Why use Eakins Finance & Insurance?
There are many good reasons why our clients choose to use us as their mortgage broker:
- we efficiently access and review multiple home loans on your behalf, with a full understanding of your needs and circumstances
- we have access to rates and deals that our clients, as retail customers of banks, are simply not able to access over the counter
- we get our clients the most competitive offers because the financial institutions know that we will also look at their competitors
- based in Cairns, we are locally owned and operated and can service regional, rural and metro areas
Most importantly, however, by working with one of our brokers you will most likely reduce the borrowing costs on your home loan – depending on the size of your loan, this can mean savings of tens of thousands of dollars over the life of the loan. Isn't that money better off in your pocket than the banks?
The best bit? You pay nothing for our services – our fees are covered by the lending institution and won’t be passed on to you. Plus, we’ll never charge you administration fees or other hidden costs.
What is a mortgage broker?
Mortgage brokers are basically a go-between who's job is to source home loans for their clients. Rather than you having to deal with umpteen different lenders, a mortgage broker does the hard work for you.
They must have a Diploma in Finance and Mortgage Broking, be registered with a dispute resolution service, and be a member of an industry body. They must then also go through an accreditation process with each lender (over 30 in our case), and are subject to regular compliance checks and audits.
The end result of this is that we have access to home loan options that are otherwise unavailable to retail customers.
What is the role of a mortgage broker?
Mortgage brokers have many roles, the most important is to get you the cheapest rates and fairest terms for your loan. We take the time to understand your specific needs and then advise and represent you in the loan application process, sourcing options from multiple banks and lenders on your behalf.
What is the typical process with a mortgage broker?
At Eakins Finance & Insurance, you will be introduced to your broker in Cairns, who will be your contact point throughout the entire process. We will:
- Speak with you to learn about your financial circumstances, what your property purchase plans are, and, importantly find out how much you would like to borrow.
- Help you assess how much you can borrow, what your repayments will be, and the likely costs (fees and interest rates) on the home loan.
- Prepare a submission on your behalf and send it to multiple banks/lending institutions at the same time.
- Once the banks have considered your submission, they will send their offers to us. Once you have decided on an offer, we start the application process.
Your broker will generally liaise with you and the bank during the loan application process and through to settlement to ensure that it all runs smoothly.
What is the cost of a mortgage broker?
Mortgage brokers perform their services at no cost to their client. They are paid a pre-determined fee by the bank or lending institution that their client chooses to go with.
The fee that the bank pays the mortgage broker is not added on to your home loan rate or price.
However, some mortgage brokers may charge you a fee directly, either instead of or in addition to the fee they get from the bank. Eakins Finance & Insurance do not charge clients any fees.
How do you find the right mortgage broker?
There are a couple of practical things to check:
- make sure the broker is licenced (all brokers at Eakins Finance & Insurance are licenced)
- find out if they will charge you a fee (we do not charge fees).
Choosing the right mortgage broker ultimately comes down to your personal preference. We encourage you to contact several brokers in Cairns and meet with them before deciding on one, as you need to be comfortable with the relationship.
As a local Cairns business, our business is built on referrals, so we are totally committed to ensuring that our clients have a positive experience with us. Contact us today to set up a meeting.