Let Us Find the Right Mortgage for You

A mortgage broker is a financial professional who works on behalf of consumers during a home loan selection process. First Choice Mortgage Brokers specialise in finding the best home loans for clients, as well as helping them prequalify and complete the mortgage application process.

Mortgage brokers work as the middleman for banks and lenders. Usually, they will recommend a range of home loan choices that best match a client’s financial situation from the panel of bank lenders whom they work with.

Many Australians get help from a mortgage broker to save time and money, ensuring that they are getting the best value on their home loan. Even for complicated circumstances, First Choice Mortgage Brokers can help you. For example, we have experience providing mortgages to individuals who have just moved to Australia, self-employed individuals and people who have intricate business finances.

Good mortgage brokers provide the following services:

• Calculate your borrowing capacity, requirements and goals, which depends on your income, expenses, savings and any equity you have.
• Provide strategic solutions that would work best for you—catering to your must-haves and nice-to-haves.
• Any financial advice, including stamp duty, lenders mortgage insurance, pest inspections, council rates etc.
• Describe how each loan options works, from interest rates, costs and loan features.
• Apply for the loans you want and oversee the whole application process from start to finish.
• Supply a written quote including loan type, loan amount, loan duration, interest rates and fees.

At First Choice, our mortgage brokers are available for anyone searching for property loans, business loans and personal risk insurance. We help first-time home buyers, refinances, developers, company owners, and individuals seeking lines of credit, self-managed super funds, and commercial mortgages.

At First Choice, we have developed many close relationships with over 30 of Australia’s leading banks and lenders. Therefore, our clients have a better chance of finding the most attractive and suitable loan plan for them.

In contrast, a bank will restrict the options presented to you and will not compare their deals with competitors, so, you will only receive a one-sided opinion on your loan. Therefore, when dealing directly with a bank, you cannot guarantee you are getting the best loan. Mortgage brokers provide clients seeking a home loan with much more choice and flexibility. You can rest assured with First Choice Mortgage Brokers for the best deal to suit your needs.

Unlike a bank, our mortgage brokers provide personalised customer service experiences. Each of our clients gets an assigned consultant for the entire duration of the loan with one-on-one time, allowing you to develop trust on a personal level.

First Choice Mortgage Brokers also provides competitive options and affordable interest rates. Unlike a bank, we charge nothing for finding the best home loan for our clients; it is a complimentary programme.

Mortgage brokers also simplify the home loan process a lot more than banks. We deal directly with the preliminary assessments and loan lodgements, so you don’t have to and with a much quicker approval rate. All our clients have to do is supply the required documentation and fill out the initial application.

Unlike bank consultants who are bounded by strict lending policies and loan procedures, First Choice Mortgage Brokers supply clients with specialised loans and flexible plans.

Don’t forget when dealing directly with a bank they can reject you! This can become frustrating as your loan procedure becomes longer and more repetitive. Don’t waste time; speak with a First Choice Mortgage Broker who can provide you with more options than offered by your bank.

At First Choice, our loan finding services are complimentary for clients. This is because our mortgage brokers are paid with a commission from banks as we supply clients to them, but the commissions are only paid after the home loan has been settled. Commissions are a percentage calculated by a number of factors, including loan-to-value ratio (LVR), size of loan etc.

It is a popular misconception that mortgage brokers advise their customers on unsuitable loans in order to maximise their commissions.

In reality – there is no ulterior motive behind your mortgage broker’s decision. We suggest a few good options for each of our clients and leave the final decision up to you. As holders of an Australian Credit Licence, it is actually against the law for us to assist you in applying for an unsuitable loan.

Since a mortgage loan is a long-term commitment, even a slight increase of interest will quickly add up. You could save thousands of dollars if you hire an experienced mortgage broker over a mortgage broker with limited expertise.

In fact, there are many differences between mortgage broker agencies and mortgage broker specialists themselves. For example, a large number of Australian mortgage broker agencies are owned by big banks!

• The Commonwealth Bank owns Aussie Home Loans (CBA).
• Several banks are shareholders of Mortgage Choice, which is listed on the Australian Securities Exchange (ASX).
• Fast, Plan and Choice are owned by a division of NAB Advantage.

Many more mortgage brokers in Australia are private businesses with little public information about their owners. But First Choice is a wholly owned Australian company with no lenders as partners.

Our mortgage brokers are up for a challenge! Along with the most complicated and complex problems, we can find solutions to any client’s needs and requirements.

Don’t just take our word for it! Check out our Client Reviews, which detail our strong expertise and knowledge as we are some of the country’s best mortgage brokers. If a bank has turned you down, we will help you find another option to accept your home loan.

Our professional mortgage brokers at First Choice will work with you to restore your credit history and locate a lender to consider your case.

There are many different products and features available on the Australian market to consider when choosing a home loan.

Do you want a cheaper rate? Do you want the flexibility of making additional repayments with no penalty? Or would you like to use your savings to offset your interest repayments?

Whatever your needs, First Choice Mortgage Brokers are here to assist you. Some of the most essential loan features you should consider with your mortgage broker includes the following.

100% Offset Home Loan
A 100% offset home loan is a home loan that comes with a linked bank account called an offset account. This offset account functions very similar to a normal savings account but with one main difference, any savings you have in the account reduces the amount of interest you pay on the linked home loan.

Also, you may or not be aware that savings interest earned on your accounts is taxable. If you put your savings in your home loan offset account instead, you will be reducing your home loan interest and reducing your tax bill at the same time.

All-in-One Product
An all-in-one product loan account combines your mortgage, savings and cheque account into one. You deposit your income into your mortgage account, and the additional funds in your account then reduce your home loan balance and, therefore, the amount of interest you are charged per month.

You will often have a credit card attached to your all-in-one account, which you will use for your daily expenses, for example, food, petrol and bills. The outstanding balance is drawn down at the end of the month from your home loan account before the interest-free period on the credit card ends.

Professional Packages
Usually, professional packages are offered to clients with a higher loan amount, as the interest rate discounts will only benefit those with higher borrowings. Packages can also include bonus income on savings accounts and free credit cards as part of the offer.

Typically, the lenders require you to bundle all of your personal banking into the one package to offer you more savings. Most of these packages include all in one or offset account facilities as a standard.

Redraw Facility
Redraw facilities allows you to draw on any additional home loan repayments you have made in addition to your interest repayments. You can access this money for any purpose you like, and you don’t have to apply for new funds through your bank. Some products will charge you a redraw fee for access the funds, which can vary from lender to lender.

Repayment Holiday
Some products have a repayment holiday feature that allows you not to repay during the holiday period. If you plan to go on maternity leave or change your job, this option can be handy.

Direct Salary Credit
Your employer pays your salary straight into your home loan account on your behalf – this can benefit you if you are not a good saver.

Fixed-Rate Switch
Allows you to switch from a variable interest rate which can change when the rates decrease or increase, to a fixed interest rate which is locked in at a specific rate for a period of time.

Lenders Mortgage Insurance
Lenders Mortgage Insurance is a one-off fee paid to ensure any loan where you borrow more than 80% of the property value.

In the unfortunate case you fail to pay your loan, mortgage insurance protects the lender. You, the creditor, are not covered.

If you need mortgage protection, the mortgage consultant will tell you how much it pays. We may be able to arrange the loan so that you don’t have to pay for mortgage insurance at all.

Fixed-Rate Home Loans Vs. Variable Rate Home Loans
Fixed-Rate Home Loans have interest rates and loan repayments that are fixed for a set period of time. A variable rate home loan has an interest rate that fluctuates in accordance with changes in the RBA’s cash rate.