Our mission at Lendfirst Home Loans is to assist undervalued low deposit and first home buyers find real solutions to buy homes.
First home and low deposit buyers are frequently mislead by media, family & friends, banks and other advisers who aren’t qualified or don’t have the knowledge to get it right and many buyers miss out as a result.
If you are a first home buyer or have a limited deposit, Lendfirst Home Loans specialises in finding real solutions just for you. Because we are the experts in low deposit loans, we often get you a ‘Yes’ when others have already given you a ‘No’.
What is a Mortgage Broker?
An independent finance specialist who analyses your needs and matches those needs with the most suitable lending product from a range of lenders not just the one bank. A mortgage broker will assist you with your paperwork such as loan applications and supporting documents. The best mortgage brokers are one’s who educate you and advise you on your finance options and don’t just simply take your order or tell you what the computer says.
What Qualifications does a Mortgage Broker need to have?
Mortgage brokers must have completed:
- a minimum Certificate IV in Finance and Mortgage Broking and
- be a member of an external dispute resolution scheme and
- be a member of an industry body such as MFAA or FBAA and
- be officially licensed by ASIC
There are no requirements for a Mortgage Broker to have any prior lending experience and there are no minimum number of lenders a broker must be accredited with.
It is difficult to find a good broker except by personal experience which is too late if you find a not so good one however there are a couple of signs to indicate you have a good broker on your side:
- They have a professional website that is easy to find
- Their website is transparent and it is easy to identify the individuals in the business
- Their website contains information that is genuinely useful
- They answer the phone or at least return your call promptly
- They freely give you information and answers whenever you ask
- They don’t offer immediate solutions, they take the time to research options
A referral from a trusted friend is good but not always. Your situation may be more complex and your friend’s broker may not have the knowledge to deal with your situation as easily. Shop around and speak to more than one broker. 10mins chatting on the phone will give you more than enough information to decide who is going to do the best job for you.
Who is Michael Garland?
Michael has been educating clients and other brokers on their finance and lending options for over 20 years. He has been involved in leading and managing national strategic planning projects at one of Australia’s largest regional banks giving him an extraordinary insight into how banks think.
For a period of just over 7 years, Michael was employed to coach and train 100’s of mortgage brokers in understanding credit policy, product options and how to submit quality applications to ensure the customer achieves the best possible outcome.
Michael holds the following qualifications making him one of the most highly educated and qualified mortgage brokers in the industry:
- Master of Management (Marketing)
- Bachelor Business (Banking & Finance)
- Diploma Finance and Mortgage Broking
- Associate Diploma of Business
- Certificate IV in Frontline Management
- Certificate IV in Training and Assessment
- Certificate IV in Finance and Mortgage Broking
- JP (Qualified)
Learn more about Michael on his Linkedin profile.
The LendFirst difference
Often brokers rely on complex computer programs to tell them what loan is best for a client however, computer programs are only as good as the information that’s put into them.
At Lendfirst Home Loans we tirelessly research policy manuals, websites and bank staff to ensure the advice given is faultless, 100% accurate and up to date every time and our recommendations are not reliant upon the latest software update.
Research suggests a large number of brokers have 3 to 4 favourite lenders and will only recommend those lenders even if there are more appropriate options available.
Lendfirst Home Loans has over 30 favourite lenders and will always recommend the most suitable loan regardless of the lenders name, size, location or broker incentives being offered.
We specialise in First Home Buyers and loans for those with low deposits however our experience and our unique approach to finding solutions continues to attract complex residential and commercial lending clients that other brokers and banks find too difficult.
At Lendfirst Home Loans, we understand the time pressures that come with purchase contracts and through experience are able to identify problems before they happen. This allows us to fix issues before they arise even if that issue is a problem for the solicitor, valuer, building and pest inspector or real estate agent.
Our goal is not only to provide you with Smart Advice and Real Solutions but also to ensure your transaction is completed as smoothly and as quickly as possible with minimal fuss for everyone involved.
How does a Mortgage Broker get paid?
Brokers generally receive a fee for their service directly from the lender, not the clients, but all payments and fees are fully disclosed before any commitments are made. Some unusual or unique loans the banks will not pay a broker for their service and this may result in a fee from the broker being charged to the client however they are rare and any out pocket expenses are discussed upfront before they are charged.
Brokers also receive a regular monthly management fee for looking after a client’s loan and enquiries beyond settlement. This amount is usually only small and once again it is paid by the lender not the client.
In almost all circumstances, if a loan is closed within 2yrs of settlement the broker is required to give their fees back to the lender which means the broker has done all the work for no payment. Some brokers absorb this cost but some pass this onto the client depending on the circumstances. Once again, this is also discussed upfront before any choice or commitments are made.