Save your legs and call a loan expert
How do you match a loan and lender to your needs? Rather than running around finding out the details of each and every lender and loan, draw on the expertise of a mortgage broker.
One of the benefits of working with a mortgage broker is the extensive menu of loan options we have at our fingertips. But given such a wide choice, how do we narrow down the options to find the right loan for you?
I myself have access to more than 30 different lenders. These include the big four banks, second-tier lenders such as Macquarie Bank, ING and Citibank, and a raft of niche lenders such as Liberty or Pepper, which offer loan options for people who may not meet the lending criteria of the top banks.
When it comes to making loan recommendations, I look at a number of different factors -
First I'll talk to the client about their goals. This might be to pay off the loan as quickly as possible, or to find a loan with the lowest interest rate possible. They may want a loan with a fixed term, or they may want a facility with a low fee structure. Each client is different.
I usually give clients three loan options and makes sure the options meet their requirements across a range of criteria.
If the customer has no specific requirements, I will most often take into account interest rates, how fees impact the life of the loan and how portable the loan is.
While interest rates are the most critical factor, it’s not the only factor. As well as the loan’s fees and interest rates, the lender must also match the client.
Save the leg work for me and get in touch today.
The information provided is general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances. Your full financial situation will need to be reviewed prior to acceptance of any offer or product. This article does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply. All lending is subject to the customers passing individual lenders credit criteria. Certified Connective Broker. ACL 389328. CRN 495102.