Who Can Benefit the Most from Hiring Mortgage Brokers? Mortgage brokers offer some of the most helpful services to potential borrowers looking for affordable home loans. Not only can they help in a range of ways – they can also benefit a multitude of people. All types of borrowers can be eligible to turn to brokering agencies to help with their mortgage applications – and here are just a handful of people that can stand to benefit. First time borrowers Some of the most common applicants are first time home buyers, specifically those that are keen to buy their own home but may need the financial support of a bank to cover the costs of their loan. Brokers can be helpful to these types of individuals as they can often offer advice and guidance, whilst helping to compare varying rates of interest to ensure that the deal signed up to is the right type of loan for their clients’ needs. Property developers Most people overlook where their homes come from, but the reality is that in 80% of cases in Melbourne, it will be a property developer that will have handled the construction of a house being built. But developers aren’t made of money and that’s why they often turn to banks for financial support. Most lenders will be happy to offer reduced rates to developers, allowing them to sell their homes for a profit and then use much of the cost to cover their loan – reassuring banks in the process and increasing the likelihood of receiving approval. Home investors A home investor is someone that purchases a property with the intention of renovating it, or simply selling it on at a higher price to receive a profit. Even experienced investors may prefer to borrow money from banks and then take out home loans to repay what they owe – in fact, this method can be very flexible, as some lenders will even provide extra cash sums to help with the costs of renovations and so on. Landlords Landlords and property owners will often invest in homes with the intention being to let the house or apartment out to those wanting to rent. Although landlords may fall into the category of property investors, it is worth noting that there are often special lending options in place to help those wanting to buy to let, or buy to lease. There are plenty of other types of borrowers that can benefit from hiring a mortgage broker and in almost 100% of cases, those that do will often secure a much cheaper deal than others that decide to go it alone and approach banks without the help of an experienced professional.