Last Updated: 3rd August, 2017

Why New Migrants Need A Mortgage Broker

Published by Otto Dargan on June 26, 2014

Buying a home or investment property in a new country can be difficult without the right advice.

The increase in new migrants to Australia has seen several mortgage brokers, including Home Loan Experts, move to specialise in lending to people without Australian citizenship.

Why use a mortgage broker?

In Australia, mortgage brokers do not normally charge a fee for their services unless you repay the loan within the first two years. They have access to a panel of up to 40 lenders and can match you to a lender that can approve your loan.

The interest rates and fees are the same from a mortgage broker as they are from a bank directly. Effectively, you get more choice as well as the expertise of a specialist for free! Mortgage brokers are paid by lenders for doing the work that would otherwise be completed by the bank.

For these reasons, more than half of Australians now use a mortgage broker instead of going directly to a bank.

Which bank is right for you?

There’s no one bank that suits every new migrant. Many banks require migrants to have large deposits usually over 20% of the property value, do not give discounts to migrants and won’t even accept particular visa holders.

We will identify your needs and then select two or three lenders for you to choose from so you can focus on finding the right home to buy.

What options are available?

Mortgages in Australia work quite differently to mortgages overseas. In fact you’ll find that they have more features than those found overseas:

  • Variable or fixed interest rates.
  • Basic, line of credit or offset loans.
  • Professional packages with larger discounts for skilled workers.
  • Interest only repayments for investors.
  • The ability to make extra repayments.

To find out what home loan option is best for your situation, call us on 1300 889 743 or fill in our free assessment form and one of our expert brokers can assess your needs in full.

How can I get the best interest rate?

You’ll find that the best discounts aren’t advertised, they’re all by negotiation. The banks with the best discounts change on a weekly basis due to new offers and changes in funding costs.

Check our interest rates page to compare the best mortgage interest rates from our panel of over 30 lenders.

Who gets the best discounts?

  • If your loan is over $500,000 you may be able to negotiate a lower rate.
  • If you have a deposit over 20% of the property value then more lenders will compete for your loan.
  • Apply with a bank that is aggressively trying to grow their market share.

Our mortgage brokers can put in a pricing request with several leading banks to help you to get the best possible discount from our panel.

What is a pre-approval?

You can get your mortgage pre-approved by contacting us before you begin looking for a property. Good houses don’t stay on the market for long!

Call us on 1300 889 743 or fill in our free assessment form to secure your pre-approval today! Our mortgage brokers can make the whole process easy.