Tips, tricks and advice from our mortgage brokers.
At Joust, we get the best mortgage brokers and lenders to compete for your home loan online. So we handpicked some of our favourite mortgage brokers who use our service to share an insider view of what’s going on in the Australian property market.
Tip #1: There are more options than just banks
Gabriel Mikha is a leading broker with over 15 years’ experience in the financial industry including 5 years within the major banks.
"People are fixed on dealing with the banks, however going through a seasoned mortgage broker with banking experience, allows you to understand your true value on the market. In terms of value, I mean seeing who really wants your business, and I strongly believe a mortgage broker can add value."
Tip #2: It’s worth looking outside the Big Four
Vaughan Clark is an experienced broker and member of Mortgage and Finance Association of Australia (MFAA).
"I’m seeing more clients looking to refinance with lenders that suit their personal financial objectives. They understand that borrowing money is no longer restricted to the Big Four banks and there are now other options. The second-tier lenders have a lot to offer and often have better rates, with mortgage loan features that clients are looking for."
Tip #3: Second-tier lenders offer sharp rates
Michael Ching is an Accredited Finance Broker with the Finance Brokers Association of Australia (FBAA) and a member of the Credit Ombudsman service (CIO).
“The home loan market is ever-changing; yesterday’s news is old news. With the increase in funding costs, most banks are under pressure to review their current offerings. Most have also been reviewing lending policy and adopting stricter guidelines in assessing applications. We have seen this has opened up quite an aggressive push for market share by more flexible, second-tier lenders. They have come out recently with some pretty sharp rates and speaking to them, they expect an even more aggressive push in the coming months. That’s why it is even more important in the current market to expand your search horizon — you might miss out otherwise.”
Tip #4: It’s a good time to find a competitive loan
Craig Saalmann is a senior broker with more than 20 years’ experience working in investment banking and financial markets for some of the globe's largest financial institutions.
“With interest rates lowering over the past few years, there’s been a renewed interest in borrowers seeking our more competitive loan solutions. Clients are looking to take advantage of special advertised discount rates. There’s capacity for borrowers to understand their loan options and what they can potentially borrow to upgrade or afford with property prices rising over the last few years.”
Ready to find the best home loan rate for your first home? See how Joust can help here.