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Do You Even Need a Mortgage Broker?

Evelyn Clark is a Director and Finance Broker at Everlend, a mortgage and finance broker based in St Kilda, Melbourne. Everlend has a focus on empowering and educating their customers to make their own informed financial decisions.

In today’s episode, we’ll walk you through the role a mortgage broker plays in the first home buyer’s journey. We’ll break down what a mortgage broker actually does, what a first home buyer needs to know about borrowing capacity, and we answer the question, do you really need a mortgage broker?

Evelyn Clark is a Director and Finance Broker at Everlend, a mortgage and finance broker based in St Kilda, Melbourne. Everlend has a focus on empowering and educating their customers to make their own informed financial decisions.

In today’s episode, we’ll walk you through the role a mortgage broker plays in the first home buyer’s journey. We’ll break down what a mortgage broker actually does, what a first home buyer needs to know about borrowing capacity, and we answer the question, do you really need a mortgage broker?

One of the familiar choices made by first home buyers is going directly to their bank to seek funding for their dream home. But would you still do that if you were aware of the many benefits of working with a mortgage broker? Let my guest for this episode tell you more about why you need the assistance and support of one. She is Evelyn Clark, Director, as well as Mortgage and Finance Broker at EverLend from Melbourne.

Episode Outline
00:00Disclaimer 00:17Introduction 01:11Getting to know Evelyn Clark 02:44What does a mortgage broker do? 03:53The difference between going directly to the bank and working with a mortgage broker 06:25Elements that form one’s borrowing capacity 09:00What are the steps involved in the mortgage process? 11:17When should first home buyers approach a mortgage broker? 12:26How much do a mortgage broker’s services cost? 13:35The pre-purchase phase 15:08How long is pre-approval valid? 17:48Property Reports 18:34Auction Advice 19:36Activities involved post-purchase 22:44Required minimum deposit 24:04What is LMI? 24:49No deposit home loans 27:11Types of mortgage loan rates 28:30Tips for first home buyers

Show Notes

I am delighted to have a fellow mortgage broker join me in the show today. Evelyn Clark is the recipient of the Mortgage and Finance Broker of the Year at the 2020 Women In Finance Awards. She was also named a finalist for Young Gun of the Year at the Australian Mortgage Awards in 2019 and 2020. Meanwhile, her company, EverLend, is a team of sought-after mortgage brokers in Melbourne. Therefore, I am sure that you will be able to pick up lots of tips and advice from today’s episode.

As mortgage brokers, both Evelyn and I agree that many borrowers, especially first home buyers, do not have a clear understanding of what mortgage brokers do. Borrowers would just go to the bank where they have an existing account and pick a loan product that is available there. This is very risky as you want a loan that truly matches your lending needs. You need to search across multiple lenders and deep-dive into different loan packages to find one that suits your requirements best. This is one of the many services that a mortgage broker can offer. With their knowledge of a wide range of loan products available from major banks and lenders, they will be able to guide you towards getting the best rates and loan package features.

That is just one of the many ways your lending journey can get easier through the assistance of a mortgage broker. But another question that we usually encounter is how much do we charge for our services. The answer? None.

Most mortgage brokers do not charge their customers. We earn a commission from the bank or lender instead, which materialises only upon a successful settlement. The commission is not charged on top of your loan amount, so you don’t need to worry about paying more.

If you are a first home buyer intending to purchase soon, you should listen to this episode to learn more about why you need a mortgage broker. If you have other questions after, you can share them in the comments section below.

If you are also curious to know more about EverLend and their services, you may visit their website here.

Lastly, this episode of The Home Run Podcast is being brought to you by Lendstreet Mortgage Brokers. They specialise in home loans, and they have a wide range of first home loan success stories in their portfolio. If you are planning to apply for a loan for your dream home, they might be able to help. Contact them at 1300 317 042.

Get in touch with Evelyn Clark

Director, Mortgage & Finance Broker at EverLend
Phone: 03 7036 3356
Email: enquiries@everlend.com.au
Website: www.everlend.com.au

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