New Trend in Mortgage Loans in Australia
In the past weeks, elite brokers joined a Loan Market conference at the top of
Mount Wellington in Tasmania. Daniel Pym was there.
According to what Sam White, the Chairman of Loan Market, said at the conference, brokers write 55% of all home loans in Australia, and the number appears to be growing.
The trend is picking up pace around Sydney where people would rather go to a broker to negotiate and organise loan approvals instead of dealing directly with the bank.
Essentially people are doing this for various reasons, convenience, and time saving and also the
knowledge and experience that mortgage brokers come with. Often we don’t have time to look at and learn about loans and the market, so brokers help to perform a number of tasks from assessing what lending risk is for lenders, your credit rating, and of course they will manage the entire process for you.
Brokers can provide advice throughout the entire course of finding and applying for a mortgage
loan, making it a much smoother process. They can also check with many different areas of the industry, and usually have access to mortgages through banks, lending societies, credit unions, and much, much more. It would take the average person a lot of time to go through this information on their own, and in any case, only mortgage brokers and lenders have access to these databases.
A good broker is well trained in finding the best deals that suit your needs and when it comes to seeking a mortgage via a bank, the broker can also advocate on your behalf, increasing
your chances of success with the process. So perhaps the trend has merit, and
maybe this is the way forward for mortgage broking in country.