FAQs

What is a Mortgage Broker/ What does a Mortgage Broker do?

• Mortgage brokers work as the subject matter expert between the banks and the customer. We “broker” the loan between the two parties.
• We complete 99% of the paperwork and arrange discounts and fee reductions on your behalf.
• We work for YOU and not the bank.
• Essentially, we offer a range of services personalised to the individual’s specific needs and long-term financial goals.
• We can specialise in Home Loans, Car/personal Loans, Loans for renovations, Refinances, Investment loans and Commercial finance.
• A Mortgage Broker aims to work with you for life reviewing your loans regularly to ensure you are receiving your loan is working at peak performance and is still suitable for you needs now and into the future.

Why should I use a mortgage broker instead of going to a bank? What are the advantages of using a Mortgage Broker over a bank?

• If you use a broker, they will assess your requirements against over 30 different lenders and 120 different loan products. If you walk into a bank, they will give you 3 options if you are lucky. Your bank manger won’t say “actually the bank across the road has a better product for you than ours”.
• Brokers are not aligned with any one bank. They will choose a lender depending on suitability to meet your requirements and goals.
• Personalised service. A good brokerage can help you fast and won’t leave you waiting weeks for action to be taken.
• We work for you not the bank.
• We take the stress out of dealing with the bank directly as we complete 99% of the paperwork for you and we fight for you with the banks to get your application across the line.

How do Mortgage Brokers get paid?

Mortgage Brokers of OPEN PLAN FINANCE are paid via commission by the lender one month after a loan has been settled. We are not aligned with any one bank and contrary to some reports are paid relatively the same by all lenders.

We also receive a monthly payment called “trail” whilst the loan remains with the bank, which is also paid for by the bank / lender. Trail commissions are now seen as a reason for Brokers to give exception follow up support to their customers.

If a loan is paid down or refinanced within 18-24 months, then most lenders will CLAW BACK the commission paid to the broker. It is therefore essential that you think about this implication before using a broker. If you know you will be selling or paying off your loan within 12 months, then it would be appropriate to speak to the Broker to discuss what options may still be available.

How do I get an exceptional loan and interest rate?

• Mortgage brokers have access to an extensive range of banks and lenders and take the time to match you with a top tier loan product to suit your needs both now and into the future. We can’t say “best”, but we do endeavour to achieve that for all our customers.

Do Mortgage Brokers take longer to get a loan than the bank?

OPEN PLAN FINANCE have a specialised streamlined processing system that has been developed from years of trial and error. We truly believe we can find you an incredible loan to suit your needs and have your application procced to settlement smoother and with less stress than any other brokerage in Australia.

Do I need a mortgage broker to refinance?

No, but it could save you a lot of money if you do.

A broker can compare your current interest rate and loan with hundreds of others and find the maximum savings for you. If you were to walk into a bank, then you are only given their interest rates and there may be cheaper ones available for a similar type of loan. Why pay more if you don’t have to?

Do Mortgage Brokers save you money?

YES! If your primary intention is to save money on your loan through finding a lower interest rate then there is no better person to speak to that a Mortgage Broker.

Can I still refinance during the Corona Virus social distancing?

Yes you can- In fact Open Plan Finance have systems in place to allow the entire application process to be carried out from the comfort of your own home. Why not make the most of your time at home and save your family $5,000 from a simple refinance!

Can I change home loans without going into a bank?

Absolutely- Open Plan Finance can move your loan to another lender, get you a better rate and find you a brilliant cash back bonus all without having to step foot into a bank or branch.

Will the Corona Virus/COVID-19 stop me from getting a better home loan?

If your income and employment are steady and not in a high risk areas then -Not at all- You will still be able to get an amazing home loan, saving you thousands while COVID-19 continues on outside of your four walls.