Using a Mortgage Broker

If you are buying your first home, the fastest way to get an understanding of how the lending market works, what is available and typically what suits your situation, is to talk a good mortgage broker. A mortgage broker usually deals exclusively with mortgages. By combining professional expertise with access to many different lenders and hundreds of home loan products, a broker provides you with an efficient and cost-effective method of reviewing, negotiating and organising your home loan options.
Why use a mortgage broker instead of going directly to a lender?
It's all about options. When you apply for a home loan with a mortgage broker you are effectively applying for a loan with all the lenders the mortgage broker works with. If you only applied to one lender, you may be lucky and get the same match, but you would certainly never have been able to consider the same range of options.

What is a mortgage broker's role?

Money is a commodity. The cheaper you "rent" it and the harder you make it work, the better off you will be. Whether you pay a high interest rate or a low interest rate, money still works in exactly the same way. A mortgage broker's job is to get you the cheapest possible deal, with the right features, which has the closest match to your personal finance situation from their panel of banks and major lenders. First to help you find the right deal, and then see it through to settlement with you - helping you with everything you need along the way.

How can Felix Solutions not charge for their service?

For residential home loans, it typically costs nothing for a mortgage broker's service. We will see you by appointment in our offices, your home or office. We work on a 'contingency basis' and are only paid by the lender when the home loan settles. The interest rate you pay on a loan is generally the same as if you had gone to that lender yourself. (It is in not affected by how much the lender pays the broker for your business.)

Can Felix Solutions help me negotiate with my own bank or lender?

Most definitely. Firstly, it is usually better to get someone to negotiate for you if you aren't comfortable negotiating yourself. Secondly, and most importantly, we are also armed with the knowledge of a fair swag of your lender's competitor offerings. That is an important advantage when the lender knows your broker's job is to work to get you the best rate and deal they can. It is entirely possible that we can help you get a better deal, even with your current lender.