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The Advantages of Using a Mortgage Broker

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If you have not used a mortgage broker before, chances are you will have a few questions. We’ve put together a few of the main questions to help you understand the process.

What does a mortgage broker do?

In a nutshell, a mortgage broker acts as the middleman between you and potential lenders. It’s their job to compare mortgage lenders, find interest rates that fit your situation and needs and negotiate terms. They are essentially your loan guide and liaison.

A mortgage broker helps you apply for the loan and do most of the heavy lifting throughout the whole process, whether it be for a home purchase loan or a mortgage refinance.

They compile all the necessary paperwork, including bank statements, credit reports and even your employment history. More importantly, they can determine issues that may create difficulties with one lender versus another.

Essentially a good mortgage broker works with you to:

  • Understand your goals and needs
  • Work out the amount you can afford to borrow
  • Find the best options to suit your financial circumstances
  • Explain how each loan works (e.g. features, interest rates and fees)
  • Apply for the loan and manage the process all the way to settlement

Is it good to go through a mortgage broker?

Buying a home or refinancing is often a challenging and arduous task, given the financial requirements needed to get the job done efficiently. Fortunately, you can enlist the help of a licensed mortgage broker and enjoy the following advantages:

• Expertise in the market

Working with a mortgage broker means working with an expert in the home buying and refinancing process. Mortgage brokers have a working knowledge of the current housing and lending markets and ample industry experience to lean on. The expertise is incredibly beneficial in obtaining the best loan for your unique circumstances.

• Access to lower rates

Mortgage brokers have access to home loans with wholesale rates, helping you save money over the life of a home loan. For borrowers who have minimal financial means or are challenging credit issues, having access to lower rates lets you get a mortgage that is affordable and suitable for your unique circumstances.

• A single application

Homebuyers who work with a mortgage broker only have to submit one application for a new loan. This eliminates the need to provide multiple copies of financial documents and complete various applications. Your mortgage broker will do the majority of the legwork to help you get the best possible loan options.

Does it cost to use a mortgage broker?

Enlisting the services of a mortgage broker is free. You don’t pay them anything because they are typically paid via a commission from mortgage providers. 

But they also don’t work for banks, they operate independently and must be licensed. The commissions vary between individual brokers and banks. 

A typical range might be 0.5% to 1.2% of the full mortgage amount. The exact percentage depends on the mortgage type and its corresponding term.

When should you see a mortgage broker?

Whether you’re a first home buyer who is just starting out or a seasoned property investor who wants to save time and legwork, you can tap into the expertise of a mortgage broker.

 If you’re a first home buyer, your brokers will do all the paperwork and will even help you apply for government incentives such as the First Home Owner Grant. 

If you plan on refinancing, a mortgage broker can advise you on switching and make the process as easy as possible. If you’re a property investor, a mortgage broker will help you maximise returns with the right loan.

Mortgage brokers can help you with all these and more. Any time is a good time to take advantage of a mortgage broker’s experience.

What are the advantages of using a What If We Finance Mortgage Broker instead of going to a bank or other lender?

The most obvious advantage is that a What If We Finance broker can give you access to a large range of lenders and their products. This means you are far more likely to get the home loan that’s best for your needs.

Convenience is another important benefit. Your What If We Finance broker can come to see you at your home or office and will fill in most of the paperwork – a big saving in time and hassle.

Managing your home loan application is another big advantage. Your What If We Finance broker will follow up with lenders and settlement agents to make sure that financing occurs at the right time.

Your What If We Finance broker can also advise you how to get any stamp duty relief or first home buyer grants for which you may be eligible.

What type of home loans are available from What If We Finance brokers?

You’re What If Finance Brokers provides access to home loans from all the main banks, building societies and other lenders. In total, they can offer a range of over 1000 products from more than 30 lenders.

Do home loans cost more if you get them from a What If We Finance broker instead of direct from a bank?

No. The costs are the same. From the bank’s perspective, whether it pays a What If We Finance broker or an employee, either way, there is a cost associated with selling a home loan.

Do I have to pay a What If We Finance broker to set up my home loan?

No. What If We Finance brokers are paid a commission by the lender that provides you with a home loan.

If I buy a home loan from a What If We Finance broker, do I still need to go to see the bank or other lender who provides the home loan?

No. This is all handled for you by the What If We Finance mortgage broker.

What documents do I need to take out a home loan?

  • Proof of income, in the form of the past 2 or 3 payslips – if self-employed, you will need financials going back 2 or 3 years;
  • Group Certificate or Tax Returns
  • Evidence you have the required deposit, usually, a bank statement showing the funds will be sufficient;
  • An accepted offer of acceptance (i.e. signed by the vendor);
  • If you have a credit card, a statement showing your credit limit;
  • 100 points of ID – a passport or birth certificate and driver’s license are sufficient.
  • Different lenders have different rules, your What If We Finance Mortgage Broker will advise on what you require based on the lender that is best suited to your needs.

Contact your mortgage broker today to find out more.

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176 reviews on
Matthew B
Matthew B
2022-06-05
Looking at the reviews for What If We Finance, it comes at no surprise to see so many 5-stars. Spiro handled the mortgage part of my girlfriend and I purchasing our first home. He made himself available to us around the clock and ensured that we were across the entire process and felt as comfortable as possible. We're very fortunate to have gone about buying our first home with Sprio and we'd be more than happy to use him for future purchases and to refer on to family and friends. A big shout out to Agnes also who busily works away in the background and also does an incredible job. You guys are the best!
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hari gowtham
hari gowtham
2022-06-03
Very happy with the results from Spiro from start to finish. Spiro and his team are very knowledgeable and have a very quick turnaround time. Couldn't be more happier with the service. Definitely my go-to person for upcoming purchase.
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Gary Shekhter
Gary Shekhter
2022-06-02
Great broker and trustworthy. Honestly had seen 5 brokers and fund this wonderful guy. Who helped from start to finish fast and had our loan in no time at all. Thank you again champ you did an amazing job
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Leonie Kemp
Leonie Kemp
2022-05-29
Thank you Spiro and Agnes for helping with the purchase of my first home. I needed to arrange finance quickly and Spiro did a fantastic job letting me know the best options for me and pushing to get the pre-approval so I didn't miss out on purchasing my home. Everything went very smoothly, thanks for helping make my first property purchase straightforward.
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S S
S S
2022-05-28
Thank you Spiro and team for your help in financing the mortgage for the recent property purchase. Spiro provided timely advise, guided me on the process and was swift in processing the documents. His friendly attitude makes the process even better. Thank you once again.
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Anita Naughton
Anita Naughton
2022-05-27
As a first home buyer I had very limited knowledge on what I needed to do. I searched for a broker and What if we finance stood out due to reviews. I had my first session with Spiro and never looked back! The whole process was seamless, I felt supported and could always connect with Spiro when needed. Spiro and Agnes are experts in what they do and I would highly recommended anyone looking for finance to choose What if we finance. I will be a lifelong customer and look forward to buying our next house with their support.
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Mahmoud Al Kilzi
Mahmoud Al Kilzi
2022-05-25
Spiro & his team did a great job by getting my loan sorted in time. I would recommend them to family & friend. Great work guys much appreciated.
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Rebecca Zeeman
Rebecca Zeeman
2022-05-20
Spiro and Agnes provided great help and advocacy in getting us our home loan. We felt they were always available and were super efficient in getting it all done on time! The process was so simple and without stress thanks them both.
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Irish Azcuna
Irish Azcuna
2022-05-09
I can’t thank Spiro and Agnes enough for making my first home purchase so efficient, stress-free and seamless! If I could give more than 5 stars I would. As a first home buyer applying for one or the government’s schemes, my situation would have been so complicated that I never imagined being able to complete the process in such a short time. Spiro’s in-depth knowledge, invaluable and always-available support, and genuine willingness to help get me the right mortgage for my situation, made everything possible. His pragmatic advice even helped me decide on the right property for us, which would help us achieve our long-term goals. I highly recommend Spiro and his team. We will definitely engage their service again for our next property. They are the best!
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Renee Briggs
Renee Briggs
2022-05-02
Spiro is reliable, has your best interest as his top priority and is fast to get great results. We wouldn't ask anyone else for their professional opinion- Spiro is the best in the business.
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