Question 1

Am I obliged to accept a quote that I request from a mortgage broker?

Accepted Answer

No. When a home loan quote is presented to a buyer from a broker, there is no obligation to accept that offer.

Question 2

Do mortgage brokers offer finance loan services for property investors?

Accepted Answer

Mortgage brokers may specialise in certain market sectors, or they may offer services across the sector including investment property finance.

Question 3

Can I get my home loan pre-approved if I use a broker?

Accepted Answer

Yes. Brokers handle the application processing with the lender. Conditional pre-approval is available when using a mortgage broker.

Question 4

Do brokers source home loans from the major banks?

Accepted Answer

Brokers have accreditation with lenders. This is the approval by the lender that the broker can access their lending products for their clients. Where a broker has accreditation with the major banks, they can source that bank's loans for their clients.

Question 5

Can mortgage brokers get competitive interest rates?

Accepted Answer

Brokers with access to a large lender base and have leverage with lenders, can be well-resourced to secure competitive interest rate loans.

Question 6

Do mortgage brokers take on first-home buyers as clients?

Accepted Answer

Services offered by mortgage brokers may vary. The majority of brokers will accept first-home buyers as clients.

Question 7

Can buyers of all priced properties use a home loan broker?

Accepted Answer

Some brokers may be selective in the clients they work with, but most brokers will handle loans for properties across the price spectrum.

Question 8

Is commercial property finance available through mortgage brokers?

Accepted Answer

Brokers can establish the market sectors and services that they offer. Some will focus on residential home loans while others will offer both commercial and residential property finance.

Question 9

Is construction finance available through a broker?

Accepted Answer

Construction Loans are considered specialised property finance products. Not all brokers may have access to these types of loans. Check with the broker's services to confirm availability of building and construction loans.

Question 10

Should I get a mortgage broker near the location in which I am buying a house?

Accepted Answer

Brokers can provide effective services using online and phone contact. It is not necessary for a buyer to choose a broker in the location of the property they are buying.

Question 11

What referral do I need to use a home loan broker?

Accepted Answer

No referral is required to contact a mortgage broker and use their services.

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