What’s more important: your new phone or your next home loan? Well, we were stunned to see a recent survey that showed Australians put more effort into researching phone plans than they did their home loan.
The fact is the right home loan can potentially save you thousands of dollars in interest so you could buy the phone of your dreams outright! Here’s how we help you get the balance right.
More than 70% of Australians say they’re more likely to spend time looking at options for phone and internet plans, car insurance and even electronics purchases, than researching a home loan – according to a recent Pepper Money survey.
And look, we get it. Selfies, Netflix, Uber Eats, Instagram, Tinder … phones are pretty cool these days.
Home loans? Admittedly, not so much. They’re expensive and definitely not cool. But owning your own home and saving money is.
That’s why there is no excuse to cut corners when it comes to making what could be the biggest financial decision of your life.
By allowing yourself to get so daunted that you just go with the bank you’ve had a savings account with for years, you could potentially lock yourself into a lemon of a loan.
So today we’ll explore why 7-in-10 Australians now use a broker or lending specialist to help them choose the right home loan for them – and why 86% say they’d use a broker or lending specialist again.
1. Save time and money
Applying for a home loan can be a full-time job. The research, piles of paperwork, back-and-forth queries, and requests.
With busy modern lives, finding the time can be tough.
An LJ Hooker Home Loans lending specialist can save you time by doing the legwork and comparisons for you. We use our industry knowledge and connections to find suitable home loans with competitive rates. We’re also expewrts at helping you get your loan application approved on time!
We’re also aware of the type of additional fees and costs that some loans may have. And this could potentially save you money.
2. Target suitable products
We assess your situation and package up your loan to the right ender or product that suits your goals and personal circumstances. We know who will say “yes”and we get your loan approved fast.
For example, say you’re working as a casual or are self-employed. There are some lender policies out there who don’t really favour these kinds of employment arrangements.
However, we have access to a wider range of options and work closely with credit officers to help them understand your personal situation. We specialise in property investors with large portfolios, first home buyers with smaller deposits, and self-employed people with non-standard income.
This targeted approach is important because submitting too many applications can hurt your chances of loan approval.
Each time you apply for a loan, your credit history is pinged. And too many hits on your credit score can lead to lenders seeing you as risky, potentially reducing your options.
3. Expert guidance
What’s my borrowing power? How do I fill out an expense report? What documents do I need?
The application process can be a lot, especially when you’re busy. And the financial wizardry and jargon involved can be downright confusing.
We keep thing simple, help you understand the jargon, and use a tailored fact-finding process to help lenders feel comfortable supporting your loan application.
We’ll look after the application process for you and help you organise your finances and prepare the documentation you’ll need.
You’ll also (hopefully) only supply documentation once, rather than over and over again with different lenders.
We keep home loans simple
Use that fancy phone to call our team of lending specialists.
If you would like to explore your options or grab a second opinion our lending specialists offer free advice and are available online, via phone, or in person.
Simply contact us below and we’ll be in touch.
Check out our guide on home loan refinancing!
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This article is prepared based on general information. It does not take into account individual financial objectives or needs and is not financial product advice.