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Beyond the expected

Why use a mortgage Broker?

By Advertising Feature 23 October 2010 33

[First filed: Oct 18, 2010 @ 9:40]

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This is a question that Rachael Hunter of Dominion Finance gets asked a lot. Its usually followed up with a “Why not just go to a bank directly?” or a “How much are you going to cost me?” and occasionally an “aren’t you going to recommend the lender who you get the best commission from?”

Rachael tells us that these are all fair questions. After all, average joe applies for a loan once every 4-5 years, and even less for a home loan; so mortgage financing is not something that comes up often. Knowing the answers to these and other questions that arise in seeking Mortgage finance is that the greatest value add Rachael can offer. Home loan lending is her core business and it is something that she does every day.

How does that benefit you?

The main benefits are that it saves you time, money and stress. You will not only have someone else finding and researching the best loan for your situation but Rachael will even take care of filling in the paperwork for you and therefore freeing up your time, which is much better spent finding the right house or picking new furniture. Rachael also liaises with the loan assessor and will advocate on your behalf to get your loan approved. Her aim is to limit the amount of time and energy you have to expend to get the lending you want done.

Rachael’s client is you and she work for you not the banks. She keeps an active eye on the lending market for good deals or a new product or price that will suit your needs and is quick to share that with you, even if it does not come from the bank you are currently lending with.

In order for Rachael to keep her clients and retain them over the long term she create relationships that are all about meeting the client’s needs. Going directly to the banks will not offer you the same kind of benefits, in that once they have won your business it is not as necessary for them to keep earning it from you. More importantly, do you really have the time to approach 20 or 30 lending institutions to find the best deal?

Rachael aims to establish and maintain relationships with her clients that last for their entire lending future. She’s also able to draw on extensive resources to provide you with a wealth of knowledge on how to structure lending, which banks are best at your meeting your needs and will cater to your situation, and which products will meet your requirements.

Rachael has kindly offered to answer any questions or comments related to home financing from the RiotACT audience over the coming week and hopefully give you some further insight into why working with her to find a home loan is of benefit to you.


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33 Responses to
Why use a mortgage Broker?
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CraigT 10:25 pm 27 Oct 10

I don’t know Rachael and I’ve never dealt with Dominion Finance but I have to say I thoroughly recommend using a mortgage broker.

Instead of dealing with the unhelpful and inflexible drones with no decision-making ability at the bank, you are dealing with normal human beings who listen to what you want and help you assess the range of options. And then they go off and suffer the pain of most of the dealing with the bank.

And best of all, it not only won’t cost a cent, but you are far more likely to get a better deal than if you did the deal your self.

micnic 9:22 pm 27 Oct 10

Rachael is a gem. I was introduced to her through a work colleague. I told her exactly what I needed and she gave me a few options to choose from. Rachael knows the bank products well, was able to answer all of my questions (and believe me – there were quite a few!) and I was then able to choose the right loan for me. She was completely unbiased and after going through a major life change I can honestly say that I don’t think I could have done it all so quickly without her. She was relentless and followed the whole loan process through for me and did everything so quickly. I have been, and I will be, recommending her to anyone I hear about needing a loan. Thank you Rachael!

Weekend Golfer 8:06 am 27 Oct 10

Just wanted to say thank you to Rachael. I contacted and met her last week about refinancing. She was able to meet me and my wife and explain the whole process. Long story short, she was able to source the best deal for our situation.

Thanks Rachael, you’ve been a wealth of knowledge!!!!

georgesgenitals 9:31 am 26 Oct 10

Rachael Hunter said :

Thanks for the votes of confidence. I was a bit nervous at first as I know brokers don’t always have a good reputation, but I wanted to be helpful and trasparent and also wanted to have an understanding of the communities perspective and questions

I appreciate all the questions and feedback and am more than happy to assist any one who has questions

Regards
Rachael

Most mortgage brokers are fine – it’s the Real Estate Agents we’ve learned to watch out for!

Rachael Hunter 12:24 pm 25 Oct 10

Thanks for the votes of confidence. I was a bit nervous at first as I know brokers don’t always have a good reputation, but I wanted to be helpful and trasparent and also wanted to have an understanding of the communities perspective and questions

I appreciate all the questions and feedback and am more than happy to assist any one who has questions

Regards
Rachael

georgesgenitals 6:02 pm 24 Oct 10

grumpyrhonda said :

dvaey said :

Id just like to throw in my 2c that its great to see an advertising feature on RA, where the advertiser is prepared to accept comments and feedback, and answer users questions. Too many advertising features leave users with questions, but arent interested in our comments.

Summed it up perfectly dvaey!

Agreed. And especially for a service that many people don’t really understand, but should.

grumpyrhonda 11:54 am 24 Oct 10

dvaey said :

Id just like to throw in my 2c that its great to see an advertising feature on RA, where the advertiser is prepared to accept comments and feedback, and answer users questions. Too many advertising features leave users with questions, but arent interested in our comments.

Summed it up perfectly dvaey!

dvaey 8:47 am 24 Oct 10

Id just like to throw in my 2c that its great to see an advertising feature on RA, where the advertiser is prepared to accept comments and feedback, and answer users questions. Too many advertising features leave users with questions, but arent interested in our comments.

georgesgenitals 11:50 pm 23 Oct 10

2604 said :

I’d be interested to know how many of the “property investment” regulars on RA (VY, George’s Genitals, and anyone else who contributes regularly when we discuss the topic) use a mortgage broker and how many seek out the best deal for themselves. Also interested to know why you choose to DIY or go through a broker.

No Newbies please.

I started out using mortgage brokers. I used one guy a couple of times, and found him great (he was with Aussie Home Loans), then used an independent (ok experience, but not great), then found a guy in my bank with enough delegation to authorise the deals I wanted on the spot, and have used him ever since. Trouble is, he is now too busy and has become unresponsive, so next time I’ll need to find someone else. Fortunately I’m now at the point where I have enough business that the banks actually want to deal with me (at last).

Mortgage brokers are typically pretty good to deal with, provided they communicate regularly with all the parties involved and understand the value of deadlines. I’ve got no problems with them making a commission provided they do as instructed. I’ve dealt with one mortgage broker who was clearly trying to scam me, but this was very obvious and so I just ignored his calls after our first meeting, and then he left me alone.

The trick is to talk with your mortgage broker about what it is (you think) you want. You need to give serious thought to things like flexibility as well as simply ‘cheapest’. Life happens and things change, and that dirt cheap but inflexible mortgage with an obscure provider can become a real chain around your neck.

Of course, you need to augment your ‘team’ with a good accountant and a good lawyer, especially if you want to invest. Ask your mortgage broker – if they have other people they know and work well with it can make the entire deal a lot easier.

In conclusion, mortgage brokers are a great resource for people who don’t want the hassle and angst of dealing direct with banks (which can be considerable). Ask around for references from your friends or online, and give the most promising lead a phone call. I’ve never dealt with Rachael from this thread, but given her responses to the questions I’d certainly be willing to have a chat to her.

Sascha 7:27 pm 23 Oct 10

Hi all,

I highly recommend using Rachael if you are after a mortgage broker!

Last year I decided that it was time to buy my first home. Rachael came to my house at a time that was convenient for me and took the time to explain every step of the process in minute detail. Given I had previously known nothing about buying property, this was extremely beneficial for me and exactly what I needed (I had so many questions that our first meeting went for 3 hours). She even took the time to give me tips on things to look for and questions to ask when viewing properties.

Rachael completed all of the necessary paperwork for me and kept me informed of progress at all times. When I finally found a property and put in an offer, Rachael came along to the pre-exchange inspection with me.

I could not have gotten through the whole process without Rachael – she was a god-send!

If you’re thinking of buying a house, then do yourself a favour and contact Rachael. You won’t regret it!

Rachael Hunter 12:28 pm 22 Oct 10

Creative Canberran, I totally agree with you. I believe that if a client has a good accountant, financial planner and/ or a lawyer then they are in a position to make well informed and educated choices. This is the advice I would give any client. Buying a home or investment property is one of the biggest investment most people will make.

It should be taken seriously and be well researched

creative_canberran 12:54 am 22 Oct 10

I would like to point out two things.
Firstly, commissions are everywhere. Where someone claims not to work on commission, it’s likely they still work on spivs (target bonuses). Sometimes, people receive both. This goes for anyone who sells anything. So long as there is an admission of this, I don’t see a problem.

I would however caution people to always retain a 3rd party for advice. A mortgage broker is providing a commercial service and regardless of claims is working for the good of their business. Having a lawyer or financial advisor separate to the broker would always be advisable, particularly in assessing any contract with the bank for which a mortgage broker is legally bound not to offer legal advice on.

Rachael Hunter 8:31 pm 21 Oct 10

Hey Jazz. I appreciate the dialogue and the feedback. I understand better the attraction of this medium of communication after having to monitor and contribute this week

I think it the problems you mentioned you had experienced with brokers would be related to their skill level and experience.

I have dealt with a number of companies and trusts now and have also had multiple clients on the same loan application and title and 2nd mortgages for guarantorship. Off the plan purchases, owner builder loans, business refinances, and construction loans etc.

To be honest the first time I did panic. Now it is not so hard.

Like any industry there are good , skilled brokers and not so ethical, honest or reliable brokers. The new ASIC laws have tightened up the lending regulations and I think they have improved the quality of the industry and its credibility

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