Finance chat

We chat with Elders Home Loans NT’s Katrina Parrington

Mortgage broker vs banker – what are the big differences?
Choice, rates, tailored lending solutions to suit the client and the fact that mortgage brokers compare thousands of lending solutions from multiple lenders to make sure we source the loan that best suits our client. We negotiate for our clients to get the best rate, not the carded rate. We get to know the client and are able to provide personalised service

What is something that people may not know about Elders Home Loans?
Our service to clients far exceeds just the loan, we assist our clients with trusted insurance, financial planning and legal professionals to ensure every aspect of their financial health is covered to protect them and their families.

What does a first home buyer need to know about getting their finance sorted?
Firstly, find out what you can afford. You can then plan your budget and get pre-approved. Consider your whole financial wellbeing, your future plans and where you see yourself in five years. Be honest and transparent and provide as much financial background as you can to assist the process; payslips, loan statements, savings history, assets and if you have a security guarantor available to assist. Communication with your broker is key at this point!

Market conditions and interest rates vary, how can people be sure they are getting the best deal?
The BEST deal is different for each client – it’s expensive to transfer between banks in monetary terms, and takes time to change the loan structure. We tailor the product to our client and negotiate with the banks for the best deal possible for fixed and variable rates. We guide our clients through the process and assist in educating them in developing a strategy, whether it be for investment purposes or simply paying off a loan as quickly as possible.

Home loans or refinancing is often daunting, what is the best advice you can give to prepare people?
Take time to talk to your broker, consider all the options and be honest and transparent. Provide six months’ worth of home loan statements, as well as all financial data you have. Are you chasing better rates or disappointed with your existing bank? Many banks now treat brokers as a trusted partner in the transaction process if a client is having an issue with a bank employee then the broker may be able to step in and be the bank’s intermediary moving forward and save the client the hassle of refinancing.

You’re not originally from NT. Why did you move here and why do you love calling it home?
Lifestyle, opportunity and community. The Territory might be considered an outback destination but the people here have a heart like nowhere else I’ve experienced.

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