Author: NWF Capital

Are you planning on buying a new home? Have you ever wondered about the different types of property-backed loans and home loans in Australia? Are you confused about which one would be best for you? Understanding your options, including the benefits, drawbacks, and risks, will help you make an informed decision.

There are three major mortgage types in Australia:

• Fixed-Rate Mortgages (FRM)
• Variable-Rate Mortgages (VRM)
• Interest-Only Home Loans (IO)

Each one of these three mortgages has its pros and cons, so it’s essential to understand what each entails before making a decision when it comes to buying a house.

Fixed-Rate Mortgages (FRM)

Considered the “safest” type of home loan in Australia due to their low-interest rates, fixed-rate mortgages are also one of the most restrictive types. When you take out an FRM, you have to remain in the same home for a set period of time. Some loans even include a clause restricting you from switching lenders if rates go down.

The interest rates on FRMs are usually higher than those of VRMs and IO loans, but they offer stability and predictability. If you’re someone who likes to know exactly what your payments will be each month, or if you’re worried about rising interest rates, then an FRM may be the right choice for you.

Fixed-rate mortgages are ideal for people who do not want any unexpected surprises and can afford to fix their payments at one low rate over an extended-term (usually 15-30 years).

Additionally, as the interest rates on FRMs are higher than those of VRM and IO loans, they’re excellent choices for buyers who can afford a larger down payment.

Variable-Rate Mortgages (VRM)

On the other hand, variable-rate mortgages come with a higher risk but also offer the potential for greater returns. Because interest rates can change on a monthly or even daily basis, your payments will vary accordingly. If you’re comfortable with this level of uncertainty and are able to plan for it, then a VRM may be the right one for you.

Variable-rate mortgages are ideal if you’re interested in taking advantage of lower rates when they arise and can handle having to pay more each month as interest rates rise (up to a certain point). The process of refinancing is much easier with VRMs, and they’re an excellent choice for people who like to have some flexibility in their payments.

Interest-Only Home Loans (IO)

Interest-only home loans are much more flexible compared to the first two home loan types. This type of loan allows you to pay only the interest on your mortgage for a set period of time, usually five or seven years. However, at the end of this “interest-only” period, the principal (the actual amount you borrowed) must be repaid in full.

This type of loan is ideal for people who want to reduce their monthly payments but don’t have the extra cash flow necessary to pay back a significant amount of principal each month. They’re also great if you need time to build up an emergency fund or simply aren’t ready to commit all your money toward paying off your mortgage in full.

The downside of interest-only mortgages is that you will have to make a lump sum payment at the end of your “interest-only” period. This can be difficult if you’re not financially prepared, and it’s important to keep in mind that there are no extensions with this type of loan.

Summary

Whichever mortgage type you choose, it’s important to remember that there are risks associated with all of them. Carefully assess each type of mortgage and ask yourself which one best suits your needs. It’s always a good idea to consult with a financial advisor or broker before making any decisions to get their professional opinion on what would be the best fit for your unique situation.

At NWF Capital, we understand that banks aren’t always the best places to turn for home loans and property-backed finance. That is why you can turn to us. We’ll collaborate with you to ensure our loans are tailored to suit your specific needs. We are committed to providing a unique experience for each and every client.

Please call us today on 1300 974 985 or leave us a message and we will get back to you within 24 hours.

Have you suddenly realised that your home needs a little bit of TLC and you don’t have the funds to do it yourself? Are you considering applying for a renovation grant or even a property-backed loan in Australia? Home renovation grant programs can be a great way to get the funds you need to make your home look and feel like new again. However, there are some things you should know before applying for a renovation grant in Australia. These are:

• Eligibility Requirements
• Application Process
• Application Review
• Contractor Requirements
• Signing and Completion

1) Eligibility Requirements

The eligibility requirements for renovation grants in Australia are the same as those of any other grant program. You must be a legal Australian resident and own your home, or have permission from your landlord to apply for the grant program. To qualify, you also need to meet the income requirement and residency status requirements, which vary depending on different applicants’ circumstances.

Applicants for renovation grants in Australia are also required to have a valid Australian driver’s license or be able to provide proof of an insurance policy. Residents who hold an overseas-issued license may need to obtain one from the state government before applying for a grant program.

Many applicants will also be given additional eligibility requirements based on the property value and the expected renovation cost. For example, applicants for a government-funded home improvement grant may be required to have their property valued before applying for a grant program.

2) Application Process

The application process for a renovation grant will vary depending on the program you choose. However, most applications will require you to provide information about your project, such as the estimated cost and what the funds will be used for. You may also need to provide proof of residency and ownership of the home.

Applications can usually be found online through the funding agency’s website. You may also need to submit supporting documentation such as receipts, a contract from a licensed contractor, or other financial paperwork.

It is important that you read each application carefully and follow all of the instructions for submission to avoid disqualification later on.

3) Application Review

After you have submitted your application, it will be reviewed by a panel at the funding agency. This panel will decide whether or not you are eligible for the grant and how much money, if any, you will be awarded. They may also look at your credit score.

The review process can take some time, so make sure to factor that into your planning timeline. You may also need to submit more information or documents to support your application.

Once you have been awarded a grant, the funding agency will contact you and let you know how much money has been approved for your project. The funds will then be transferred directly into an escrow account with instructions on what types of materials can be purchased using those funds.

In some cases, the funds will be dispersed in two or three payments over the course of your project. In other cases, you can have all of your funding released at once and pay as you go.

4) Contractor Requirements

A renovation grant will often require that you use a licensed contractor to do the work. In most cases, this means selecting from a network of contractors who the funding agency already approves to receive the funds.

Once you have chosen your preferred contractor, they will submit an estimate based on their own bid and provide proof that they hold liability insurance and are registered with the appropriate trade body.

The contractor will also need to agree to certain terms and conditions set out by the funding agency, such as a completion date or budget limit. If they do not meet these requirements, they may be ineligible for payment from the grant program.

5) Signing and Completion

The final step in the application process is to sign a contract with your contractor for the completion of your project. This may be included as an addendum or attachment to your original grant application. It will generally include basic details like the name, address, and contact information for both you and your contractor, along with specifics on what work will be done and when it is expected to be completed.

Be sure to read the contract carefully and ask your contractor any questions you may have before signing. Once everything is in order, you can begin your renovation project knowing that you have the financial support of the grant program.

Conclusion

Renovation grants are available in most areas of Australia to help with the cost of home improvement projects. Understanding the application process and what is required of you and your contractor will help ensure a smooth experience from start to finish.

If you have any questions, be sure to reach out to the funding agency or your contractor for more information. Good luck with your renovation project!

At NWF Capital, we understand that banks aren’t always the best places to turn for refinancing your home or applying for the renovation grant. That is why you can turn to us. We’ll collaborate with you to ensure our loans are tailored to suit your specific needs. We are committed to providing a unique experience for each and every client.

Please call us today on 1300 974 985 or leave us a message and we will get back to you within 24 hours.

Have you built up significant equity in your home over the last few years due to the property boom? Has a business opportunity come your way and you’re looking for a property-backed loan or some refinancing options? Or maybe you simply want a lower interest rate on your mortgage repayments and want to explore refinancing options?

Refinancing your home loan can be a great way to get access to some capital when you really need it. It can also be a wise financial decision if done correctly. While refinancing your home loan can be a great way to get some funds at a low-interest rate, it is essential to do your research first. You need to consider many things before refinancing, such as the current market conditions, your credit score and history, and even how long you plan on staying in your home if you plan on borrowing against it.

Here are three tips to help you refinance your home loan:

1) Eligibility Requirements

Before you apply for a new home loan, make sure that your current lender will allow you to refinance and if they have any special stipulations attached to it. While some lenders may require specific types of loans or down payment amounts to be eligible, others may simply ask you what type of refinance option is best suited for your needs.

If you are not sure about the requirements or want to explore your options, take a look at some of the local lenders in your area and what they have to offer. Make sure that you get pre-approved for a new loan before taking any action, as this will save time and money in the long run by ensuring that you are eligible for the loan amount you desire.

2) The Current Market Conditions

It is important to consider the current market conditions when refinancing your home loan. It’s important to choose a refinance option that allows you to have a lower interest rate but does not require any additional fees or closing costs.

If the market is doing well and you have some time to spare, then you may want to consider a refinance option that allows for a cash-out. This would give you the opportunity to get a new loan for more than what your home is currently worth and use the extra money for other purposes, such as home renovations or a new business venture.

3) Your Credit History

Your credit history plays a major role in how much money you will be able to borrow for your refinance loan. When looking at different options, make sure that any new loan does not add debt or increase the total amount of monthly payments by more than about seven per cent. If it does, then consider another option where interest rates are lower.

You should also consider how long you can afford to be paying off the new loan, as well as what your credit score is at this time. If it has been a while since you have checked or if there are some issues on your credit report that need correcting, then make sure that these items are taken care of before applying for any type of loan.

If you are unsure of your credit score, there are many websites that offer a free credit report once a year. Check it out to see where you stand and what you can do to improve your score before refinancing.

Tips To Improve Your Credit Score

Your credit score is important when refinancing your home loan. Here are three helpful tips to help you improve your credit score:

1. Pay all of your bills on time, every time. This will show lenders that you are responsible with money and can be counted on to make payments on time.
2. Keep your credit utilisation low. This means that you should not be using more than 30% of your available credit at any time.
3. Have a mix of different types of credit. This shows lenders that you can handle different types of debt and are not reliant on just one type. For example, having a credit card for emergencies and another type of loan or line of credit that you use only when needed.

Summary 

Refinancing your home loan can be a smart way to save money and consolidate debt. Be sure to take the steps needed to get pre-approved for your new loan, as well as understand what type of refinance option is best suited for you before applying with lenders.

You should also consider how long you plan to stay in your home and your credit score at this time. Working on improving your credit score before refinancing can save you money in the long run. Use the tips above to help get started on the process of refinancing your home loan today!

At NWF Capital, we understand that banks aren’t always the best places to turn for refinancing your home. That is why you can turn to us. We’ll collaborate with you to ensure our loans are tailored to suit your specific needs. We are committed to providing a unique experience for each and every client.

Please call us today on 1300 974 985 or leave us a message and we will get back to you within 24 hours.

Are you currently burdened with a significant amount of high-interest debt? Do you make consistent payments towards your debt? Are you worried that repaying your debt – at your current rate – may take many months or years? If you have answered yes to any of these questions, debt consolidation might be exactly what you need. 

In this article you will be able to learn more about:

• What is Debt Consolidation? 
• The Benefits of Debt Consolidation 
• Tips on How to Consolidate Your Debt 

What Is Debt Consolidation?

In the simplest of terms, debt consolidation can be defined as the process of combining two or more debts – including credit cards, store cards and even private mortgages – into a single larger debt. This strategy is perfectly suited to consumers that have accumulated a significant amount of high-interest debt. 

To find out more about the benefits of debt consolidation, as well as some tips on how to go about it, please read on below. 

Benefits Of Debt Consolidation 

Rolling all your debt into one large debt comes with a few important advantages including: 

• Simpler Repayment Schedule: One of the main advantages of rolling all your debts into one comes in the form of a simpler repayment schedule. With debt consolidation, you will no longer have to make different payments towards different loans on different dates. You will only have to make one single payment towards one loan each month. This can also help to protect your credit score in the event you become overwhelmed with all the various repayments and miss one along the way.

• Fixed Repayment Schedule: Since you will only be dealing with one fixed loan, you will have a better chance of knowing when the loan will be completely paid off. As opposed to the uncertainty of repaying a credit card debt that is constantly fluctuating. 

• Faster Debt Repayment: Debt consolidation comes with a fixed loan repayment schedule. Through proper planning, you can be able to pay off significant credit card debts sooner by making fixed payments each month with a set commencement and completion date. 

• Lower Fees And Interest Rates: Debt consolidation also helps you save money by reducing fees and interest rates. Depending on your credit rating, you can get a lower interest rate on your debt consolidation loan. Furthermore, since you will be repaying a single debt, you may also end up avoiding a raft of fees. 

Debt Consolidation Tips 

If you are convinced that debt consolidation is the right move for you, use the following tips to find the right debt consolidation loan. 

• Calculate Your Total Debt: First and foremost, you will need to start by calculating the total amount of debt you intend to consolidate. You need to have an accurate idea of what you owe, before taking out a loan that covers it all. Remember to factor in any origination fees taken out of the loan amount, when calculating the total amount you owe. 

• Research Different Lenders: It is always worthwhile for you to shop around for the best debt consolidation loan product before making a final decision. With that in mind, take the time to research different debt consolidation products offered by different lenders. You can easily do this by checking out different lenders online. Your main goal here is to find a lender/product that offers the best repayment terms.  

• Apply: Once you have all the information you need to make a decision, you can apply for a debt consolidation loan. It is also important for you to reorganise your finances at this point – after you have successfully consolidated your debt. 

Final Thoughts

Paying off a significant amount of high-interest debt can take a long time, and cost more due to the accumulation of interest. Debt consolidation might be exactly what you need to regain control over the repayments of your outstanding debts, and reorganise your finances. 

At NWF Capital, we understand that banks aren’t always the best places to turn to when it comes to debt consolidation. That is why you can turn to us. We’ll collaborate with you to ensure our loans are tailored to suit your specific needs. We are committed to providing a unique experience for each and every client.

Please call us today on 1300 974 985 or leave us a message and we will get back to you within 24 hours.

 

Are you in the market for a new property? Is the thought of buying a new property keeping you awake at night? Will you be able to qualify for a private mortgage to buy the property? Whether you’re purchasing your first home or you’re scaling up, there are plenty of questions you should ask before and during the property search and purchase process. In this regard, the most pertinent questions include:

• What is my budget? 
• What sort of property suits my needs?
• What’s the history of the property?
• Is the seller willing to negotiate the price? 
• Which home loan works best for you?

To negate having sleepless nights as you search for the ideal property investment, you should seek answers to these questions.

What Is My Budget? 

It’s essential to establish a budget very early on. Budgeting for a mortgage is vital. The process of coming up with a budget can take a few months to more than a year. The main goal is to determine your cash flow (your total income and expenditure) and how much you can spare to pay for a mortgage. You can subtract rent from expenditure if you’re renting if you’ll move into the new property right away.

What Sort Of Property Suits My Needs?

To answer this question, consider the must-have elements of your ideal purchase and the nice-to-have elements. The must-haves are the elements you cannot do without when you move into your new property. It might be property size, nearby public amenities (for instance, schools and shopping centres), property layout and size, public transport, etc.

On the other hand, nice-to-have are things you’re more flexible with and can workaround. Such elements include outdoor space, fittings, designs, property amenities such as swimming pools, etc.

What’s The History Of The Property?

When considering a property to purchase, you should ensure you understand the property and purchase. An excellent way to unearth the quality of your purchase is to learn its history. 

With this in mind, you should ask several questions: Why is the property owner selling? If a vendor is selling after purchasing a new property, they may be willing to negotiate a lower price. 

How long has the property been on the market? If a property has been on the market for a fairly long time – over six weeks, it’s indicative the property is wrongly priced. 

Are there known issues with the land, property, or neighbours properties? Find out if some known issues are affecting the value of the home. The building inspector and the sales agent might help you in this regard. 

Is The Seller Willing To Negotiate The Price? 

From the onset, ask the property agent whether the seller is open to negotiating. In the same light, ask the minimum a seller is willing to sell the property. The answers to these questions will determine whether you can afford the property or not.

Choose A Home Loan That Works For You

Once you’ve answered the above questions and identified a property to purchase, you should answer the question of financing. At this point, you should ask which home loan works best for you and suits your needs. 

Mortgages come in different forms, each bearing unique add-ons and features. For instance, you might choose a loan with fixed interest rates for the security of knowing how much you’ll pay every month. On the other hand, a mortgage with variable rates might suit you better if you feel that interest rates will fall in the future. 

There is also an option for the 100% offset or all-in-one loan. Such an account allows you to put your savings and income in one account, offsetting the mortgage principle, which, in turn, reduces interest due on your loan. This can save you a lot of money in the long run.

Another loan feature you might be interested in is the redraw feature. This allows borrowers to repay more than minimum mortgage repayment and withdraw the surplus repayment. 

Finally, always compare loan rates. No matter how small a difference in rates is, it can translate to massive savings over the life of the mortgage.

Final Thoughts

Purchasing a property is a huge financial commitment. It’s only fitting you ask the right questions and seek the correct answers. That way, you reduce the chances of making mistakes that could cause financial ruin.

At NWF Capital, we understand that banks aren’t always the best places to turn for a business or property loan. That is why you can turn to us. We’ll collaborate with you to ensure our loans are tailored to suit your specific needs. We are committed to providing a unique experience for each and every client.

Please call us today on 1300 974 985 or leave us a message and we will get back to you within 24 hours.

When it comes to property investment, what are the things people should do and what are the things they shouldn’t do? These are really important considerations people need to know before investing in any kind of property and taking on an investment loan. 

With this in mind, we have created a brief guide to the do’s and don’ts of investing in property to help you avoid the pitfalls and prepare yourself accordingly.

The Do’s Of Property Investment 

1. Research The Markets

When it comes to property investment, it’s all about location, location, location. Do make sure that you research the markets in which you are thinking about buying a property. Look for things such as the state of the local economy, how much properties have increased or decreased in value over the last decade and things of that nature. 

2. Have Specific Goals In Mind 

Do have specific goals in mind. It’s a good idea to know exactly why you are investing because lenders will want to know to more about why the applicant wants to invest. Having clear goals in mind can go a long way when it comes to investing in properties. 

3. Set A Budget

Do set a budget and stick to it. The last thing anyone wants is to invest in a property they actually can’t afford in the long run. Even if you use a mortgage broker, the majority of lenders still want at least 20% as a deposit on a property. Not only that but there may be other fees that need to be paid, such as stamp duty, legal fees, maintenance and insurance to name a few. 

It’s a good idea to write down how much you can realistically afford for a property. You need to budget for expected fees and unexpected fees. Setting a budget can save a lot of headaches further down the road. 

4. Consider Insurance

Do consider purchasing insurance. When it comes to properties, anything can happen which is why it’s a good idea to consider buying insurance. Insurance can cover an array of things such as damage and theft to name a few. In the long run, insurance can save investors a lot of money.

The Don’ts Of Property Investment

1. Don’t Buy The Cheapest Property

Don’t buy a property solely for the fact it is the cheapest property in the area. The main reason for this is that the property might be cheap for a reason. For example, there may be some hidden structural issues that might end up costing a bomb to rectify. If that is the case, you might end up overextending yourself which can cause an enormous financial strain on you. Also, don’t buy a cheap home or any home just because it is easy to qualify for a low-interest loan.

2. Don’t Assume The Bigger, The Better

Don’t assume the bigger the property, the better. This isn’t always true because if someone buys a big property in the middle of nowhere or even in a major city, the chances are they will struggle to find someone to rent it. Unless it’s investing in commercial properties, beginners should think twice about buying big properties. 

3. Don’t Pay Attention To Fads

Don’t buy a property just because it’s the current fad. For example, buying apartments off the plan was all the rage and those who invested early on did make money. However, as time went by, people who jumped onto the fad when the market was saturated with apartments made little to no money and ended up regretting the decision. If someone is new or not that experienced with investing in properties, then they should steer clear of fads. 

Those who want to invest in properties need all the help they can get. By knowing what they should and shouldn’t do can make all the difference in the world. Keep the above guidelines in mind when thinking about investing in property or when the time comes to invest.

At NWF Capital, we understand that banks aren’t always the best places to turn for a business or property loan. That is why you can turn to us. We’ll collaborate with you to ensure our loans are tailored to suit your specific needs. We are committed to providing a unique experience for each and every client.

Please call us today on 1300 974 985 or leave us a message and we will get back to you within 24 hours.

Are you planning to apply for a private mortgage or line of credit? Did you know that your credit score can affect your loan application? It is pretty common knowledge that the better your credit score, the easier it will be for you to get approved for a private mortgage or line of credit. Your credit score also affects how much you will be paying at the end of every month. That is why you need to improve and protect your credit score before you decide to apply for a mortgage or line of credit, even if you are using a mortgage broker. In this article, we’ll take a look at how to improve and protect your credit score and will cover the following:

• Review Your Credit Reports
• Regulate Your Bill Payments
• Limit Your Requests For New Credit
• Consolidate Your Debts
• Use Credit Monitoring To Track The Progress

Review Your Credit Reports

Checking your credit history helps you understand what items on your credit report are in your favour and those that aren’t. You should try and obtain a copy of your credit report and thoroughly review it to learn what items are hurting your credit score and what items aren’t. Low balances on your credit cards, on-time payments, and minimal inquiries for new credit are some of the factors that help improve your credit score. On the other hand, missed or late payments, high credit card balances, and too many requests for new credit lines in a short period of time are some of the factors that could reduce your credit score.

Regulate Your Bill Payments

Payment history is the biggest factor that influences your credit score. No matter how many debts you have on the report, if you have paid them on time, they won’t have a negative impact on your credit score. Avoiding late payments at all costs is the most important thing to improve your credit score. Make sure you keep track of your monthly payments so that you don’t miss any payments or delay paying them. Set up due-date alerts so you know when your payments are due and automate the payments from your bank account to prevent negative impacts on your credit history. 

Limit Your Requests For New Credit

Your credit history shows two types of credit inquiries. They are called soft and hard inquiries. For example, a soft inquiry is when you check your own credit history. Checks performed by your employer or the financial institution that you already do business with are also soft inquiries. On the other hand, hard inquiries include applications for new credit cards, mortgage loans, auto loans, business loans or any other type of credit line. Too many hard inquiries in a short period of time can negatively impact your credit score. That is why you need to limit too many requests for new credit lines in a short period of time.

Consolidate Your Debts

If you have a large number of outstanding debts, it is advisable to apply for a debt consolidation loan from a bank and pay the other loans off. That way you will have only one payment to deal with. On the other hand, you may get a lower interest rate and pay off the debts faster by consolidating your debts. This helps improve your credit utilisation ratio as well as your credit score over time.

Use Credit Monitoring To Track The Progress

If you have a bad credit score and want to improve it before you apply for a mortgage or new line of credit, you may consider using a credit monitoring service. Most of the credit monitoring services are free and help you monitor the changes in your credit report. They will also help you prevent identity theft and fraud at the same time.

If you are planning to apply for a mortgage or new line of credit, you should consider improving and protecting your credit score. There are many ways of doing it including reviewing your credit history, regulating your bill payments, limiting the request for new credit, consolidating your debts, and using a credit monitoring service to track your progress.

At NWF Capital, we understand that banks aren’t always the best places to turn for a business or property loan. That is why you can turn to us. We’ll collaborate with you to ensure our loans are tailored to suit your specific needs. We are committed to providing a unique experience for each and every client.

Please call us today on 1300 974 985 or leave us a message and we will get back to you within 24 hours.

Are you shopping for a mortgage to purchase your dream home or for a business loan? Are you searching for the best mortgage broker to help you secure a mortgage or business loan? If so, you have come to the right place. Choosing a mortgage broker is one of the biggest financial decisions you will make in your life. 

The home loan industry is one of the trickiest to navigate with a vast array of mortgages available in the market today. Each mortgage option comes with different loan conditions, and you should know what to look for so you can secure a competitive mortgage with low-interest rates. That is where a mortgage broker can help you navigate this complex market. Keep reading to learn how to find a good mortgage broker to secure a competitive private mortgage to purchase your dream home or even a loan for business use. In this article, we will take a look at the following:

• Do Your Homework
• Check Educational Qualifications And Experience
• Check Their Lender Panel
• Inquire About The Turnaround Time
• Ask About The Fees

Do Your Homework

Make sure you are prepared for securing a competitive mortgage loan by looking online and getting a clear idea about the type of loan you require. That way you will be in a strong position to assess the different loan options given to you by the mortgage broker. A mortgage broker isn’t obliged to provide you with the best mortgage loan in the market. But they are legally required to offer you a “suitable” loan. 

When you have gathered initial knowledge about different mortgage loan options on the market, you are then in a better position to scrutinise their recommendations and make the best decision for your future. You should also remember that brokers may not necessarily find the cheapest loan terms for the borrower. So make sure you choose a mortgage broker that has your best interests at heart. It is also important to make sure that your credit score is up to standard in order to avoid wasting everyone’s time.

Check Educational Qualifications And Experience

Once you have a basic idea about different mortgage loans in the market, the next step is to check the educational qualifications and experience of different mortgage brokers out there. A good starting point is to look for a licensed broker. The potential broker should have the Australian Credit Licence or be qualified to act as an authorised credit representative. 

A good mortgage broker in Australia should at least have a Certificate IV in Finance and Mortgage Broking. It is better to look for brokers who have other qualifications such as degrees in finance, economics, or accounting. The experience of the broker also plays a crucial part in selecting the right candidate. Look for a broker with at least 4-5 years of experience in the industry.

Check Their Lender Panel

Brokers in Australia are restricted by the list of banks they have access to. This is known as the “Lender Panel” of the potential broker. A good broker should have a wide variety of lenders on their panel. There are brokers who have over 50 lenders on their panel. Look for one with a variety of lenders so that you can get a competitive interest rate for your mortgage.

Inquire About The Turnaround Time

Ask the potential broker how long you need to wait for your mortgage application to be lodged. The turnaround time can make or break the home sale depending on the length of the process. The best brokers should be able to lodge your application within 4-5 days at the latest.

Ask About The Fees

Make sure to work with a mortgage broker who is transparent about the costs of their services. Although mortgage brokers get paid by banks, they will most probably charge you for their services. 

When you are looking for a good mortgage broker, you should consider many factors. Some of these factors include educational qualifications, experience, lender panel, turnaround time, and fees of the potential broker. Do your homework before choosing the best mortgage broker to secure a mortgage to purchase your dream home.

At NWF Capital, we understand that banks aren’t always the best places to turn for a business or property loan. That is why you can turn to us. We’ll collaborate with you to ensure our loans are tailored to suit your specific needs. We are committed to providing a unique experience for each and every client.

Please call us today on 1300 974 985 or leave us a message and we will get back to you within 24 hours.