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. Here’s how we can 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, Soho property browsing … phones are pretty damn nifty.
Home loans? Admittedly, not so much.
But that doesn’t mean you should spend less time on what could be the biggest financial decision of your life.
By allowing yourself to get so overwhelmed that you just go with the bank you’ve had a savings account with for years, you could potentially lock yourself into an unsuitable loan… for decades.
So today we’ll explore why 7-in-10 Australians now use a broker to help them choose the right home loan for them – and why 86% say they’d use a broker again.
1. Save time and money
Applying for a home loan can be a full-time job in itself. The research, piles of paperwork, back-and-forth queries and requests …
With busy modern lives, finding the time can be tough.
A broker can save you time by doing the legwork and home loan comparisons for you. We use our industry knowledge and connections to find suitable home loans with competitive rates.
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 lenders
A broker can assess your situation and point you in the direction of lenders who may be more likely to say yes.
For example, say you’re working as a casual or are self-employed. There are some banks out there who don’t really favour these kinds of employment arrangements.
However, mortgage brokers have access to a wider range of options and can put forward several potential lenders who are more likely to consider your application.
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. A broker will take this into account.
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.
But a broker can provide you with expert guidance.
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 have to supply that documentation once, rather than over and over again with different lenders.
Contact Soho Home Loans
So if you’re ready to find a mortgage and streamline the process, it’s time to put that all-important phone to use and get in touch with Soho Home Loans.
We can help you get your ducks in a row and use our expert knowledge and experience to line up with the right kind of loan for you.
Need more financial advice?
Browse our finance category. It’s chock full of hacks and advice from industry professionals. And remember to download the Soho app for quicker browsing and property matching. It’s getting you into your dream home faster!
