Who wouldn’t want to buy a property in Perth, where prices are more affordable than in Sydney and Melbourne?
You’ll need a mortgage broker who has helped others like you get a home loan in Perth, to ensure you dodge common roadblocks.
The tricky part is finding a broker who has what it takes to aid your loan process. Experience isn’t always enough, and that’s why you need to take your time to find the right broker for your situation.
Why should I find a mortgage broker when I can go directly to the bank?
| Mortgage broker | Bank |
|---|---|
| Goes through your entire situation to understand it and provide the best options. | Selling you their products and might not be considering your future financial stability. |
| Apply and submit documents online without ever visiting the office. | Online applications are available but most still require you to visit a physical branch to submit documents. |
| Specialised and personalised advice from experts who know the home loan process and policies of different lenders. | You can learn about the lending policies of only the bank you choose to visit. Plus, banks lack mortgage expertise since they offer an array of services. |
| More home loan and interest rate options that fit your situation. | Usually have more restrictive lending policies, making it less likely that they will approve you for a loan. |
| Will review your home loan regularly to ensure you’re getting competitive rates. | Not obliged to ensure your interest rates are competitive. |
| Work in your best interest. | Working in their own best interest. |
How do I find a good mortgage broker in Perth?
Getting into Perth’s property market is about understanding past trends and the current market situation. Your broker should be familiar with both and understand how each will affect your search.
For example, your broker should stay informed about the state of the mining sector. There is a link between Western Australia’s property market and the mining sector. The sector has been a major factor driving price and rent rises in regional areas of Western Australia. At times, the strength of the mining sector has been the only factor behind Perth’s market recovery.
You should also expect your broker to be aware of which parts of Perth have been prone to flooding in the past and the effect that history can have on pricing.
Finally, your broker should help you apply for the First Home Owners Grant in Western Australia if you’re a first home buyer, and work out how much you’ll save in stamp duty.
There are also many steps you should take when looking for a mortgage broker anywhere:
- Ask your friends, family or relatives if they’ve worked with a good mortgage broker.
- Start reviewing the mortgage brokers that you can find. Check social media platforms and read reviews online to find out what their customers are saying about them.
- Know how they get paid. Most brokers get commissions directly from the banks for arranging their loans, which might affect their quality of advice for you.
- Check their qualifications and experience. Look for brokers who are accredited and can legally act as an authorised credit representative.
- Keep an eye out for who has won industry awards.
These steps will help you get top advice and options.
When you feel confident about your research, you can go ahead and contact a mortgage broker. Be prepared to ask them a few questions before you make a final decision.
Here are a few questions you can ask:
How long have you been working as a mortgage broker?
You want to have someone by your side who has ample experience in helping people like you.
They should have accreditation and be a member of the Finance Brokers Association of Australia Limited (FBAA) or Mortgage & Finance Association of Australia (MFAA).
A membership is a great indicator of their expertise.
How many lenders are on your panel?
Mortgage brokers have a list of lenders they can access, known as their “lender panel”.
More lenders in a mortgage broker’s lender panel mean more home loan options for you.
Does a bank own you?
If a bank owns a mortgage broking firm, chances are the mortgage brokers will send more loan applications to the parent company.
This might lower your chances of approval if your situation is unacceptable to those banks.
How do you get paid?
Most mortgage brokers are paid in commissions directly from banks. They don’t usually charge you for their services.
Under Best-Interests Duty (BID), they should be able to provide valid reasons why they chose mortgage options for you.
Are any lenders offering cashback or discounts?
You wouldn’t normally ask this before deciding on your lender. However, it allows you to test whether the mortgage broker is equipped with the current market offers.
We have a list of top 10 questions to ask your mortgage broker when buying a home.
Learn how to buy a house and avoid costly mistakes in under 2 hours.
LEARN MOREWhat does a good mortgage broker do?
Once you’ve done your research, you’ll be able to shortlist mortgage brokers in Perth that might be worth your time.
But how would you know if they’re good or bad, or even the best for your situation?
A good mortgage broker anywhere will:
- Ensure a smooth mortgage journey from the start and beyond settlement.
- Free you from the tedious application process, including paperwork.
- Take the time to go through your lender options and explain why they chose those lenders.
- Walk you through the home loan features and interest rates.
- Keep an eye out for any documents you are missing and make sure to inform you.
- Identify potential credit issues and suggest a way to work through them to improve your chances of qualifying for a home loan.
- Inform you of the fees and costs involved in the process, including application fees, valuation fees and stamp duty.
A good mortgage broker has a team of experts working behind the scenes to ensure your comfort.
For example, a dedicated customer care team to answer your questions and a post-settlement team to ensure you have the best rate out there.
Does your mortgage broker have this dream team?
Home Loan Experts certainly does!
Why choose Home Loan Experts as your mortgage broker?
A mortgage broker with ample experience still might not be able to help with your situation. Not everyone’s situation is the same and our mortgage brokers understand that.
Our brokers specialise in different niches and work as a team to offer you the best options.
Since we’re an online mortgage broker, applying with us is safe, convenient and saves time. You can apply from anywhere in Perth and our experts can get back to you in no time.
- We get tough loans approved by applying with the right lender.
- We have 50+ lenders on our panel.
- Our dedicated post-settlement team can guide you through the complex mortgage process with ease.
- Our services are completely free for most home and investment loans.
- Our mortgage brokers are the winners of multiple industry awards, including best customer service.
Learn more about us and how we take your entire situation into account before providing a complete solution.
Get a free, no-obligation assessment
Our mortgage brokers are here to help you by giving free advice for your situation. You can enquire with our experts with no fear of a credit enquiry that could affect your credit score.
Call us on 1300 889 743 or fill in our free no-obligation assessment today.