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Other options to an Offset loan
You should seriously consider the benefits of refinancing your loan. We recommend that you speak with a mortgage broker, who can access the hundreds of loans that are on the market and compare them to what you have now. The important thing to consider is the savings between the loan you have now, and the loan that is recommended to you. Until then, you will not know if there is a direct benefit to you or not.
We show our clients any and all direct benefits to them when restructuring their finances. It is not difficult for you to look at the numbers and compare it to what you are doing now and decide for yourself.
When considering a refinance and there is no benefit then why would you do it?
We do not recommend anyone proceed with a refinance unless there is a clear and defined saving to be made. The fees to refinance need to be considered.
You need to be careful that any new loan contract you are entering will not be detrimental to you and therefore placing you in a worse financial position than where you already are. Not all loans are equal and quite often we see clients who have obtained a loan, only to find that they have restrictions on the new loan that they did not anticipate
The most common problem we encounter are loans being set up with no planning for the next few years. A few well-placed questions from your broker will often lead to us offering suggestions, that result in a more cost-effective loan structure.
You also need to be careful when approaching lenders. The fact is, that individual lenders will only discuss their own products. A mortgage broker is the only option where you will have the ability to know about multiple lenders and compare them side by side.
The lenders are not in the business of recommending a better lender than themselves to their clients. Why would they?
Once we know the basics of your needs we can enter the information into our loan comparison system for an accurate comparison and advise the savings that are to be gained.
Our loan comparison software analyses hundreds of loans in a matter of moments and tells us what options are available for you, therefore allowing you the option of obtaining the most cost-effective solution.
The main reason it is good to deal with a mortgage broker, is that your broker will know and understand the lending policy behind the loans of each lender on our panel, therefore understanding if there are any restrictions that you need to know about, before you apply for finance. This is a free service even if you do not proceed with an application.
There are no downsides to refinancing your mortgage provided that you are going to be on a better deal. We would like you to be on the best deal.
For more about options, please see our page: What are my loan options?
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FAQ
Your journey with us begins by completing our contact form or reaching out to us directly by phone. Our team is ready to assist you through the process. Please note that an initial phone call is required for all applicants regardless. This allows your mortgage broker to understand your needs and objectives and determine how we can best assist you. This call is also a valuable opportunity for you to ask questions and gain a deeper understanding of the process.
You may be wondering why you should use a mortgage broker instead of going directly to a lender.
The main benefit of using a mortgage broker is that they can provide you with a wider range of options. This means you can choose a loan that is cheaper, has a better structure, or is from a lender who is more likely to approve your application.
Not all lenders are the same, and some are better than others in certain areas. A mortgage broker can help you find the best lender and loan for your specific needs. And, since there are no fees to you for using a mortgage broker for a standard home loan, it makes sense to have someone on your side to guide you through the process.
We receive an upfront commission from lenders - only when a loan successfully settles. Additionally, we receive ongoing trail commissions for providing continued support to our clients.
To offer loans from a specific lender, we undergo lender accreditation training. This allows us to work directly with clients on the lender's behalf, completing the tasks that would typically be handled at a branch. We are responsible for sourcing our own clients and matching them with the lender that best suits their needs, and we also have a partnership with an aggregator as detailed below, which allows us to access dozens of lenders.
We partner with an aggregation group (Aggregator), a company that aligns itself with dozens of lenders and banks. Illawarra Mortgage brokers Aggregator partner is Connective Mortgage Aggregator.
This aggregator gives us access to a wider range of lenders and advanced software, enabling us to serve our clients more effectively. The Aggregator receives a monthly payment taken directly from our commission income for each loan. Working with an Aggregator is standard practice for mortgage brokers and is a requirement in this industry.
We offer comprehensive mortgage broker services tailored to your specific needs. Whether you're looking for a home loan, a first home buyer loan, a loan for a second property or investment, an upgrade to your existing home, or refinancing options, we can help.
We also work with lenders who offer guarantor options, allowing parents to assist their children in purchasing a property. View our home loans.
Illawarra Mortgage Brokers holds an Australian Credit License (ACL Number 385841)and maintains full membership with the Mortgage and Finance Association of Australia. Our brokers are required to complete 30 hours of professional development training each year to stay current on all lending practices.
The minimum qualification for our brokers – They must have a Certificate IV in Finance and Mortgage Broking and also have a Diploma in Finance and Mortgage Broking.
The business owner Peter Economos is our most senior broker. He became a mortgage broker in 1988. After working with another mortgage company for two years, he then established Illawarra Mortgage Brokers, in March 2000.
Illawarra Mortgage Brokers has also been the recipient of industry excellence awards, including the 2019 Connective Home Loans, Mortgage Broker of the Year for NSW.
We hope that this information provides you with the assurance of our professionalism and expertise.
We assist a wide range of clients with their property finance needs. Whether you're looking to purchase a home or investment property, refinance an existing loan, or explore other property-related lending options, we are here to help.
We work with clients from all income backgrounds, including salary and wage earners, self-employed individuals, contractors, self-funded retirees, and more.
Please advise if you have any specific questions about our services. We would be happy to discuss your individual needs and circumstances.
Our access to dozens of lenders allows us to offer you a wider range of lending options than brokers with smaller lender panels and therefore limited lender options. With over 25 years of experience, we can also provide expert guidance on loan structuring and interest-saving strategies designed to save you money.
Furthermore, we pride ourselves on our personalized approach, product expertise, and commitment to excellence. These qualities distinguish us from other mortgage brokers in the Illawarra.
During our initial conversation, we can usually determine your likelihood of being approved for a home loan. However, please note that only the lender you choose to apply with can grant final approval. Our role is to present you with options that offer the strongest possibility of securing your home loan.
Regarding our meeting frequency, we tailor that to your specific needs and preferences. We are always available to assist you, so please don't hesitate to reach out for any reason. Additionally, we do not charge any fees for ongoing support.
