Local Western Sydney Mortgage Broker Helping You Achieve Your Property Goals!
Are you seeking a premier mortgage broker in Western Sydney to guide you on your journey to owning a home? At Bloom Home Loans, our dedicated team of experienced mortgage & finance brokers is committed to securing the best possible home loan solution for you at the most competitive interest rate.
The great Australian dream still includes buying (and paying off!) your home, especially with rising prices and living costs in Sydney. As your trusted local Western Sydney mortgage brokers, our commitment is to provide tailored support and help achieve your dream of owning a home. Our dedicated and personalised mortgage team assists you in finding a budget-friendly home loan solution.
At Bloom Home Loans, our mission is to assist you. We prioritise our client’s needs and aim to be the go-to Mortgage Brokers in Western Sydney, dedicated to helping you realise your dream of homeownership with a sustainable home loan solution.
Trusted Mortgage Home Loan Experts
Just as with any specialist, it’s wise to explore your options before committing to an appointment. Much like avoiding skipping a doctor’s visit for a medical issue, the same prudence applies to choosing between going directly to a bank or working with your broker. Considering that your home loan is probably your most significant expense, seemingly minor discrepancies can translate into substantial savings or expenses over the loan’s duration. Having a dedicated advocate with years of experience in your corner is precisely why mortgage brokers, especially those from reputable Western Sydney mortgage broker firms, are the preferred choice for arranging home finance.
Licensed Mortgage Broker Near You
Passionate mortgage brokers in Western Sydney should be on top of their game. This is because our clients are so diverse and include everything from first home owners, land & construction, refinancing, self employed and PAYG clients. Many local mortgage and finance brokers in Western Sydney will be able to service a particular segment. At Bloom Home Loans we have the skills and experience to cover a broad range of clients.
Tailored Mortgage Solutions
Securing finance for a home loan is an ever-evolving process. What makes a lender the best option one month may not hold the next. This is due to various factors, beyond just interest rates, that lenders adjust regularly. Keeping on top of lender policy changes and making sure the best options are presented to meet your needs and objectives takes effort. As a locally focused mortgage broker firm with years of experience, we understand the importance of keeping abreast of lender policy changes to provide you with the best possible solutions.
Some examples include:
- How your income is assessed
- Are you the type of lender that bank is looking for at the moment, and if not which bank wants your business right now
- Do they offer the loan types you need for current and future needs
- How they value your property
- How long will the bank take to assess my application
- Do the lenders offer special concessions based on your occupation
- Nearly 70% of all new home loans are now done with a mortgage broker.
- There are many reasons for this. The most important thing is that a mortgage broker is legally bound to operate in your best interests. Banks do not have this obligation. Mortgage brokers also offer you a choice. Banks are only able to offer you their products.
Looking For The Efficient Home Loan Solutions
in Western Sydney?
Our knowledgeable and friendly mortgage team in Western Sydney is now committed to providing you with long-term financial solutions that cater to your unique needs and goals.
How We Are Paid
There is no cost for seeing a professional mortgage broker in Western Sydney. The lender will pay the broker a commission for introducing the client to them.
Credit Scoring
Applying for finance is a big deal. Every credit application will remain on your credit file for 5 years. Multiple applications for credit within a short period run the risk of shredding your credit score and making it more difficult to get finance.
We Are Close!
Bloom Home Loans is your professional advocate as your local mortgage brokers in Western Sydney. We are in your corner to get the right loan for you. We live in and know the area well. Let us support you.
FAQ
- We specialise in obtaining approvals, not just pencil pushing.
- We provide dedicated support to ensure your application progresses faster than most others in the industry.
- Bloom Home Loans operates on a best interest duty, banks do not.
- We offer Australia wide services.
- A full member of MFAA and AFCA, we only enact the most ethical and fine tuned lending practices.
To put it simply, the lender’s maximum loan is normally between 5 – 7 times gross income. It is always important to consider what is the best way to present your income to a lender so that they will understand? Items such as personal loans, credit cards and HECS debt all have a very large impact on how much you can borrow. Depending upon your income some lenders are very strict on overtime, bonuses, commissions and self employed. Whereas others are far more lenient in these areas. We are experts in understanding each element which may affect your ability in obtaining credit.
Absolutely! We pride ourselves in knowing lender policies for our self employed clients. Some lenders will offer prime rates will an ABN as little as 6 months old. Understanding your business and then representing this in the right way to the right lender is very important. A good Accountant will ensure you have tax effective income. A good Mortgage Broker will understand the good work your accountant has done and then represent this to the bank in the right way to increase your borrowing power.
Many years ago lenders needed you to have at least 20% deposit plus stamp duty to buy a home. As living costs and home prices increased; they released this was an unrealistic hurdle. So they allowed clients to have as little as 2% deposit but pay a one off insurance premium – Lenders Mortgage Insurance (LMI). LMI protects the lender in the event you default on the loan but you pay the premium. LMI is normally added to the home loan. Whilst it can be a significant cost, it enables you to get into the market sooner
All lenders use independent third party valuers to assess the value if your home when a full on site inspection is required. Normally this cost is picked up by the lender. Some lenders have their own software to automatically determine the value of your home. Valuations between lenders vary significantly. Sometimes more than 20%. If a valuation is required we will order this for you.
Rather than count yourself out of being able to get finance we recommend you contact us as you may be surprised what is possible. There are specialist lenders we have relationships with that will consider your loan application even with bad credit, defaults, ATO debt and bankruptcies.
Lenders look at your Capacity to repay the loan, your Capital / how much money you have, Collateral you are offering as security for the loan, Conditions including the economic environment, loan purpose and interest and your Character to ensure you are a responsible borrower and will repay the loan
Fixed rates are great if you are worried about what would happen when interest rates rise. They offer certainty for a period of time but this certainty may come at a cost with higher interest rates. You will likely also be restricted from making additional repayments off your loan. Variable rates enable you to pay as much off your home as you like without penalty. You can also access these payments again via redraw if you are ahead on your scheduled payments. If rates fall you will benefit whereas If they rise your loan payments will increase. It is possible to have a split loan, where a portion is Fixed and a portion Variable.
The best loan is the one that offers certainty of approval and meets your needs now and into the future. The lowest rate may not necessarily be the best fit. Whilst a low rate may be enticing now, if the bank policies mean you cannot access it or if the loan structure is not suitable then this may not be the best option for you
Yes. This is sometimes called “the bank of mum & dad”. Loans with no deposit may be possible if another property is offered as partial security to support the loan. It may not increase the amount you can borrow but it will reduce the risk to the lender and result in a lower interest rate. It will also save you having to pay Lenders Mortgage Insurance. It is not without risk though. The guarantors property is used to secure your loan If you default on your loan the bank may call upon the guarantor to pay the shortfall. Guarantor loans of this nature are limited but still present a risk.
If the loan term exceeds your expected working life the lender will want to know how you will pay the loan when you finish working. This is termed an exit strategy. There are various exit strategies that are considered by lenders. Some include downsizing to a smaller property after retirement, using superannuation to pay off the remaining loan or if it is an investment property you can sell it at any time.
We save you time by preparing the loan application and presenting you to the most suitable lender in the best manner, request interest rate reductions on your loan, structure the loan, offer guidance on the benefit of making additional loan repayments and saving you time. When we say our home loans don’t cost the Earth, we mean it. Even a 0.50% interest difference on a $500,000 loan over 30 years will save you more than $55,000.
Every lender is different. For our first meeting we recommend getting evidence of income, liabilities and ID. We will guide you on the specific requirements as we progress your application.
We will make this clear once an application is lodged. Approval timeframes vary depending on the lender and complexity of your application. We monitor your application every day to ensure it never falls behind as we have seen is all too common in the industry.
We encourage you to reach out at any time! We have a passionate team ready to discuss your needs right away.
How do I start?
We encourage you to reach out at any time! As the best mortgage broker firm in Western Sydney,
our passionate team is always ready to discuss your financial needs right away.
Home Loans
Buy a property