increased scrutiny of the broker sector (the ordeal of broker remuneration), the focus of the PC’s (Productivity Commission) review of the Australian financial system competition and the financial services royal commission.The aim of the DAE report is to provide the most “up-to-date body of information” about the mortgage industry to broaden the information about the role of mortgage brokers in the market for policymakers.

It is broken up into four parts.The dimensions and the history of the brokering industryThe value mortgage brokering brings to the economyThe benefits and outcomes for consumersThe value potential of brokers for lendersBringing data forward from a vast range of sources such as the ASIC, MFAA (Mortgage & Finance Association of Australia), the ABS, and articles from The Advisor, their report uncovers new data they collected from a nationally represented survey of 1,635 brokers (independent and those who work in a group setting), consults with industry professionals and participants, and a focus group workshop that included mortgage brokers.The Key FindingsThe DAE Survey said:On average, sole trader mortgage brokers earn an income of $86,417.Broker businesses with more than one broker reported earning an average of $119,838.73 per cent of working mortgage brokers work full-time.90 per cent of sole traders work full-time.23 per cent of brokers’ customers are first-time home buyers.Over half (57.3 per cent) of brokers’ clients are residential owner-occupiers.The average mortgage broker has 13.8 years of experience.70 per cent of the broker’s business is from their existing client base.The brokering industry sustained 27,144 full-time jobs in 2016-2017.There are around 7,115 people working in supporting roles in the brokering business.70 per cent of mortgage brokers are credit representatives.64 per cent of mortgage brokers have training and education above the minimum entry qualifications – Certificate IV in Finance & Mortgage Brokering.The brokering industry supplies $2.9 billion to Australia’s economy every year.More discoveries included the confirmation that lodging loan applications and the management of said process all the way to the settlement require the most time from brokers (only 12 per cent of their time is spent after the settlement).

through branches, mobile lenders, and over the telephone)”, using the statistics from the MFAA that showed that the mortgage brokers’ share of new residential loan settlements attained 55.7 per cent by value during the September 2017 quarter.More insights from the report included how mortgage broker encourage competitive pricing and boost consumer’s options and services.

They are intermediaries that provide consumers with information about the mortgage products available and the process to follow in applying for a mortgage.”It continues, “Mortgage brokers also provide lenders with an additional channel to arrange loans.

Mortgage brokers increase choice and competition between lenders, leading to better service levels and competitive mortgage pricing.”“Mortgage brokering is also an industry in its own right, providing direct employment opportunities and supporting employment in other industries… A continually improving mortgage brokering sector will be good for consumers, lenders and the economy.

Mortgage Lowest Rate is considered as the Best mortgage brokers in Mississauga.

All the people who are looking to buy commercial property can now buy it as we specialize in lending money at competitive rates of interest.

Mortgage Loan Sydney   Welcome to the First Choice Mortgage Brokers website.

The premier Mortgage Broker in Australia.

Our services are available in all major capital cities, Sydney, Melbourne, Brisbane, Adelaide, Perth and throughout Australia.

With our qualified and highly experienced brokers, who utilize their integrity, industry knowledge and vast network of resources within the property mortgages sector.

Our clients receive the latest, most up to date and valuable information to assist their decision in obtaining a mortgage.Best home loan in Sydney, finance brokers & home lenders.

Getting a mortgage in Sydney?

Homebuyers in Newcastle engage the services of a Newcastle mortgage broker when they put an offer in on a home, retail or commercial property, but what they do not realise is that it often makes sense to engage the services of a mortgage broker in New South Wales before they put an offer in on a home.

In other words, to get a pre-approved mortgage.

A pre-approved mortgage is not the only way to go, of course, you can get a mortgage approved after you have put in an offer, but it is the way to make sure you get the house of your dreams, especially if there is competition.

We know that sellers will take the easiest purchase they can get, one without conditions, so make sure your offer is not subject to too many conditions.Pre-approved home loansWhether you apply for a pre-approved loan or a regular loanin New South Wales, your mortgage brokers are going to work just as hard to ensure you get the best deal on a home loan.

When they help you get a loan, they know who to approach and never approach one person or one money-lender only.

Whereas you might approach your bank for a home loan, you have plenty of options and a mortgage broker knows, understands and has relationships with these lenders.