So there are only so many lenders in the market place with so many different products, so how do we @ the wHeregroup distinguish ourselves from all the other mortgage brokers and banks in the market place?
Well we actually have several reasons in fact, have a read and enjoy the difference:
We structure loans like a professional investor would. Because that’s what we are.
But what’s the difference in just getting any loan and getting your loans structured correctly. Well that comes down to everybody’s individual circumstances.
Before we even suggest any lenders or products we diagnose your personal circumstances and then do a whole bunch of homework to find who is best for you… and what structure works best.
Same or Different?
There are beliefs that if your lending is with one lender then that bank can take your entire portfolio.
The belief is that is you have all your loans with one lender then they cross collaterise all of your properties or throw them in to one pooled structure.
This is not correct – it is either your banker or mortgage broker that would have crossed them all together.
You can have a portfolio of properties with one lender and all the properties be structured Stand Alone, meaning they are not linked to each other. It simply needs to be structured that way from your Broker or Banker. It’s that simple!!!
But wHy have all your loans with one lender?
The answer is simple – bulk discounts
Think about it this way – you could have your house insurance with one insurer and you car with another and your investment property with another… or you could have them all with the same insurer and get a discount on all three policies.
The banks reward loyal customers exactly the same way.
As a large broking firm we automatically apply for interest rate discounts for your new loan PLUS a discount on your existing loans every time we write the loan for you.
The more lending, the bigger the discounts…
And I cannot understand wHy people would want to have to check internet banking on many different banks or lenders websites, how painful!
There are however circumstances wHere using a different lender makes sense. Peoples living and working life change and this may dictate having to use a particular lender as they may accommodate to this style of lender better than others.
Another big part of choosing a lender that many Bankers or Brokers do not consider are Mortgage Insurance rates. That is of course if you mortgage insurance applicable on your purchase.
Every lender has different negotiated insurance rates, yet most borrowers do not know this. The difference between one lender and another can be a few thousand dollars.
So choice of lender does not always come down to interest rate. For example if one lender is 0.1% cheaper in interest rate but $2,500 dearer on mortgage insurance, then it may make perfect sense to pay a little more on interest rates… as 0.1% on a $400,000 loan is $400 in interest per annum. That means it would take over 6 years to be back on par with the higher insurance premium.
We’re accredited with all the big banks, and the smallest… as Mortgage Brokers for over 14 years we’re here to help YOU secure the best deal, from the most appropriate lender that meets your needs.
Finance and Credit related activities are provided through Runna Associates Pty Ltd ACN 103 454 11 ASIC license No. 388 535, MFAA 14491, COSL – external dispute resolution Reg No. 408379