where is the best place to apply for a home loan at the moment? there are banks and other institutions but have no idea which ones are better than others. a point in the right direction would be appreciated. :-)
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where is the best place to apply for a home loan at the moment? there are banks and other institutions but have no idea which ones are better than others. a point in the right direction would be appreciated. :-)
try a mortgage broker (Aussie or similar) - they have access to many of them - and you pay no fees to them - the banks pay the fees....:
We just went through a broker and apparently because the banks are really busy at the moment, and the broker's applications go at the bottom of the heap, you're better off going direct. As far as the best loan conditions go, our broker worked out that Westpac was the best at the moment, but then couldn't get us a loan so we lost the property we'd offered on. The next property we offered on we went with Westpac directly and they approved it in half the time for more than the amount we needed.
I highly recommend Janelle from Westpac - she's in Brisbane and we used her... pm me if you would like her contact details
I second the idea of a broker, but get an opinon from more than one. Im talking from experience, I wish we had got more than one persons opinion.
The bank pays them a % based on the loan you take out, and they have to discolse this information to you, so that you know they arent just telling you to take the loan that gives them the highest commission.
I have friends who'd recommend mortgage choice as a good option.
ETA: I agree with Shades, we've had 2 loans through westpac. the first one was approved within an hour of me faxing them the contract information on the phone.
The second time we went through a broker, and it took, without exaggeration, 6 weeks before we got our approval.
definately go through a broker, waaaay easier to deal with than the banks themselves too. good luck;)
Janelle was recommended to us by the solicitor as a 'miracle worker' - she's been fantastic and we've only dealt with Westpac through her so it was like going through a broker.
The westpac recommendation was given to us only a month or two ago so I imagine they'd still have the best interest rate etc until someone else tries to one-up them.
Sorry but I have to agree that broker applications go to the bottom of the heap. Plus if you have any questions, the bank won't even talk to you. Very hard if you have a busy broker who doesn't answer or return calls! (thats another story!)
I would definitely approach the bank or institution directly. Check out some loan comparison sites and see which features and benefits are best for you, compare interest rates, fees etc
Then approach the bank/s of your choice. :)
Hey Ladies! I?m kind of surprised by all the recommendations to go to brokers. It seems like if you are lucky they save you a bit of time and hassle but can?t really get you a better mortgage. And if you are unlucky? well an endless string of headaches! Imagine missing out on your dream home because your broker couldn?t get your loan! Shades hope you were just as happy with the home you ended up with!
Anyway? with the internet these days you can easily do all the loan comparison stuff on your own. Brokers and travel agents? seems like google almost does their job for them. I?m sure there are lots of great comparison sites out there, then you just pick your loan and talk directly to the bank! I?ve been doing a bit of loan research myself and used Mozo and found some great rates. Westpac was the best for me too!
Good luck everyone!