Page 17 - Smart Money

Introduction

Clients think that they need to be loyal to their bank, but banks are big
businesses trying to keep their stakeholders happy. They are not going to
change any of their policies to help you get into a loan just because you
have been banking with them for 20 years. You may have to go to another
bank that you’ve never banked with, who is happy to assist you with a
loan.

A mortgage broker is going to know the majority of the banks’ policies.
If you don’t use a broker, you might go to Bank A, not fit the policy, go
to Bank B, and not fit the policy. At Bank C, you might fit the policy, but
because you have already been to Bank A and Bank B, Bank C won’t give
you the loan because you have too many enquiries on your credit report,
and therefore don’t meet the required credit score. With a broker, we
will know straight away that Bank C is the one you are likely to have
success with because you don’t fit the policies of Bank A and Bank B.

Key Point
When you go to your bank and get knocked back, that actually goes on
your credit score, and that can be to your detriment the next time you
go to borrow.

There are a lot of variables that you need to consider when looking to
borrow money and I hope this book will help you do that.

What is this book about?
The information in this book will hopefully enlighten you and open your
eyes to opportunities that you might not know are available to you. It
will also help you get on top of your finances and make sure that you are
actually in the positive and not the red. If you are a first home buyer, we
will chat to you about your first home. We can also talk about expanding
into your second home, if that is what you want to do. We can show you
how to make your money work for you as well, by paying your mortgage
off sooner, or providing information on what you should be doing that
most people just don’t know about.

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