Why brokers hold the keys to getting your foot in the property door

Getting a foot in the door of your dream home might be getting harder, but talking to a mortgage broker could get you the keys more quickly. Purchasing a property in today's housing market is not for the faint-hearted.

Would-be homebuyers have only to turn on their TV - or check Facebook or Twitter - for the latest news informing them that their dream home is slipping further out of reach. When you add in the challenge of sourcing the right loan, first homebuyers can be forgiven for thinking twice about taking that first step on the property ladder. But the truth is, it's not quite as hard as you think. Research has shown that mortgage brokers are helping buyers with over 70 per cent of all new housing loans in Australia, and for good reason - buyers know that brokers can provide a level of advice that banks simply can't. If you feel like the door to your perfect home is permanently locked, here are five keys' brokers could be holding. Choices, not ultimatums, brokers have a direct line to a large panel of quality lenders, so they can crunch the numbers and give buyers a comparison of the best interest rates and products available from that panel.

The panel is likely to include the four major banks - ANZ, Commonwealth Bank, NAB & Westpac though brokers can also take the pulse of highly competitive regional and second-tier lenders, as well as niche lenders that might suit borrowers like the self-employed. Brokers have a deep understanding of the products available to borrowers and can offer sound advice on your home loan options. While your lender is likely to do everything possible to accommodate an application, they won't recommend a competitor down the road. It's always best to shop around. Answers, not questions Mortgage brokers are steeped in product developments and trends, and can make sure borrowers are asking themselves the right questions at the right times. Whether it's considering the advantages of a fixed, variable or split home loan; making sure borrowers have an offset account; or what a good rate discount looks like at any given time, brokers can put their knowledge to work for borrowers.