MORTGAGE BROKER BRISBANE

A mortgage broker is a financial adviser who specialises in finding and arranging home loans for their clients. A mortgage broker like Borro™ can help you with the following tasks:

• Assessing your financial situation and goals to find the most suitable loan options for you
• Negotiating with lenders on your behalf and getting you competitive interest rates and fees
• Handling the paperwork and guiding you through the application process
• Providing you with ongoing support and advice throughout the life of your loan

A mortgage broker does not use their own funds to originate mortgages, but rather acts as an intermediary between you and the lender. Borro™ can access a wide range of loan products from different lenders, including some that may not be available to the public. This can help you find a loan that meets your specific needs and preferences.
When you receive mortgage broking management from Borro™, we’re legally required to act in your best interests when suggesting a loan for you. We must explain how each loan works and what each loan costs, including the interest rates, fees and features.

A good mortgage broker can save you time, money and hassle when looking for a home loan. Some of the benefits of using a mortgage broker are:

• Access to more mortgage products: Our mortgage broker team at Borro™ can compare a wide range of home loans across the finance industry from an extensive panel of lenders, including some that may not be available to the public. This can help you find a loan that meets your specific needs and preferences.
• Reduced or managed fees: Borro™ can help you reduce or otherwise manage some of the fees associated with your loan, such as application fees, valuation fees or lender’s mortgage insurance. We can also help you avoid any hidden fees or charges that may apply to your loan.
• Simplified process: Borro™ can simplify the process of finding and vetting loans, as we have the capacity to process thousands of different loan products. We can also handle the paperwork and communication with the lender on your behalf, saving you time and effort.
• Reduced stress: The team at Borro™ can reduce some of the stress and legwork around shopping for mortgage rates, as we conduct the research and comparison for you. We may also offer insights into how much mortgage you can afford and the likelihood of approval.

A mortgage broker from Borro™ can help you compare the pros and cons of different home loans and find the one that suits your needs and preferences.

The size of the deposit needed may vary depending on your situation and the lender you choose, but generally you will need at least 5% of the purchase price as a deposit. If your deposit is less than 20% of the purchase price, you may also need to pay lenders mortgage insurance (LMI), which is an insurance policy that protects the lender in case you default on your loan. LMI can add thousands of dollars to the cost of your loan, so it may be worth saving up for a larger deposit if possible.

Some lenders also offer low deposit or no deposit home loans, which allow you to borrow up to 95% or 100% of the purchase price, respectively. However, these loans usually have higher interest rates and fees, and stricter eligibility criteria, so they may not be suitable for everyone.

Borro™’s experienced team of mortgage brokers can help you determine how much deposit you need and how to save for it.

Fixed-rate home loan

A fixed rate home loan is a home loan where the interest rate is locked in for a certain period of time, usually between 1 and 5 years. This means that your repayments will stay the same during that period, regardless of any changes in the market interest rates.
Fixed rate home loans can give you certainty and stability, as well as protection from rising interest rates. However, it can also limit your flexibility, as you may not be able to make extra repayments, access a redraw facility, or switch to another loan without paying a break fee.

Variable-rate home loan 

A variable rate home loan is a home loan where the interest rate can change at any time, depending on the lender’s decision and the market conditions. This means that your repayments can also change, either increasing or decreasing, depending on the direction of the interest rate movement.

A variable rate home loan can give you flexibility and features, such as the ability to make extra repayments, access a redraw facility, or switch to another loan without paying a penalty. However, it can also expose you to uncertainty and risk, as you may not be able to budget for your repayments or cope with rising interest rates.
Borro™ will help you compare the pros and cons of fixed rate and variable rate home loans and find the one that suits your needs and preferences.

An offset account is a transaction account that is linked to your home loan. The balance in your offset account is deducted from the balance of your home loan when calculating the interest you pay. For example, if you have a $500,000 home loan and $50,000 in your offset account, you will only pay interest on $450,000. This can help you reduce the amount of interest you pay and shorten the term of your loan.

Offset accounts can also give you easy access to your money, as you can use it for everyday transactions such as deposits, withdrawals, transfers and payments. However, an offset account may also come with fees and charges, so you should check with your lender before opening one.

As an experienced financial advisor, Borro™ will guide you to a sustainable and equitable home loan strategy that works for you in the long term. We have years worth of experience brokering finance for new homeowners and property investors, and we will leverage all available mechanisms so you can save money across the board.

A comparison rate is a rate that reflects the true cost of a home loan by combining the interest rate and the fees and charges associated with the loan. The comparison rate helps you compare different home loans more accurately and find out which one is cheaper in the long run.

However, a comparison rate does not include all the fees and charges that may apply to your loan, such as government fees, valuation fees or discharge fees. It also does not take into account other factors that may affect your choice of loan, such as features, benefits or flexibility. Therefore, you should not rely solely on the comparison rate when choosing a home loan.

With so many different products across the lending industry, it can be hard to find the one that best suits your needs and goals. Some loans may have features or benefits that are more relevant for you than others. The only way to know for sure is to compare all the products and see what matches your unique situation.

That’s where the home loan brokers at Borro™ can help! We scan across all the options from over 30 lenders and banks to find you the right product. Once this process is completed, we will sit down with you and explain your options and answer any questions you might have before proceeding with your application.

The time it takes to get a home loan approved may vary depending on your situation and the lender you choose, but generally it can take anywhere from a few days to a few weeks. Borro™ will always try and get your home loan approved quickly; however, there may be unforeseen circumstances that delay your application. The home loan approval process involves several steps, such as:

• Pre-approval: This is when the lender assesses your eligibility for a loan based on your financial information and gives you an indication of how much they are willing to lend you. This is not a formal approval, but it can help you narrow down your property search and show sellers that you are serious. Pre-approval usually takes 1-2 days.
• Valuation: This is when the lender arranges for an independent valuer to inspect the property you want to buy and determine its market value. This is to ensure that the property is worth the amount you are borrowing and that the lender has sufficient security for the loan. Valuation usually takes 3-5 days.
• Formal approval: This is when the lender reviews your complete application, including the valuation report, and decides whether to approve your loan or not. This is also when the lender issues you a formal loan offer document that outlines the terms and conditions of your loan. Formal approval usually takes 5-10 days.

Your mortgage broker will keep you updated on the progress of your application and help you speed up the home loan process where possible.

Yes, all of Borro™’s home loan brokers are licensed by the Australian Securities and Investments Commission (ASIC) to give credit advice. You can check if your broker is licensed by asking them for their Australian credit licence number or contacting a professional body such as the Finance Brokers Association of Australia Limited (FBAA) or the Mortgage and Finance Association of Australia (MFAA).