When buying property for the first time, you will usually require a home loan. Find out what you need to know before you apply…

Whether you have applied for pre-qualification at this stage or not, it is advisable that you shop around for a deal which suits you best.

You can either go to the Banks directly, or take up the services of a mortgage originator.

Mortgage Originators vs. The Bank

Generally this comes down to personal preference.

You can go to your bank to apply for a bond in a familiar setting with an institution that knows you and your banking history. Alternatively, you can apply through a mortgage originator, which will cover all the banks on your behalf with one application. The mortgage originator will include your own bank, as well as the other major banks. The banks will know that a mortgage originator has submitted the application and that other banks may be competing to offer the best deal. This will motivate all banks to be more competitive.