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Understanding the Role of Your Mortgage Broker
If you’re looking for a better interest rate, or are unsure about your current rate, it’s crucial to have a knowledgeable and experienced professional by your side to ensure you secure the best possible deal. While big banks offer a range of products and services, your mortgage broker can provide a wider selection of options and compare numerous loan products.
When working directly with your bank, it’s important to remember that the bank can only present you with their own loan products. Both options have their advantages, and the decision you make should align with what you believe is best for your circumstances.
Rather than prioritising quantity over quality, we dedicate additional time to thoroughly assess your current and future financial needs; ensuring that we structure the most suitable loan to benefit you now and into the future. All services provided by FPW Group are completely free for you, and we receive payment from the lenders for handling the groundwork, preparing and submitting the loan application, as well as investing time to understand your credit needs.
When Should I Speak To a Broker?
If you're considering speaking to a broker, then it's a good time to reach out. Making a time to chat with a mortgage broker might seem scary. You could be worried you're not ready to purchase a property, or you'll waste their time, or you'll get knocked back. You should speak to a broker as soon as you set a goal to purchase a property, as they can help you set your finances up for success, and give you all the tools and knowledge you need to make an informed decision about purchasing a property.
There’s lots of factors other than the interest rate that are important to consider when getting a loan. Whilst being on a low interest rate is always favourable, not taking into account your goals and future plans can cost you more in the long run.
We will perform regular 'health checks' once your loan has settled, to make sure you’re still getting the best available deal.
Getting a New Home Loan
Everyone's home loan needs are different - you may be considering buying your first home, your next home, or purchasing an investment property. It's important to choose a loan that works for you, and our experienced team of brokers are here to help through every step of the process to help you make the right decision.
There are two repayment options for your home loan. These include:
Principal and Interest (also known as P&I)
This is where you pay off your loan balance, as well as the interest. Your loan repayments will be lower for the entire period of your loan as each time you're making a payment, you're paying part of the loan amount as well as the interest.
Interest Only (IO)
This is where you pay just the interest on your loan, for a specified time period. The interest rate on an interest only loan is typically higher than a principal and interest loan. When the interest only period ends, your repayments will increase. This loan type is designed for short-term needs.
