OwnHome has made a splash on the property market. By helping eligible Aussies cover that crucial upfront 20% deposit, they can accelerate their real estate dreams and move into their new home faster.
But is it possible to get a referral to OwnHome through your mortgage broker? In short: absolutely. In long: read on.
What is a mortgage broker, and how can they help?
The Australian property market can be tricky to get into, but knowing your borrowing power, loan amount, and which lender could be right for you is half the battle. That’s where a mortgage broker comes in.
A mortgage broker can be a useful tool during the home loan process. Not only can they compare home loan products with you so you can make an informed decision, but they can also:
- Set you up with lenders that could be a good fit.
- Crunch the numbers on interest rates and repayments using home loan calculators.
- Help guide you through the home loan application process.
Mortgage brokers can help if you’re a first home buyer or if you want to refinance or buy an investment property. They’ll look at your eligibility criteria, such as your credit score, financial situation, or homeownership history, and help determine which loans could suit your needs.
For example, if you’re bidding at auction and looking for home loan pre-approval, a mortgage broker can help set up your application with a lender. With any luck, your first time application is your last time application.
Keep in mind you might still have to jump through some standard home buying hoops, like:
- Paying stamp duty.
- Paying break or mortgage discharge costs associated with refinancing.
- Working with a real estate agent to find your dream home.
- Covering the property valuation (though this can sometimes be done in-house).
- Getting a conveyancer to handle the paperwork (again, the broker might have one in house).
In terms of costs, some mortgage brokers charge fees, others receive a commission from the lender.
Are you a mortgage broker looking to partner with OwnHome? For more information on how brokers can refer customers to OwnHome, check out our guide.
How do I know a mortgage broker is legit?
Brokerage is a financial service, so it’s important to check the credentials of a mortgage broker before you hire them. In Australia, the key qualifications a mortgage broker should have can include:
These numbers can usually be found at the bottom of their website and marketing materials. Broking providers may operate as individuals or part of a larger firm — both need valid licences.
What happens when a mortgage broker refers me to OwnHome?
OwnHome’s Deposit Boost Loan is designed to help eligible clients cover the 20% deposit needed to access 80% LVR home loans with competitive interest rates. If you have a high income, good credit history, but little savings, OwnHome is a great option to consider.
A mortgage broker can refer you to OwnHome so you can secure the funds needed for your deposit. Once your OwnHome application is processed and approved, your mortgage broker can guide you through the rest of the home buying process, i.e. applying for a home loan to cover the rest of the property value.
