Sometimes, people think they are best-served to walk into “their” bank for a loan instead of talking to a mortgage broker first. At Smartline Rockingham, we know that isn’t usually the best idea. At Smartline Rockingham, we have access to 28 different lenders. That’s 28 times as many lenders as one lender. You are much more likely to get the right loan with a choice of 28 lenders than with a choice of one lender.
If that was the only compelling reason for talking to a mortgage broker first, it would be enough to make it more than worth your while. Now, there is another big reason to talk to a mortgage broker first: changing lender terms.
Changing Lender Terms?
Lately, many Australians have received pre-approvals from certain lenders, only to find that the terms had been changed by the time they are ready to buy. This has forced some people to back out of purchase agreements because terms and conditions of their loans have been changed at the last minute.
This has been a common occurrence for people buying homes “off the plan,” but is now happening to people buying established or turnkey homes because lenders are suddenly changing terms, conditions or even interest rates. Some lenders change qualifications and lower the amount of money borrowers are eligible for.
New Australian Prudential Regulation Authority (APRA) guidelines are prohibiting lenders from growing loan revenue by more than 10% per year. This causes some lenders to become more stingy with money the closer they get to their “limit.” These lenders often raise fees or interest rates to discourage borrowing or just refuse to accept any home loans at all once they have reached their “limit.”
Call a Mortgage Broker at Smartline Rockingham
Call a mortgage broker at Smartline Rockingham to make sure there are no surprises with your loan. We know which lenders are close to their limits and which ones aren’t. We can find you a home loan that is right for your situation and least likely to present any “surprises” near reconciliation day.
To learn more, call us today: (08) 9527 1800.