Where to find a broker and what to ask them

If you’re new to the housing market, chances are you’ve heard of brokers but don’t know a lot about them or how to go about choosing one. We have developed a handy tool for finding a broker close to you – and the top questions to ask them.

Find a broker today

HomeStart has a network of more than 800 accredited brokers. Our Find a Broker tool uses Google technology to connect you with accredited HomeStart brokers in your area. All you need to do is start typing the postcode or suburb, select an option from a drop-down menu and click on a search button to generate results.

Tap into their knowledge

By using a broker you get the experience of someone who deals with the finance process for buying a home every day. Brokers have access to a range of lenders and can offer you insights about the similarities and differences across those lenders. Using a broker can be a quick way to learn about the loans on offer in the market. Because brokers are familiar with such a wide variety of lenders and loans, they could suggest options that you haven’t found through your own research. This could broaden your options for getting into your own home sooner.

Ask them how much you can borrow

A broker can help you from the outset establish how much you can generally afford to borrow. Brokers have lenders’ latest offers at their fingertips. By reviewing your situation alongside lenders’ policies, a broker will help identify your eligibility for particular loans and put forward loan options that suit your needs.

Ask them to set out the upfront costs

A broker will ensure you consider how much money you need for a deposit and upfront costs. They will provide information about all the fees and charges payable when buying a home – such as stamp duty, conveyancing fees and Lenders Mortgage Insurance (LMI). Some lenders like HomeStart for example do not charge LMI, which could save thousands in upfront costs.

Ask them to calculate your repayments

Part of a broker’s job is to crunch the numbers so that you are clear about how much your repayments will be. Event this can change between lenders. Traditionally repayments are calculated to ensure the loan is paid within a certain term. Some lenders, such as HomeStart structure their home loans without having a fixed loan term with repayments based on what you can afford..

Save precious time

If you don’t enjoy paperwork – and not many people do – brokers will save you valuable time in your busy day by managing your application process. A broker will do the research, help you with the paperwork and manage your relationship with lenders. By supporting you, they can simplify the home loan process and might even make it more enjoyable!