With such negativity in the market and the Royal Commission (RC) scrutinising every aspect of lending, never before have mortgage brokers been in such a prime position to provide valued assistance to customers.
Customers can obtain the best outcome when they have access to multiple lenders and options to negotiate the current market and without the expertise and experience of a mortgage broker customers may not be able to fulfil their dream of buying their first home, renovating their existing house or refinancing their existing debts to improve their financial situation. Whatever your goal is you need to have someone on your side who can talk you through the process and explain the hurdles that you may come across when borrowing money.
As well as the RC you also have Comprehensive Credit Reporting (CCR) entering the market and this is already having an impact on lending. Lenders now have the ability to see your repayment history and credit limits on your personal debts. A missed or late payment will have a negative impact on your credit score which will not put you in a favourable position with most lenders.
The industry has started to see the big banks reduce their lending appetite and tighten up their criteria and lending policies. A lot more decisions will be based on credit score and this will reduce lending across some of the banks.
The good news, however, is that there are multiple solutions and alternative lenders to consider who may be able to assist. Some lenders do not credit score, they manually assess deals and the introduction of the CCR will have a minimal impact on their lending policy. These different lenders and multiple options can only be accessed through a mortgage broker.
When you are making the most important financial decision of your life you need an expert to help. You need a mortgage broker who offers you choice, flexibility and who can you talk you through all the available options.
You can download our alternative lending guide or if you would like to discuss your home loan please get in contact with Improve Finance on 0423 931 822. We work with many different lenders and have multiple products and solutions available.
If you need a hero, speak to a mortgage broker today.
0423 931 822