A Mortgage Broker acts with you to obtain a loan suitable to your needs and with the required features you would like. Your broker will have an initial meeting with you to go over your situation and understand your financial position, at the same time passing on their knowledge and expertise. They prepare your home loan application, liaise with a number of lenders and then provide you with a number of suitable loan choices. The application is then submitted and the broker then works with conveyancers and other 3rd parties to enable a smooth settlement process.

Our job doesn’t stop there! At regular intervals you broker will review your loan and be in contact to ensure you loan is still the best available and meeting your needs as time goes on.

Going to a bank is fine, however you are then only exposed to the product that the bank offers. Not taking your deal to the ‘market’ with a broker limits your options. There are so many differing products and options a Broker has access to with multiple lenders/ banks at their disposal, each with unique policy and lending options.

Brokers make an income through the commission they get paid when a loan settles.

The service provided by Myers Finance Group is free to all clients regardless of the loan value or complexity.

While refinancing to get a lower interest rate is why a lot of people choose to do this, other factors should also be considered including fees for the new loan and exiting the one you are currently in.

There is a calculator we can use to assess the above and the difference it will save you annually.

The loan features should also be considered such as if you want a fixed/ variable rate, offset account, redraw facility.

We have access to a wide panel of lenders including the Big banks, mutual banks, private lending banks. This provides a wide choice for our customers.

Lenders mortgage insurance is a one-off insurance premium that can enable you to purchase a home with a smaller deposit. The premium amount is calculated based on the amount you are contributing as a deposit.

A common confusion is that it covers the borrower, this is not the case. It protects the bank against any loss if you were unable to repay the loan.

Paying it can enable some borrowers to get into a home sooner.

A subject to finance clause is often included in a home contract of sale. This gives the buyer an option to withdraw from the contract if finance isn’t able to be obtained.

Speak to your conveyancer/ solicitor regarding this before you sign.

A fixed loan is one where your interest rate is fixed for a certain period of time.

During this time repayments won’t change, enabling certainly and ability to budget.

Variable home loan, can change at any time and is subject to the Reserve Bank Of Australia decisions as well as the lenders decisions.

If rates go up, payments will increase and likewise if they go down, they will decrease.

What is best for you will depend on individual circumstances and is what we will work through with you as part of the lending process.

Can’t decide on fixed vs variable, then you could consider splitting the loan up with the two options.

Ie. You could have a $400,000 loan

$200,000 variable and $200,000 fixed.

Lots of different options are available.