Expert Mortgage Loan Advisor: Get the Best Financing Solutions

Empowering Dreams: Melbourne's Independent Mortgage Brokers

As mortgage loan advisors- our role involves assisting individuals (PAYG) or business owners in obtaining mortgage loans for either involving purchases or refinances of residential properties. The key reason as to why you would go directly to a broker as supposed to the banks is because as brokers, they have a statutory obligation to act in the best interests of customers (best interest duty), and to prioritize consumers’ interests when providing credit assistance.

This means that as mortgage loan advisors they have a duty to seek the best rates and fees for the customer given the broker is legally required to act in their best interests. If the customer goes directly to a bank, the bank is not legally required to act in the best interests of customers but for themselves only.

Unveiling the Mastery: Key Responsibilities of Mortgage Loan Advisors

Client Connection: The Initial Meeting

Meet with the customer to discuss their financial goals, assess their eligibility for a mortgage loan- which would often include a quick calculation on their ability to service a loan based on their existing income and then to understand their specific requirements and preferences. This would include ascertaining whether they want an interest-only period, the term of the loan and specific features that they want in the mortgage loan.

The broker needs to be updated with mortgage product knowledge which includes staying up to date with various mortgage loan products, interest rates and policies by various different lenders. Quite often, there are specific lending institutions whose policy would appeal to more the self-employed and business owners especially when their tax returns are not up to date or the accountant has yet to finalize or to lodge their latest tax returns.

Credentials Evaluated: Qualifications Assessment

Prior to the formal submission of the loan application to the lender, the broker would collate all their pay slips (PAYG) or financials (self-employed) and will complete a servicing exercise to ensure that the applicant is eligible for the loan. This would involve working out the debt-to-income ratio (DTI), and running a credit file on the customer to ensure that there are no outstanding defaults or late repayments with any of their existing financial commitments. The mortgage loan advisor will complete his assessment of the customer to determine which financiers are best suited to the customer’s circumstances.

Paperwork Perfected: Documentation & Compliance

Documentation and Compliance: The mortgage loan advisor will then guide the client through the documentation process, helping them to gather all the necessary financial statements, tax returns, employment verification and other relevant paperwork. Often this may involve the broker directly liaising with the customer’s accountant in obtaining all the financial information.

Financing Foresight: Loan Comparison & Analysis

The independent mortgage broker will then issue a product comparison worksheet which involves comparing and analyzing different loan offers from multiple lenders, which would spell out all the fees and charges, terms as well as interest rates. The broker will then present the findings to clients, explaining the pros and cons of each option and then suggest the best funder dependent on the customer’s circumstances.

Securing Your Success: Formal Mortgage Submission

Once the customer has accepted the findings, the mortgage loan adviser will then make a formal submission to the specific lender to either gain a pre-approval or formal approval for either the purchase or the refinance of a property.

Smooth Settlement: Executing Loan Approvals

Once the loan has been formally approved, the broker will then ensure that all the legal documents have been executed correctly and that settlement can be booked for the due date.

Guiding Beyond: Proactive Mortgage Support

The journey does not end here as a mortgage loan advisor could stay in regular contact with customers to advise of current market trends, industry development or funders who are offering attractive rates. Moreover, a good broker would ask for a rate review on behalf of a customer to ensure that their interest rates remain competitive.

Transparent Updates

Lastly having an open line of communication is the key throughout the loan process and providing regular updates to customers about the loan application process.

Policies Mastered: Efficient Loan Processing

A good independent mortgage broker would be familiar with all the policies of various different funders and lenders, does not procrastinate on processing loan applications, and ensure that most information has been requested upfront from the customer- avoiding going backwards and forwards in obtaining information.

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We’re committed to finding the perfect home loan for you. Let us help you achieve your homeownership dreams.

Borrowing money for ventures such as buying your first home, purchasing an investment property or building a new home can be more complex than many people imagine.

With a huge range of lenders and products on the market currently, it can be a daunting process knowing which loan is the right loan for you. Our job is simple! It’s to sit down with you, the customer, listen to what your financial plans are, and to offer solutions that best suit your needs now and into the future.