1st Home Buyers & the Aussie Mortgage Broker

Mike & Stacey* were looking to buy a block of land and build their 1st home. The amount they wanted to borrow was $370K.
They approached their local Aussie Mortgage Broker who identified what he said was the “best Loan for them”.  Mike & Stacey believed that Aussie looked at all Lenders so they were happy that they were getting a good deal.
Even though they’d been approved for a loan via their Aussie Mortgage Broker a friend suggested they should get a 2nd opinion from Independent Mortgage Planners.
The results of our analysis:
  • We identified a more competitive Lender that is not on the Aussie Lender Panel
  • We identified a saving of over $47,000 over the life of their loan – compared to the Product that Aussie had recommended
  • As a nice serendipity the Lender that we identified as being the most competitive for Mike & Stacey’s unique situation was a Lender that they had a personal preference for and had contemplated approaching directly
Now Mike & Stacey have a new loan approval with their preferred Lender and are very glad that their friend encouraged them to get a 2nd opinion.
Editor’s Note:   Because of the effect of commission rebates – our analysis shows a saving of $31,000 compared to a direct approach to the same Lender we selected.
*   The names have been changed. All other information is accurate and based on a real life Client situation.