When purchasing a property, the majority of buyers will obtain finance. You might be getting finance for your first home, an investment property or you might be refinancing to help your current situation. So where do you start and how do you go about it? You could go to your current bank who you have an account with. The advantages of this are that they know your credit history, can access your information quickly and you already have a relationship with them. The disadvantage is that you’re only looking at that particular bank’s products.

Another option is to look at a mortgage broker. They can access a variety of banks and lenders in the aim of getting you the best possible rate and product. And when selecting a mortgage broker, you want someone good and by that, I mean who’s not just qualified on paper but someone who has years of experience and understands the property market themselves. Mortgage brokers are paid by the lender not their clients and this amount varies from lender to lender so make sure that brokers advise you how they are paid so that you know they are acting in your best interest and that they are getting you the best product that suits your requirements.

A good broker who understands your requirements can save you thousands. On the flip side by not selecting the right broker it can create a lot of stress, take a lot of time and cost you a small fortune. Believe me I’ve heard horror stories. My advice – Do your research before choosing what method suits you best. Get this right and it makes the whole purchasing experience a smoother process.