All over Australia people are getting into the property market, both to find a home to live in and as an investment. While Brisbane property prices have not yet reached the ridiculous levels of Melbourne and (especially) Sydney, the median house price has been trending upwards for a long time, with no signs of slowing down.
To get into the property market you will need a mortgage broker (unless you win the lottery or have a spare $650 000 burning a hole in your pocket) and so to help you out, take a look at 3 of the best mortgage brokers in Brisbane.
Who are the best mortgage brokers in Brisbane?
|1||Oyster Financial||www.oysterfinancial.com.au||Over 35 lenders|
|2||Oak Laurel||www.oaklaurel.com.au||Up to 25 lenders|
|3||Blue Fox Finance||www.bluefoxfinance.com.au||Up to 25 lenders|
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Make the process easier by getting one of the best mortgage brokers in Brisbane on your side!
1. Oyster Financial
Oyster Financial specialise in finding you the property loan option that best suits your individual situation. They also have no problems with finding low documentation (low-doc) loan options, which makes them the ideal brokers for the self-employed or those who need a small business loan, who might have problems meeting the strict proof of income requirements of the big banks.
Using a mortgage broker is the sensible option for everyone, and especially those who need a slightly irregular loan, like low-doc borrowers. Oyster Financial mortgage brokers will know more about the different loan options out there, and the requirements to get them. They will assist you every step of the way.
Additionally, while your broker does not work for any lender in particular, institutions in the business of lending money don’t want to get a bad reputation with mortgage brokers because they would lose a significant amount of business. This means that your Oyster Financial broker will normally be able to negotiate a better deal for you than you could on your own.
Oyster Financial are flexible enough to be able to find you good deals on even low-doc loans! While many lenders will insist on seeing your payslips and tax returns, if you are self-employed or need a loan for a small business, then you either won’t have these or they won’t tell the true story.
At Oyster Financial, if you are self-employed, you can get a low-doc loan with a simple BAS (business activity statement), your ABN and a self-certified income statement. You may need to provide a higher deposit, but if you have these things then you will be able to get a home or investment property loan.
Small business loans can even be provided with no documentation! As long as you have good security, you can find a loan through Oyster Financial to invest in real estate – whether as a place for your business to operate from or for a personal investment.
Small business loans are frequently rejected by the big banks and other lenders, because they are seen as a high risk option. However, Oyster Financial can help you to find lenders who are prepared to back your business, as long as you have the appropriate collateral.
Even if you have bad credit, Oyster Financial can still help you. They have lenders who are prepared to overlook past indiscretions, although you will need to prove that you are not likely to default on your loan again and that you have adequate security – so they are a good broker to talk to if you need a second chance with your finances.
Apart from helping those without a lot of paperwork get a home loan, Oyster Financial also help to broker loans for an investment property. They will assist to work out how the loan should be structured (i.e. added on to your home loan or as a separate loan with its own repayments) and can help you to get a low-doc loan for investment as well!
Apart from mortgage brokering, Oyster Financial can also help you to refinance. It’s very easy to fall into the trap of needing to juggle many different payments each month, say a few credit cards, car repayments and a home loan.
If you have all of these, you might end up only being able to make the minimum payments on your credit cards and have to pay extortionate interest rates on the balance. Refinancing with Oyster Financial simply involves working out which loan has the lowest interest (usually the home loan) and rolling all of the debt into one!
When you refinance you can also take the opportunity to look around to see if another lender might offer a better rate, and swap the lot over. Refinancing can not only simplify your financial life, and give you far fewer bills to keep track of, but also save you money and give you more disposable income each month.
2. Oak Laurel
Oak Laurel have a huge number of lenders and lending options available, although it pays to be a bit careful when reading about their wide range on their website as they have offices all over Australia, and some options are region specific. In Brisbane they can help people with home loans (particularly first home buyers), investment property and property development.
Oak Laurel offer significant incentives to first home buyers, especially those who might not have been able to raise the deposit fully. If you are a first home buyer and can find a guarantor then you can borrow all the money you need with no deposit required.
If your deposit is a gift from a family member then Oak Laurel can also find you a lender who will be prepared to offer you your first home loan without needing to see a record of your saving.
You may also be able to get a home loan up to 95% of the house price (i.e. only have a 5% deposit) without either a guarantor or a deposit gift if you are in a good financial position – basically if you have a stable job that brings in enough income that you shouldn’t struggle to pay off the loan.
Oak Laurel can also help professionals to get an interest rate discount or potentially get a lower deposit loan without needing to pay lenders mortgage insurance. If you’re in an industry that generally offers professionals a high income and has reasonable job security (or high demand for your services), such as medicine or law, then you can get a special deal.
In addition to home loan help, which is where Oak Laurel really stands out as a brokering option, they can help you to get loans for investment property or to finance a property development project.
3. Blue Fox Finance
Blue Fox Finance are really a jack of all trades when it comes to brokering loans – they can help you with property loans (including home loans, investment property loans and construction loans), car loans, personal lending (including refinancing and boat loans) and business financing!
Blue Fox Finance will even help you before you find a home to buy, with pre-approvals available from a number of their lending partners. This means that the bank (or other lender) will agree to give you a loan up to a certain amount once you find the property you want to purchase.
If you need a loan for your business then Blue Fox Finance will help you to set this up as well. They offer standard small business loan brokering, as well as special loans for any equipment you need and even debtor financing!
Debtor financing is a financing option used by many small businesses. This is where a bank or other lender will loan you the money you are owed by a creditor, and then assist you in collection (if you need help).
You will not get the full amount you are owed in the initial loan, with the balance being paid once the payment schedule with your creditor is complete. This is a good way for a small business to get the money it needs to operate and expand immediately, rather than waiting until your creditor fully pays you back.
Blue Fox Finance offer anyone in Brisbane a free appointment at your own home to discuss your needs and their initial thoughts on the most appropriate course of action in your individual situation. This applies to any kind of loan you need.
They are also prepared to speak to you about your needs over the phone, and are happy to speak to you or visit you outside of regular business hours if that is more convenient for you – after all, you have to work too!
Blue Fox Finance primarily broker mortgages and other loans from banks, rather than smaller or specialty lenders, so you will need to meet the standard criteria for a bank loan (unlike the options available from Oyster Financial or Oak Laurel). Despite this, most people will be able to find a loan that suits them from Blue Fox Finance.
So which mortgage broker is right for you?
Deciding which Brisbane broker will best suit you largely depends on your personal situation and needs. Depending on what you need the loan for and your financial history, different brokers will be able to find you better deals.
If you’re self-employed and need a low-doc loan, then Oyster Financial are the brokering firm that is the most likely to be able to help you. They are also probably the broker to visit if you have a chequered history with credit, as they tend to partner with the most flexible lenders. This also makes them the most likely broker to be able to help you to refinance.
Oak Laurel offer special deals for home loans based on your profession and any extra help you get from your family, so it’s worth checking their website at least to see if you might qualify for a special rate or a loan without lenders insurance.
Blue Fox Finance doesn’t have a specialty like the other two brokers do, but for the majority of loans there won’t be a lot of difference anyway. Blue Fox Finance offer the most options for various loan types, so if you aren’t sure what loan you would qualify for, then have a chat to them – they are also the easiest to get hold of as they can be flexible around your time.