We recently had the pleasure of sitting down with one of Melbourne’s leading mortgage experts, Dana Boyd of Tundra Mortgage Brokers, with the intention of finding out just how a new home buyer could save themselves money on a home loan.
Our chat was very detailed, so here are the highlights for those of you looking to buy a new house in Melbourne.
Interviewer: Hi Dana, could you introduce yourself to our audience and let them know a little bit about who you are and what you do?
Dana: Hi there, of course. My name is Dana Boyd and I’m an qualified mortgage broker. I’ve been offering my services to new home buyers, investors and developers for several years now, with my main ambition being to help them to minimise their costs.
Interviewer: That sounds great, so how is it that you help them to keep their costs as low as possible?
Dana: Well my techniques vary from client to client, but generally speaking I consider it my role to explore the options that are available to borrowers at any given time.
Interviewer: What does that mean?
Dana: The property market is constantly changing and it’s this fluctuation that demands an up to date approach whenever I take on a new client. If I don’t stay on top of the latest interest rates and newest offers, I can’t extend those benefits to my clientele.
Interviewer: So, how do you stay on top of the latest rates of interest?
Dana: In a range of ways; from contacting banks, right through to evaluating lenders and their latest schemes and special offers.
Interviewer: And this can help a borrower to save money?
Dana: It certainly can, but if I’m entirely honest, the entire process can be very technical – as well as time consuming. This is half of the reason why I offer my mortgage brokering services; to help my clients to save themselves time and reduce their stress in the process.
Interviewer: Just how technical are we talking?
Dana: There’s a lot of research needed when applying for a mortgage; from comparing interest rates between different lenders, to deciding on a suitable repayment period to meet budget requirements and income. These factors aren’t just numbers, they are important pieces of data that banks will consider when deciding on whether someone could be a viable lender or not.
Interviewer: So, a mortgage isn’t guaranteed?
Dana: Unfortunately not. Most lenders will undertake a great range of checks to get to know how reliable their potential borrower is, as well as how much money they make. As a result, they’ll decipher how likely they will be to meet their repayments.
Interviewer: How do you look after them?
Dana: It’s my job to help them to maximise their potential to obtain approval on a home loan. One of the most common mistakes made by first time home buyers is that they don’t know which type of mortgage to apply for, and then end up getting rejected and marring their future potential.
Interviewer: What would you advise?
Dana: There are simply so many unique types of loan to apply for and I consider it my task to hone in on the right one for my clients’ needs. By considering their budget, their deposit amount, how much they could afford to pay back to a lender and more – I can help them to apply for a realistic loan, whilst minimising their concerns and expenses in the process.
Interviewer: Thank you so much Dana, where can our audience find you?
Dana: I’m easy to get hold of via phone or email or visit my website.