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- It costs too much to use a broker.
I hear a lot of people say they won’t use a mortgage broker because they can’t afford it and I have never understood this as most mortgage brokers don’t charge for their services. This is actually one of many myths surrounding mortgage brokers. Over 60% of home buyers think that getting a mortgage through a broker will cost them more due to the commissions that are paid to brokers.
Mortgage brokers receive commission from the banks that you get your loan through (it is payment in exchange for the referral). The commission received is a small percentage of the loan you take out. This figure is NOT added to your loan or paid by clients in anyway. In fact in many cases using a mortgage broker can cost you less as banks are constantly competing for your business and many will do this via a broker with increased incentives such as a waiver of fees, rebates and low interest rates etc.
- It is too time consuming to use a broker.
When you deal with the finance department at Hudson Financial Planning you will find the process uncomplicated and stress free, this is because we do most of the work for you. Following a phone call with our Mortgage Broker Matthew Kerr we will email you a comprehensive checklist of the documents we require from you. We will then order valuations, get the best rates on offer and look for the best loan that suits you.
Our loan processing team will then prepare all of your documents and email them to you in one easy file for you to print off and sign. Once you have emailed these completed documents back to us we will submit the loan on your behalf. This process can be done in a couple of days for urgent loan approvals.
- The banks won’t be happy if I use a broker.
Banks get their money either way, if you are an existing customer they may try and keep you on board with a lower interest rate but they won’t do loan comparisons for you like we will. Everyone’s circumstances are different and it is important that you find the right loan with the right product that suits you in the long term, not the short term.
- If your bank won’t give you a loan we can’t help you.
This isn’t always the case. Every bank is different and offers different rates and products. Your bank may not be able to offer you a loan using your business as security whereas another can. Some banks don’t like offering loans to self-employed workers while others offer this flexibility. This is why it is best to come to a mortgage broker as we know which banks offer the best products for your requirements.
Why and who can use the Hudson Financial Planning finance department?
- You DO NOT have to be a member to utilise the services of our Hudson Finance Department. Anyone can give us a call to discuss their loan or refinance requirements.
- In 95% of circumstances we can offer you a better interest rate than your bank by utilising the many banks that we work with. We DO NOT only deal with the big four and will look outside the box to get you the best rate.
- We can work with you to work on the right loan structure for your requirements. Investment loans are offered at a higher interest rate than an owner occupied loan and getting this structure right is important to your future repayments.
- Mortgage brokers are offered incentives to bring in customers. Specific brokers, such as Hudson, are often offered deals such as fee waivers and refinance discounts to get new customers on board. While these offers do not sway us to use a particular lender if we feel the package is right for you these offers will definitely save you money in the future.
- We can offer you a full service with our specialised team of real estate agents working in conjunction with us scouring the country for great off the plan investment opportunities, to a list of conveyancing professionals to help you settle your purchase. The Hudson finance team work with our suppliers to make your purchase run smoothly.
It costs NOTHING but about an hour of your time to see if we can save you money so why not give our Hudson Finance Manager Matthew Kerr a call on 1800 804 296 to discuss your loan requirements.