Mortgage Broker Melbourne achieves lower rates

A good mortgage broker represents the home borrower and negotiates with the banks to get the best possible terms of the home loan.  What are the terms that are important for mortgage brokers melbourne to negotiate?

The most important is the interest rate. Do you want a fixed interest rate on your mortgage  or a variable rate? What is the difference? You may ask your mortgage broker melbourne. A fixed interest rate is one that does not change over the term of the loan. A variable rate on the other hand will change if the Reserve Bank changes interest rates.

A mortgage broker can also help you lower your repayments by increasing the term of the loan to a maximum of 30 years. Terms can range from 15  years to 30 years and your repayments can half as a result of the term of the loan.

The other critical aspect of a loan a mortgage broker can negotiate is an offset or redraw option. This allows the borrower to  park some cash in an account which will reduce the interest payable on your home loan. A good mortgage broker can also arrange a redraw option which allows the borrower to take back some of the funds paid on the loan.

All in all a mortgage broker can assist a borrower to get the best possible terms for a loan without the headaches of dealing directly with a bank. This can assist a borrower with his particular circumstances.

 

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