Financial professionals come in all shapes and sizes; from those that manage insurance bonds, right through to the types that help with home loan applications. For those of you wondering why these experts are so popular, you may find yourself asking what it is that draws so many people in their direction. Within this post, we’ll be exploring the reasoning behind why you may want to use a finance expert and how they may be able to help you with your expenses.

Leading by example

Consider a mortgage broker for a moment. These financial experts are tasked with helping their clients to secure affordable home loans, enjoy lower interest rates and even benefit from deals that may not be publically available. In Melbourne, and where the property market is currently at its most extensive in decades, ensuring that you sign up to the right deal can make a huge difference to your bank balance in the future.

And this is exactly what those who work within this financial niche can help with

Although many financial ventures require very little knowledge in the field, the reality is that there are a lot of loopholes and systems in place to both help and hinder potential investors, new property buyers and everyone in between. It’s these factors that often need to be considered carefully; especially when dealing with long term investments such as mortgages.

For example, where a mortgage is concerned; if a borrower applies to a bank that proposes a higher than average rate of interest, they might find themselves repaying more each month simply to have access to the home loan in the first place. On top of that there are numerous fees to consider, some of which need renewing every year and others that are often one-off by nature.

By hiring a financial expert, these fees could be negotiated with the lending agency, or they could be written off entirely depending on the type of loan being applied for

Considering that most banks will attempt to ensure that they receive the most from their customers and investors, it can be easy to end up signing up to a deal and find yourself stuck with fees that you A) didn’t know existed and B) weren’t aware that you could forgo. This is where a financial advisor such as a broker can come in handy.

How can they help?

By helping you to identify the fees that are obligatory and then providing further information on how best to avoid the excess, you could end up saving thousands of dollars in the grand scheme of things. With a mortgage for example, if your rates are higher than average, you are being charged a lender insurance fee and your bank has managed to squeeze a smaller repayment time out of you – then you could end up paying a lot more money each month.

By taking on the services of an expert however, you could end up finding yourself in a position to reduce your costs by minimising your rates of interest, extending your repayment period to enjoy lower amounts each month – and possibly more, depending on the type of expert that you’ve hired.

Although savings aren’t always guaranteed, especially if the lender has fixed prices depending on their services – the ability to at least compare, negotiate and then move forward can be far more substantial with an expert on your side of the fence.

Being able to turn to a professional that has a firm understanding of the financial field can be very rewarding; especially if they are able to suggest alternative ways to secure a loan, or advise you on how best to keep your costs as low as possible. This is why using these types of services can be so beneficial – and why many borrowers consider putting their mortgage brokers to good use as soon as they take their services on.