In this episode of the Australian Finance Podcast, Owen Rask discusses’ everything you need to know before working with a mortgage broker, you’ll discover:
- What mortgage brokers actually do
- How they get paid and what it means for you
- How they can help improve your borrowing power
- The must-ask questions before getting a loan
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Topics Covered
- What does a mortgage broker do?
- Why would you use one over going directly to a bank?
- How mortgage brokers get paid
- How much deposit do you really need?
- What is LMI (Lenders Mortgage Insurance)?
- Are there government schemes or grants you qualify for?
- How to increase your borrowing power
- Should you pay down HECS and buy-now-pay-later debts first?
- What’s the process of getting a loan approved?
- Will your mortgage broker support you after settlement?
- Should you borrow through a trust, company, or as an individual?
- Fixed vs variable rates, offset accounts, redraw facilities
- Do they compare every bank?
- Key risks to watch out for when choosing a broker
