When it comes to navigating the realms of finance, what’s right for you – mortgage broker vs bank? First, you’ll need to understand the key differences. 

It’s no secret that banking is big business, and there are many lending providers to choose from. Since purchasing a home is not an everyday purchase for most Australians, navigating the many options can be overwhelming – which is where the services of a mortgage broker can be a life saver. 

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Why Use A Mortgage Broker To Secure A Home Loan

When it comes to knowing the key points of difference between using a mortgage broker vs bank, many people simply aren’t aware of what a mortgage broker actually does. Just a handful of the associated benefits that come with using one can include – 

Home Loans Are Their Specialty – While banks offer many products and services, home loans are the speciality of mortgage brokers. Their ability to turn the complexities of a lender’s policies into black and white information is invaluable. 

They Play Matchmaker – With hundreds of loans available to Australian consumers, how do you know which option is right for you? A mortgage broker is able to “sift” through all of the choices, and present the one that best suits your circumstances. 

They Do The Leg Work – Did you know that Australia has over forty different lending providers? Your mortgage broker sure does, along with the ins and outs of almost every one. A mortgage broker provides you with one point of contact, while they handle all of the paperwork. 

Assess And Present Favourable Options – “Packaging” your application is where a mortgage broker really shines. There is never a one size fits all approach with a mortgage broker, as they know what works and what doesn’t, and how it varies between each lending provider. 

Competitive Interest Rates And Reviews – Mortgage brokers have access to insider information, and the banks know that. The banks want to keep mortgage brokers happy for their regular influx of customers, and will make exceptions to keep them happy. 

Their Allegiance Is To You – Is a bank going to give you the heads up when interest rates drop, check in with you every few months, and swap your loan conditions to more favourable options if necessary? Probably not, but mortgage brokers do – they work for you, not the banks.

Things To Look Out For When Choosing A Mortgage Broker 

One common reason that consumers stick with a bank that they’ve used all of their life is security – after all, they’re unlikely to go bust anytime soon. The thing is though, banks are not obliged to ensure that your interest rates are competitive, and are generally not renown for rewarding loyalty. 

However, just because many mortgage brokers operate as small and medium size businesses, doesn’t mean that you shouldn’t place your trust in them. Be on the hunt for the following, and any reputable operator will be able to pass your assessment with flying colours. 

• Are they a registered credit provider?
• Are they able to show or produce past client reviews?
• Exactly how many lending providers do they work with?
• Do you charge a fee, or do the banks give you a commission?
• Why are you recommending particular loans to me?

A reputable mortgage broker will only be too happy to answer your queries, and should be transparent enough that you won’t need to ask at all. 

Where To Find A Mortgage Broker In Brisbane 

If you’re on the hunt for a highly recommended mortgage broker in South East Queensland, then it’s time that you met with George Samios and the team at Madd Loans. 

Since their inception in 2012, the team at Madd have worked tirelessly in providing over 1700 Queenslanders with finance options to help turn their dreams into reality. With the entire brand being built on referrals, George takes great pride in making the mortgage process both fun, educational and stress free – and he has a swag of awards to prove it. 

An independent operator can be your greatest asset when it comes to navigating loan options, as brokers are there to make you happy – not the banks. To speak to a Brisbane based mortgage professional, please get in touch with the team at Madd Loans today to help turn your financial dreams into reality.

When it comes to how to save for a house deposit, the good news is that you can have your smashed avo and eat it too – so where do you start?

It’s no secret that it’s getting harder and harder to get into your first home. The domino effects of Covid-19 have well and truly shaken up the Australian economy, but the good news is that the Morrison government wants more Aussies to actively participate in the nation’s property market, and particularly younger Australians. While the grants, interest rate cuts and monetary incentives are great, the primary issue remains the same – how do you save all that money for a house deposit?

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Five Tips On How To Save For A House Deposit

The reality is that in order to save meticulously for a home deposit, not everybody is in the position to move back in with their parents. Thankfully, there are plenty of other methods available when it comes to tweaking your lifestyle to achieve your financial goals. 

Reign In Your Spending – Saving for a house deposit doesn’t mean giving up your entire life. Instead, try making some changes like swapping a boozy night out with friends for a dinner party at home, or cancelling your gym membership in favour of going for hikes and walks in the great outdoors. 

Get On Top Of Debts – Consolidating your debts is one of the most straightforward ways to get on top of existing loans or debts, and ultimately lowering your interest rates. One credit card stashed for emergencies isn’t going to make or break your chances of a loan approval, but a large car loan or multiple miscellaneous debts might. 

Start Saving And Set A Timeline – Be realistic with your saving goals, and start small if you have to – even $50 a week is better than nothing. Open an account that you can’t touch or transfer funds out of easily such as a term deposit, and watch your nest egg grow. Set goals with how much you want to save by, so that you’re accountable for the results. 

Increase Your Income – While cutting down on your living expenses sometimes doesn’t leave much wriggle room for potential savings, increasing your income is an alternative that doesn’t necessarily suck all the fun out of your lifestyle. If you have a creative pursuit that can be turned into a side hustle – go for it. Even a few shifts a week as an Uber driver can help! 

Look For Bonuses – The federal and state governments of Australia want you to buy a house, as you’ll directly impact the economy in a positive fashion. Consider monetary benefits available such as the First Home Owners Grant, HomeBuilder Grant or even the First Home Owners Deposit Scheme – they are in place to help you, and it all adds up. 

Need Further Help On How To Save For A House Deposit?

Buying your very first home – and obtaining the finance to do so – can be a time consuming and stressful exercise. The good news is that it doesn’t have to be. 

When it comes to navigating the property world, knowledge is power – so why not book yourself into one of Madd Loans’ free First Homebuyer Workshops? Conducted completely online in a webinar format, George and the team at Madd Loans run participants through the world of finance when it comes to your first home loan. This digital model provides flexibility if you’re trying to work around your employment, and is also conducted in a #CovidFriendly manner. 

Since their inception in 2012, Madd Loans have worked tirelessly in providing over 1700 Queenslanders with finance options to help turn their dreams into reality. With the entire brand being built on referrals, George takes great pride in making the mortgage process both fun and educational – and he has a swag of awards to prove it. 

During the free online workshops, George shares his tips, tricks and even his own mistakes along the way to ensure that you get pre-approved the first time, and gives participants the tools to fast track them into their dream home. It’s worth noting that attendees are under no pressure to follow the process with the team at Madd – the concept is simply to pass on the Madd financial knowledge to buyers so that they feel empowered throughout their journey into their first home. 

If you would like to learn more about learning how to save for a house deposit and the other things involved with buying your first property, please contact the team at Madd Loans today to book in your place at the next free First HomeBuyer Workshop. 

The Federal Budget 2020 announcement yesterday had many Aussies on the edge of their seats in anticipation – but what do the changes mean for homeowners? 

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The numbers coming out of the Bureau of Statistics confirmed the March quarter’s 0.3% decline, meaning Australia’s economy has gone backwards for two consecutive quarters. What this means for us as a nation, is that we’ve entered a recession for the first time in thirty years. 

With the economy facing unprecedented pressures thanks to the arrival of Covid-19, the Morrison government are aiming to slow the financial freefall – and ultimately, get Aussies spending again. 

Although the Federal Budget is traditionally released in May each year, the announcements were delayed until Tuesday 6 October. In an effort to get Australia’s economy moving, Treasurer Josh Frydenburg has fast tracked tax cuts, relaxed terms and conditions around government grants, and infrastructure upgrades in yesterday’s press release. So what are some key takeaways from the Federal Budget 2020, and what does that mean for homeowners in Queensland? 

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Federal Budget 2020: Key Takeaways For Homeowners 

Like any annual Budget announcement, there’s always winners and losers. The good news is that this time, all you need to do is pay tax in Australia to be better off this year. 

Hefty Tax Cuts – While the list is extensive, the winners are low and middle-income single earners earning up to $120,000 a year, as they will be taxed $2745 less than they normally would be. With further cuts being brought forward from their original date of July 1 2022, the government have also announced that the tax breaks will also be backdated from July 1 2020. The concept is to allow more funds to stay in your pockets, to funnel back into the economy. 

First Home Buyers Grant Relief – Adding onto the success of the original scheme, an additional 10, 000 First Home Buyers Grants have been added to the pool. The increase on the maximum purchase price has been lifted all around Australia, allowing more first home owners access to acquiring a newly constructed home with as little as 5% for a deposit. Along with keeping the property market intact, it’s also going to benefit trades around the nation. 

Less Red Tape For Granny Flats – Building a granny flat for an elderly relative will be cheaper from July 1 2021, as capital gains tax will no longer have to be paid so long as a formal agreement is in place. While it won’t apply to commercial renting arrangements, the relaxation on the relevant legislation will allow Aussies to extend and ultimately add value to their existing home or property. 

The JobMaker Scheme – The $74 million JobMaker Scheme is a core component in guiding Australia’s economic recovery, and encompasses a broad range of grants and incentives. Some of these include the introduction of the JobMaker Hiring Credit (incentives for businesses to hire young people aged 18-35), wage subsidies for taking on new apprentices, and significant infrastructure investments to create employment opportuntiies. 

How To Reinvest The Federal Budget 2020 Tax Cuts

The tax cuts and relief introduced by the Morrison Government were carefully crafted in an effort to stimulate Australia’s economy – meaning confidence in business, getting consumers spending, and stabilizing the property market. 

If a new property is something that you’ve been considering – whether it be as a first home owner or perhaps a secondary investment home – then it may be time to speak to the professionals. 

Since their inception in 2012, Madd Loans have worked tirelessly in providing over 1700 Queenslanders with finance options to help turn their dreams into reality. With the entire brand being built on referrals, owner George Samios takes great pride in making the mortgage process both fun, educational and stress free – and he has a swag of awards to prove it. 

An independent operator can be your greatest asset when it comes to navigating loan options, as brokers are there to make you happy – not the banks. To speak to a Brisbane based mortgage professional, please get in touch with the team at Madd Loans today to help turn your financial dreams into reality.