Who should you go to for home loan advice?

What professionals should I speak to when buying a home?

Accountant

An accountant can help you look at your financial position and assets and see if purchasing a property is right for you at this time. An accountant can also give you advice to help you decide what tax structure to use to purchase your property.

Your accountant will help you understand what you can and can’t claim on tax as a property owner, including tricky matters such as capital gains tax and negative gearing.

Mortgage broker

A mortgage broker acts like a one-stop shop for all things home loans. They are loan specialists with a lot of experience in matching people with appropriate financial products.

Your mortgage broker can then help you select the right loan and apply for it, giving you an advantage as they know all the ins and outs of the application process. Mortgage brokers assist you from the start of the process right through to settlement.

Typically, mortgage brokers won’t charge you anything for their services. They usually get a fee or commission from the financial institution they refer you to.

Property buyer's agent

Property buyers act on your behalf and help you find properties to buy. They charge a fee for their services. These fees according to the Real Estate Buyers Agents Association of Australia (REBA) are about 1.5 - 3% of the property price plus GST for full services, or 1% plus GST for negotiation only services. It is the property buyer’s responsibility to ensure that you don’t overpay for a property. They can also attend auctions on your behalf, bid for you or negotiate on the sale price of a home.

Financial planners and advisers

As the name suggests, financial planners and advisers can assist you in planning your finances and making future decisions. Purchasing a property is one of the biggest decisions you will make with your finances, so it’s only natural for you to get financial advice. If you are purchasing an investment property and need home loan advice, financial planners will be able to talk you through this process and discuss your financial position.

Conveyancers

You'll need to engage with a conveyancer during your home loans process. They will help with all of the legal aspects of buying a property, like making sure all the correct contracts and other paperwork are signed.

They will also give you advice and support to protect you from legal risks and ensuring a stress-free process.

Comparison services

Using a comparison service like finder.com.au is another great way to get home loan advice. finder.com.au helps you compare home loans from across the market to help you select a suitable one for you. We also have a wealth of free tips and advice on almost every aspect of mortgages and property buying. We also have a live chat service, an email help service and you can ask comments on specific pages and have them answered by our home loan experts usually within 24 hours.

Real estate agents

Even if you’re buying rather than selling, sometimes it’s a great idea to call up a local real estate agent in the area you’re buying in to ask them what kinds of properties are selling well in the area, what the average price is in the area, and what potential buyers are looking for in homes.

If you’re buying a property to renovate and then sell, a real estate agent’s information can be invaluable.

Free financial counsellors

If you are currently committed to a home loan but are struggling to make repayments and keep up with your financial commitments, there are free financial counsellors available to assist you. These counsellors are professional and non-judgemental. They are there to provide support and information to those who need it the most and who find themselves in financial difficulty.

Five key questions to ask when buying a home

When buying a property it’s always good to have these five questions clearly answered before considering it:

• How long has the property been on the market for?
• What is the average price of other homes in this area?
• What is the minimum price the owner will accept?
• How many offers has the seller received?
• How old is the property?

Read our detailed guide to buying property

Frequently asked questions about who to ask for home loan advice

• Is it worth using a mortgage broker?

  A mortgage broker can take a look at your circumstances and find the best home loans for you. They'll look at your financial situation, your employment, your borrowing power and what features would suit you best.

  If you have circumstances that are a little bit irregular or you're simply overwhelmed by the options, a mortgage broker is well worth it. Most brokers don't charge the customer directly, so it won't cost you anything. You can also continue to compare on your own and you're not obligated to go with their recommendations.

  Although it's certainly possible to apply for a home loan on your own, a mortgage broker can take over a lot of the work and make sure you're best prepared to be approved.

• How much does a mortgage broker cost?

  Mortgage brokers generally don't cost anything for a borrower. Instead, they receive an upfront and ongoing commission from the lender you choose.

  There are some exceptions though.

  If you have particularly complex circumstances and your broker will need to do additional work and research as a result, they may charge you a fee.

  Additionally, there are some mortgage brokers who charge a fee regardless. Normally when this happens they forgo the commission. This is known as fee-for-service and typically happens when the broker doesn't want to risk not receiving a payment for their work (like if you choose not to take out a loan through the broker and they don't receive a commission). This is quite rare though.

• Can I get a home loan without help?

  Applying for the home loan itself is possible to do without help. It will involve a little more work though and you'll need to be sure you have everything you need to hand. If you have more complex circumstances, even as simple as being self-employed, it will be a little more difficult to navigate but not impossible.

  Outside of the home loans process, it's possible to buy a home without a buyer's agent but again, it can be difficult.

  You will definitely need a conveyancer to help handle the legal paperwork.

Written by

Marc Terrano

Publisher

Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money. See full bio