Saving for a home? If you haven’t met with a mortgage broker yet, it may cost you. Here’s why.

When saving a deposit to buy a home, many people have a goal amount in mind that they need to save before they meet with a mortgage broker who will help them secure the finance.

But, from day one, when you first think, ‘I could maybe buy a house if I worked hard and saved a lot’, you’re ready to have a mortgage broker on your side.

A mortgage broker’s knowledge of the loan and property market will help you work out how much you will be able to borrow, which determines the size of the deposit you will need to save.

They will also be able to help you develop processes and a realistic timeline to save your deposit faster and provide creative solutions that will help reach your goals sooner.

You may also be pleasantly surprised to find that you are closer to your goal than you thought. The tools available to a mortgage broker that can help you realise your dreams more quickly and efficiently include lender’s mortgage insurance, specialist lending products, land loans and, for investors predicting significant rises in property prices, interest-only loans.

More importantly than just being allowed to provide these products, an MFAA Approved Mortgage Broker can help you work out whether they suit your situation and goals. For example, while buying land now to build on later lowers the cost of your initial investment and can be an opportunity to take advantage of reduced land prices, there is no point in it if you will not be able to secure construction finance down the track.