What to expect when you meet with a broker
Will usually take around an hour, and in that time, a qualified broker will:
- Ask what you are looking for in a home loan and understand the particulars of your situation
- Calculate how much you can borrow and what your repayments will be so you’ll know what sort of range you can buy in.
- Help you choose the loan and associated features that meet your needs from a panel of lenders.
- Explain the application fees and other charges associated with a loan.
- Explain the home buying process end-to-end including making an offer, getting legal advice, exchanging contracts and settlement.
The broker can also take you through some helpful information like:
- What is Lender’s Mortgage Insurance and will you have to pay for it?
- If you qualify for the First Home Owners Grant, how can you access it?
- How you could save by consolidating your debts?
The broker will walk you through the application for the loan of your choice—if and when you are ready. Most loan applications can be lodged online, but you’ll need to have some documentation and information handy for the broker to see.
The documents you’ll need will depend on the type of borrower you are, and the type of loan you’re after. Your broker will tell you what you need to submit to the lender you’ve chosen.
You should feel informed and confident in the next steps in the process when you leave your first appointment. And the good news is, the broker will be with you every step of the way so you never have to worry.
Have a look at these steps to purchasing your next home as laid out by the experts
