Though mortgage brokers have been part of the Australian finance landscape since the 1980’s, it wasn’t until 2012 that the rate of mortgage broker loan origination rose above forty percent. With new regulations in place in the aftermath of the subprime mortgage crisis, it’s more important than ever for mortgage brokers to cultivate strong partnerships which bolster not only their professional reputation, but also their ability to protect clients.
Brokers know that the purchase of a new home is likely to be one of the largest and most valuable investments the average Australian will make in their lifetime. Taking steps to help protect your clients and actively working to safeguard their interests isn’t just an ethical choice; it’s also a very sound business decision. For this reason, professional and reputable building inspectors can be among a mortgage broker’s best friends.
Mortgage Brokers and Building Inspectors: Fostering a Professional Relationship
Whether it’s a client’s first or fifth time purchasing a home, there is still a certain level of excitement and optimism which can affect the way they make decisions. When a prospective buyer feels they’ve finally found the perfect home, they may also make a few decisions which aren’t altogether wise, up to and including the choice to proceed with a sale in the absence of a proper building inspection. This can leave your clients left holding the proverbial bag when it comes to structural damage, or even financially responsible for addressing any illegal building which took place on their property before they purchased the home.
This is where a working relationship with professional building inspectors can be a boon to mortgage brokers. Building inspectors don’t provide repairs or building services, so they’re free from the conflict of interest which can be problematic during a sale. With no vested interest in providing a distorted view of a home’s structural integrity, a building inspector gives buyers the ability to make informed purchasing decisions. Rather than providing a “pass or fail” grade, inspectors simply report any findings which could indicate significant damage or the potential for such in the future. Armed with this information, your clients are able to more accurately determine whether a home is the right fit.
How Building Inspectors Affect Financing
Should the need for substantial repairs be reflected in a building inspector’s report, prospective buyers are provided with a few options. They may be able to negotiate a better price for the home in light of these new findings, to make an offer contingent upon the repairs being completed, or to ultimately choose not to purchase a particular property. However they decide to proceed, though, they will be making an informed purchasing decision.
Buyers, especially those who are making their first home purchase, want to feel that their interests are being protected by the professionals with whom they’re working to secure a property. When mortgage brokers have a strong working relationship with building inspectors from a registered, reliable company, they’re able to recommend these services to help provide this much-needed sense of security. Even if they choose to keep looking for the right home, knowing they’re working with a mortgage broker who is genuinely working in their best interest helps to foster trust, and can encourage repeat clients who also recommend the services of a particular broker. By working with building inspectors to help protect clients, mortgage brokers can help to ensure everyone wins.
Houspect Building Inspections– Buy, Build, Invest and Sell with Confidence