Region Australia New Zealand Indonesia Middle East
  • You are not signed in sign in or register
  • save searches, properties and create email alerts

Sign in with one of your existing
social network accounts:

Facebook Twitter Google
Saved searches

Sign in to save your searches.

Recent searches
    Clear your search history
    Ray White Real Estate
    • Buy Touch to search for properties for sale
    • Rent Touch to search for properties for rent or lease
    • Sell
    • Find an agent
    • Tips & Advice
    • Careers
    • Home loans
    • Search for
      • Residential
      • Commercial
      • Business
      • Rural
      • Land
      • Projects
      to suit a budget of about
      land size range (m²)
      to suit a budget of about
      Ray White offers more than 60,000 properties for sale each year, with the widest selection of real estate of any group in Australasia.
      Look up a property ID or keyword
    • Search for
      • Residential
      • Commercial
      • Holiday
      to suit a budget of about (per week)
      floor size range (m²)
      land size range (m²)
      to suit a budget of about (per annum)
      Whether you’re a landlord, tenant or investor we have the right information and advice to meet your needs.
      Look up a property ID or keyword
    • You can find all our corporate contact details on the Ray White Group website.
      With over 1,000 offices across 11 countries, one of our 12,000 specialists are ready to discuss your property needs.

    How can mortgage experts help first home buyers save money and time?

    Mortgage brokers offer by far the most useful service for those new to the market. It may come as a surprise that they’ve outstripped real estate agents, buyers advocates and conveyancers because it’s difficult to understand the value of an excellent mortgage broker until you’ve used one.

    To that end, what does a mortgage broker really offer? How can they save you time and money when you’re buying your first home?

    Finding low interest rates

    If you enlist the services of a mortgage broker they’ll search through hundreds, maybe thousands of home loan products.

    When you walk into your local bank branch, they might offer your one or two different loans. They’ll most likely be standard, off-the-shelf products and you won’t get much choice when it comes to the interest rate that you’ll have to pay.

    On the other hand, if you enlist the services of a mortgage broker they’ll search through hundreds, maybe thousands of home loan products to find you a competitive rate.

    Finder data shows that they average rate for a variable home loan is 5 per cent right now. With any luck your mortgage broker could find you a better deal, saving you thousands over the life of your loan.

    Finance, tailored to you

    Mortgage brokers are finance experts, and most have advised countless customers on their home loans. Because of that expert insider knowledge, and hands-on experience your broker will be able to tailor a loan to suit your lifestyle, your budget and your goals.

    That means your repayments will be easily affordable, and every feature of your loan will be purposed to make your life as easy as possible.

    Adding on helpful loan features

    Your broker will be able to tailor a loan to suit your lifestyle, your budget and your goals.

    Your mortgage broker won’t just tailor the length of your loan and your repayments to you – they’ll also customise the way your loan works by adding helpful extra features. These may include a redraw facility, which allows you to withdraw or deposit extra funds into your home loan when it suits, allowing you more flexibility.

    You could also add on an offset account. This feature allows you to link a savings account to your home loan, reducing the portion of your home loan that you pay interest on by the amount in your savings account. For example, if you have a $400,000 principal and $100,000 in your savings account, you’ll only pay interest on $300,000 – which could make a big difference.

    Managing the entire process

    Securing and managing a home loan takes time, particularly if you want to go out of your way to get the most suitable finance possible. A mortgage broker will manage the entire process for you, from choosing a loan, to approval and all the way to the day you finally settle.

    The value of this is not to be underestimated. You’ll save yourself several days of hassle and stress if you let your broker do the legwork for you, and professional advice will always be a call away if you have any issues.

    Using existing relationships with banks

    As of January this year, first home buyers made up a record low 7.1 per cent of housing finance commitments.

    As of January this year, first home buyers made up a record low 7.1 per cent of housing finance commitments, while investors made up 39 per cent, CoreLogic RP Data research shows. The fact is, banks may assess that first home buyers present a larger risk and limit their lending to those with smaller deposits, less resources or no history of paying back loans.

    This obviously makes it difficult to get a loan approved – unless you have a mortgage broker on your side. The best brokers have relationships with the lenders that they deal with, as well as inside information on how they decide whether or not to approve a loan. They’ll use these relationships and inside knowledge to negotiate on your behalf, increasing the chances that your loan is approved.

    Ensuring you know what to expect

    When you’re approved for a home loan you may be surprised by the amount of extra fees you have to pay. These could include: discharge fees, early exit fees, lender’s mortgage insurance, application fees as well as several other ongoing costs. If these are unexpected they can really throw a spanner in your finances.

    Your mortgage broker will both work to minimise fees and ensure that you fully understand when, what and why you have to pay your lender extra charges. That way you won’t be inconvenienced as you can plan ahead for extra costs.

    Unless you’re on the rich list, money’s sure to be tight when buying your first home. Make your life easier by saving yourself valuable time and money with the help of a local mortgage broker that you can trust.

    You Might Also Like

    • How accurate are online property valuations?

    • Which Australian cities have higher house prices in winter?

    • 3 must-knows for New Zealand first home buyers

    Categories

    • Our Family

      Meet just some of the people who make up our global network.

    • Market News

      Latest real estate updates

    • Advice & Tips

      We have the Know_How

    • Inspiration

      Trends and creative advice

    • Finance

      The latest financial news for real estate

    • White Paper

      The latest from Brian White

    Tweets Follow @RayWhiteGroup

    Tweets by @RayWhiteGroup Tweet to @RayWhiteGroup

    Instagram

    Site

    • Home
    • Contact
    • About Us
    • Privacy
    • Legal
    • Terms of Use

    Stay in Touch

    • News
    • Complaints
    • Commercial eMagazine
    • White Paper

    Useful Tools

    • Loan Repayment Calculator
    • How Much Can I Borrow?
    • Find a Mortgage Broker
    • Find an Agent or Office

    Connect

    • Facebook
    • Twitter
    • Google+
    • YouTube
    • LinkedIn
    • Instagram
    • © 2018 Ray White
    • Site Map
    • Australia
    • New Zealand
    • Melbourne
    • Sydney
    • Perth
    • Brisbane
    • Hobart
    • Adelaide
    • Gold Coast
    • Cairns
    • Canberra