Why You Need a Mortgage Broker from Day One: A Smarter Approach to Saving for Your Home
Saving for a home deposit is one of the biggest financial goals many people set. You might think that the best approach is to save first, then meet with a mortgage broker once you’re ready to apply for a loan.
But here’s the truth—you’re doing it backward.
Start with a Mortgage Broker, Not Just a Savings Plan
From the moment you start thinking, “I could maybe buy a house if I worked hard and saved a lot,” you should involve a mortgage broker. A broker can provide insights into the loan and property market, helping you determine:
- How much you can borrow
- The deposit size required for different lenders
- Strategies to accelerate your savings timeline
Rather than guessing your deposit target, a broker ensures you aim for a realistic and achievable goal tailored to your financial situation.
How a Mortgage Broker Helps You Save Smarter
1. Developing a Realistic Timeline
A mortgage broker assesses your income, expenses, and financial goals to create a savings plan that aligns with market trends and lending criteria.
🔗 Read More: Home Loan Pre-Approval Guide
2. Paying Down Debts Faster
Reducing existing debt improves your borrowing power. Brokers can guide you in consolidating loans or adjusting repayment structures to free up savings potential.
3. Accessing Alternative Loan Options
You might be closer to homeownership than you think. A broker can introduce strategies such as:
- Lender’s Mortgage Insurance (LMI): Helps buyers with deposits below 20%
- Specialist Lending Products: Suited for non-traditional borrowers
- Land Loans & Interest-Only Loans: Ideal for investors
Making Smarter Property Decisions
Should You Buy Land Now to Build Later?
Purchasing land at a lower price with the intention to build later can be a great investment—if done correctly. While this strategy reduces upfront costs, it’s only beneficial if you can secure construction finance when the time comes.
Key Takeaway: Get Advice Early
The best time to consult a mortgage broker is before you start saving—not after. At CBM Mortgages, we specialize in guiding Sydney buyers through the entire home loan journey, ensuring you make informed financial decisions from day one.
📞 Speak to an Expert Today
Want to start your homeownership journey with a strategy that works? Contact CBM Mortgages now for personalized guidance.
