Last Updated: 31st May, 2021

Do I really need a mortgage broker in Adelaide?

Adelaide is the fifth-biggest city in Australia and holds people from all over the world. It is widely known as one of the most liveable cities. On top of that, the properties in Adelaide are much cheaper compared to Sydney and Melbourne. And many people realise their dream of owning a home in Australia by buying a property here.

The properties here are as diverse as the needs of the people in them, ranging from simple worker’s cottages to fancy penthouse apartments. And every single person’s needs are different when it comes to buying a property.

The home-buying process can be overwhelming, especially if you’re a first-home buyer in Adelaide.

A good mortgage broker understands this and will help you navigate each step of the process so you don’t have to miss out on your dream house just because you weren’t prepared for it.

An alternative to getting a mortgage broker is applying directly with your bank. However, it’ll be incredibly challenging for you to assess whether this is the right lender for you without understanding the mortgage market.

A mortgage broker, by law, is required to act in your best interests while providing you credit assistance, while banks don’t need to adhere to any such law. A bank can act in their own interest and offer you their products regardless of whether they would be suitable for you.

In theory, you may not need a mortgage broker in Adelaide, but a good mortgage broker would help you in these ways which a bank will not do:

  • They can compare a range of lenders and products so that you’ll have a better chance of getting the best deal for you.
  • If you’re a first home buyer, they can help you apply for a First Home Owners Grant in South Australia, which is $15,000 as of 2021.
  • They can speed up the application process because of their strong relationships with lenders. You’ll be relieved of the stress because they’ll do most of the work. They’ll help you calculate your stamp duty, follow up on your application with the bank, as well as liaise with your conveyancer and real estate agent, saving you time and effort.
  • They’ll stay with you beyond settlement, trying to get you a better refinance deal.
  • They’ll suggest ways to mitigate potential credit issues to strengthen your application so that the chances of qualifying for a home loan are increased.

And the most beneficial part of working with a mortgage broker in Adelaide is that most of the services they provide are free!

How do I find a good mortgage broker?

Finding a mortgage broker in Adelaide is easy. To separate a good mortgage broker from the mediocre and bad ones, you can ask them the following questions:

How long have they been working as a mortgage broker?

Experience is key when trying to understand the different needs of a customer trying to get a home loan.

You’re likely in good hands if they have more than five years of experience in mortgage broking in Adelaide. Ensure that they have been working with a credit licence of their own during those years.

How well do you know the property market in Adelaide?

A good mortgage broker will be updated on all the property market trends in Adelaide.

The median house prices in Adelaide have historically been lower than other mainland cities, and the rental yield has been consistent over the years. A good mortgage broker can help you get property and suburb reports so you can make an informed decision on your purchase.

If you are new to Adelaide, you may not be aware of the areas in Adelaide that are prone to bushfire and floods. The mortgage broker should be well-versed about these areas and the potential impact such factors can have on how much you can borrow or the additional costs that might incur when building or buying a property in these areas.

What are the lender options for me?

All mortgage brokers have a panel of lenders they use when providing you with options for your home loan.

This means that the more lenders they have on their panel, the more options you will get to choose from.

You can consider the mortgage brokers good if they have accreditation with more than 10 lenders and work with at least eight a year.

How much do they settle each year?

Settlement volume is one of the key indicators of a mortgage broker’s quality.

If they settle more than $50 million a year, it means they come through for many customers like you.

Ensure that the broker’s settlement volume has been steady or growing for the past couple of years so that you know they are consistent.

Do they charge for their services?

A good mortgage broker will not charge you for most of their services. They get paid in commissions directly from lenders.

However, they shouldn’t be owned by a bank. If a bank owns them, then more likely than not, your loan option will be highly limited to the bank’s loan products.

If you work with a mortgage broker owned by a bank, you may end up paying more in interest because you can’t compare with other lenders. There is also a chance that you may be declined because your situation is unacceptable to this bank.

Are they a well-known name in the industry?

A good broker will have excellent customer reviews, whether it is on social media platforms or in person.

Having won industry awards and recognition is a big plus. It shows that not only are they getting good reviews from the customers, but industry peers are also recognising them for their excellence.

How big is their team?

There are many steps to go through in a home buying process. Your situation will be unique and cannot be handled by all mortgage brokers, even if they’re good. A broker who is excellent at guarantor home loans may not be well-versed with bad credit home loans.

You’ll have a better chance of finding a broker who suits you in a team with several brokers who specialise in a variety of niches.

Additionally, your average broker will work with you until your home loan settles. On the other hand, a good broker will be with you years later as well, providing you with options for refinancing so that you get a better deal down the line.

Without a big team, this isn’t possible. Please enquire if the mortgage broker has a post-settlement team. Ask for testimonials from clients who have been with them for several years to judge the effectiveness of the post-settlement team.

So, is Home Loan Experts a good mortgage broker?

Yes, we are.

We are a team of leading specialist mortgage brokers in Australia that has been in operation for the last 15 years.

Over the years, our lender panel has grown to 50+ lenders. With our strong knowledge of all these lenders, we can provide the best loan options available to your situation.

We act under the Best-Interests Duty (BID) and provide logical reasons for choosing those mortgage options for you.

With more than 300 devoted employees, we provide excellent service throughout your home buying journey and beyond. We have two entire teams dedicated to post-settlement services. They will work with you years after your home loan has settled to find you better interest rates.

We have been recognised for industry awards as well, and the recent ones were Major Mortgage Brokerage of The Year 2020 and Best Independent Office 2020.

With our excellent digital process, we can help you qualify for a loan to buy a property in Australia no matter where you are.

If you’re looking for a good mortgage broker in Adelaide, then contact us today!

A Free Assessment

Call us at 1300 889 743 or fill in our free online assessment form, and we will assign a specialist mortgage broker according to your situation. They will then answer all your questions in the process of identifying the best options available for you.