I have been searching the comparison websites for the cheapest home loan rate and found an online lender at 3.63%. Does that mean I can't use a mortgage broker to help me through the loan process ?
It would depend on who this home loan product belongs to and whether the online company allows brokers to write their home loans.
Advise who this rate is with so brokers here can see if they can help or not.
With that said is this home loan exactly what you want and need? Does it have the features you want? Have you considerrd structuring the loan and what would best suit you?
Rates are always one of the main search criteria but it is not always the most important.
Hope that helps.
Jon, you can certainly use a Mortgage Broker, however Brokers are restricted to the Lenders that they are aligned to through their Aggregators. Most Brokers will have in excess of 20 Lenders.
The rate that you are looking at for an online Lender is possibly not open to any Broker channels.
If you are internet savvy and have straight forward needs, such a service could provide you good benefit. However if you do not have a full 20% equity or your needs are more complex, then I recommend you seek the services of a Broker.
I do not charge for my advice. Please give me a call if you wish to chat
Hi Jon, firstly highly unlikely. We have our own ACL so are not restricted by lender as long as the lender wants a relationship, however these types are loans are available to vanilla clients online with mininal support (no broker).. essentially if want nothing in particular features and benefits wise and you fit a clean customer profile (80% lvr or under lend) then they can potentially suit... the particular deal i believe you are looking at comes with no offset yet charges a $375 annual fee.. so depending on your loan amount it could be possible to get a similar deal.. higher rate.. no annual fee that NET works out about the same with the help of a broker. Regards Ariel 0433 132 331
Great rate but what is the comparison rate? And is rate all you are after ? What about other benefits like an offset account, the ability to make extra repayments, redraw facility, a dedicated broker to talk to, linked credit cards with waived annual fees, the list goes on. If you do choose to go with an online lender, it still doesn't mean you can't use a broker most brokers are accredited with every lender including the online lenders, as such they can help you with the paper work at no extra cost.
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Hi Jon, You can always use a mortgage broker. Firstly they can check out the product on offer and establish if its right for you and compare it to other loans on offer.
What you might find is that the lender will not remunerate the broker. As a result if you still want the expert guidance and assistance of a mortgage btoker submitting and following up the loan and then going through the loan offers you may nned to pay a fee for service.
Hope this helps