MORTGAGE BROKER SYDNEY

A mortgage broker is a financial adviser who specialises in finding and arranging suitable 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 mortgage solutions for you
• Negotiating with lenders on your behalf and getting you competitive principal and interest rates, fees and any other charges
• Handling the paperwork and helping you navigate the loan application process
• Providing you with ongoing support and advice throughout the life of your loan

An independent 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 make intelligent finance decisions and find a suitable loan for your specific needs and lifestyle. When you receive mortgage broking management from licensed mortgage brokers like Borro™, they are required by law to act in your interests when recommending loan solutions. They 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 Sydney mortgage 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 the right lender and loan to meet 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 the monthly repayments of your loan.
• Simplified process: Borro™ can simplify the process of finding and comparing 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 tailored mortgage solutions that suit your specific 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). An LMI is an insurance policy that protects the lender in case you default on your loan. LMI can add thousands of dollars to loan amounts, resulting in higher principal and interest repayments 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 home loan interest rates and fees, and stricter eligibility criteria, so they may not be suitable for everyone.

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 home loan 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 mortgage repayments or cope with rising interest rates.

An offset account is a transaction account that is linked to home or investment property loans. 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.

With our extensive experience in finance and mortgage broking, 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 term in property finance that refers to 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. As a comparison rate does not include all fees that may apply to your loan, such as government, valuation or discharge fees, or the terms of your loan, you should not rely solely on a comparison rate when choosing a home loan.

With so many different lending products across the mortgage market, it can be difficult to find the one that best suits your needs and goals. 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 be of service! We carried out a detailed mortgage comparison process 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 lending process.

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. 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 mortgage 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).