Mortgage Broker

Mortgage brokers in Australia

Getting a home loan in Australia is daunting enough without navigating potential lenders, loan rates, and terms by yourself. With Oceania Finance, our local team of mortgage broker experts are here to make the whole process a breeze. Whether you’re a first home buyer, looking to acquire a new property, or want to refinance for a better interest rate, we’re here to help.

We know how important getting the right finance for your dream home is. With years of experience behind us, we have the specialist knowledge to find, negotiate, and secure the best home loan for your individual circumstances. Contact us today and leave the mortgage stress in the past.

What does mortgage mean?

A mortgage is a type of secured loan used to purchase a home or other type of property. You can also use a mortgage to borrow money against a home that you already own using your home equity. The home or property you are buying is used as collateral for the mortgage and can be repossessed if you fail to repay the loan. That is why getting rates and terms tailored to your unique situation is so essential.

How much can I borrow?

Your borrowing capacity is determined by a range of factors, including:

• Income
• Deposit or equity
• Liabilities
• Assets
• Living expenses

Each lender has a different view on borrowing capacity, so the amount you can borrow will vary from one lender to the next. For a detailed assessment across multiple lenders, it’s a great idea to contact an Oceania Finance mortgage broker.

What is an offset account?

An offset account is an everyday account that is linked to your home loan. An offset account can help reduce the interest you pay on your home loan as the account balance is used to offset the balance of your mortgage.

What does a mortgage broker do?

Mortgage brokers are the middleman between you and the lender. They will assess your financial situation and personal circumstances to determine your borrowing power, before providing you with a list of loan options to choose from. A mortgage broker can help you find the best rate and lender for your home loan, whether you’re looking to:

• Purchase a pre-existing home or investment property
• Refinance your existing mortgage
• Finance a new build
• Secure a pre-approval
• Identify lender policies that fit your individual circumstances
• Review your situation if you have been declined elsewhere

At Oceania Finance, our experienced mortgage brokers are committed to finding the best loan for your individual circumstances.

Who pays the broker fees?

Mortgage brokers are paid a fee or commission from the lenders that they broker with, which you are not responsible for.

Some brokers may charge borrowers a fee on top of the broker fee, but this depends on the mortgage broker. Oceania Finance does not charge any broker fees for home loans.

Why use a mortgage broker: how they can help you get more for less

There are many advantages to engaging the services of a mortgage broker. Navigating the home loan process, particularly as a first-home buyer, is stressful. A mortgage broker is there to help take that burden off your shoulders with their expertise, experience, and connections.

Discover how an Oceania Finance mortgage broker can help you:

Protect your credit score

Unlike lenders, whose credit checks are recorded and will temporarily lower your credit score, credit checks run by mortgage brokers are not recorded and will not affect your credit score.

Access a wider range of options

Lenders will always offer you their own products, but a mortgage broker will work with a wide range of lenders to present a variety of options. That way you are able to choose the best option for your circumstances.

Find the most suitable options

Home loan brokers have detailed knowledge and experience in home financing. This means they can quickly evaluate your situation and research the best loan options to suit you. It’s a fast, easy way to make sure you’re getting the best deal on your home loan.

Save money in the long term

Getting a mortgage is a big decision and you want to make sure you’re agreeing to terms that will still suit you in the long term. Mortgage brokers know how to present your financial situation for the best chance of approval. And they can negotiate on your behalf to make sure you’re getting the right rates and terms.

Save time

The home loan process is time-consuming, but it doesn’t have to be. A mortgage broker will do the hard legwork for you. They work around your schedule and circumstances so that you can get on with your busy life without added stress.

Is it easier to get a mortgage through a broker?

Oceania Finance mortgage brokers are experts at making the application and approval process simple and stress-free.

We help make the loan process easier by:

• Explaining your options and borrowing capacity
• Helping you negotiate competitive rates
• Navigating you through loan jargon used by lenders
• Working within your schedule and time constraints to achieve your goal

When should I speak to a mortgage broker?

There are many points throughout the home loan process when you may consider speaking with a mortgage broker.

Common points when people decide to speak to a broker include:

• When you first consider buying a home
• Once you’ve saved your deposit
• When your financial circumstances are complicated
• You have begun the home loan process and are struggling with it
• When you want to refinance your current mortgage
• You are time-poor and need someone to do most of the legwork for you
• If you are concerned about your credit score
• You are considering a second mortgage
• You are considering purchasing an investment property

What to ask your mortgage loan broker

Whenever you’re making major financial decisions, it’s important to ask questions and ensure you have all the information you need.

Questions to ask your mortgage broker throughout the home loan process include:

• Do you have a wide variety of lenders you work with?
• What lenders do you not have access to?
• How do you get paid? Does this vary depending on which lender you work with?
• Is this loan in my best interest and in what way?
• How much will this loan cost me long term?
• What features are included in this loan and how do they work?
• Can you show me other options and compare them to your current suggestion?

Mortgage broker or direct to bank?

There are pros and cons to both the mortgage broker and direct to bank options. If you’re unsure which option is right for you it’s important to speak directly with the bank and a mortgage to compare your options.

Which online mortgage broker is the best?

The best online mortgage broker will:

• Do their research – the right online mortgage broker should be thorough in their efforts to get to know you, your personal circumstances, financial situation, and goals for the future. All of these factors will affect which loan suits you best.
• Come highly recommended – ensure you read their online reviews carefully. You may even like to ask family or friends if they have any recommendations.
• Have experience and expertise – the best online mortgage brokers should have extensive experience and expertise in their field.
• Operate transparently – a good online mortgage broker should be honest and transparent about how they earn their fees and which lenders they work with. They should also inform you of your options should you wish to make a complaint.
• Present you with options – a mortgage broker with access to a wide range of lenders means you are more likely to find a loan that is right for you and competitive with others in the market.

What to consider when choosing a home loan broker

When considering which home loan broker is right for you, ensure you consider:

• How they are paid
• The size and diversity of their lender panel, i.e. the number of lenders they access to and are qualified to work with
• Recommendations and/or reviews
• Their qualifications and experience
• Their ability to work within your timeframe and schedule

What qualifications do they need?

A mortgage broker operating in Australia must have a credit license and have completed a Certificate IV in Finance and Mortgage Broking.

It’s important when engaging a mortgage broker to check their credit license. You can do this by searching ASIC Connect’s Professional Registers.

Looking for a loan broker near you? We’re an Aussie business helping locals get better deals on their home finance. Contact us today for more information.

Are all brokers the same?

All finance brokers must have a credit licence and complete a Certificate IV in Finance and Mortgage Broking. However, some brokers specialise in different areas such as business loans, personal loans, and mortgages. When considering the right broker for you, ensure you consider their experience, specialities, reviews, and qualifications.

At Oceania Finance, our mortgage brokers use their qualifications and extensive experience to find you the best terms and rates for your individual circumstances.

How to get started applying for a mortgage

Applying for a home loan can be a daunting process and it can be difficult to know where to begin. Establishing your wants and needs early on can help point both you and your mortgage broker in the right direction.

Questions to get you started:

• What are your non-negotiables? What do you need? What is essential?
• What would you like to have, but could compromise on? What would be nice to have, but is not essential?
• What areas would you like to live in?
• What areas would you like to avoid?
• Do you have a budget you would like to stick to?

Mortgage brokers at Oceania Finance are committed to providing our clients with a thorough, personalised service so that we can find the right home loan for you.

Contact Oceania Finance today to get started.