Online Mortgage Broker

The wonders of technology have helped to make things easier for everyone around the world. In light of COVID-19, there has been an even stronger push to move many business services online or to have people work from home. However is this applicable for working with mortgage brokers and applying for a home loan, refinancing or construction loan?

Can you trust that you are receiving the best customer service and advice from a mortgage broker?

Let’s help answer some common questions that you might have.

What is an online mortgage broker?

An online mortgage broker is simply any mortgage broking business which communicates with a customer almost exclusively via phone, email or video chat. This means that the customer never visits the office of the broker or the broker does not come to you.

Reservoir Finance is an online mortgage broker! However there are a couple of differences between us and other businesses.

What are the advantages of using an online mortgage broker?

We see three key advantages in using an online broker:
  • You save time;
  • Accessible – almost anyone in the world can use them;
  • It’s digital – easier for record keeping.
  • Saving Time

    The biggest benefit is that you don’t need to travel for meetings with your broker!

    As Reservoir Finance is based in the Sydney CBD, we recognise that not everyone lives close by and so having the option to communicate and engage in our services online via email, phone or video chat, we can save you hours of travel time!

    Accessible

    Almost anyone in the world can use an online mortgage broker. This means if you live in rural Australia or move to another country, you can still engage with the same mortgage broker who helped you save thousands of dollars on interest repayments.

    At Reservoir Finance, we mean it when we say we will serve almost anyone. If you’re from interstate but want someone who has eyes on the ground in Sydney, we would love to partner with you! If you are from overseas and are looking to move to Australia, we have you covered!

    Digital Record Keeping

    Dealing with an online mortgage broker means a lot of the communications, forms and documentation will be securely stored digitally. This means that if you happen to accidentally lose your files or can’t find them, we can help you recover them.

    Is it safe to use an online mortgage broker?

    In general, it is safe to use an online mortgage broker as long as you know they are trustworthy. Check whether they really are a mortgage broker or a scammer. Check whether they are a membership of an industry group such as the Finance Brokers Association of Australia (FBAA).

    Phone them or even video chat with them to see if they come across as dodgy or genuine.

    The platforms that Reservoir Finance uses to store your personal information is secure and is in accordance with our Privacy Policy. You can be at ease knowing that we take your privacy and personal information seriously.

    Who will I be speaking with?

    When working with Reservoir Finance, you will be speaking with our team of experienced brokers, all of which have worked in finance companies prior to joining Reservoir Finance. All of our team are members of the industry group, Finance Brokers Association of Australia (FBAA), hold university degrees in Finance, and have a Certificate IV or a Diploma in Finance and Mortgage Broking. In other words, they are all experts and are bound by the same laws as other Australian mortgage brokers. At Reservoir Finance, we generally do not ask for upfront fees for our service.

    Does this mean online mortgage brokers are cheaper?

    Maybe. We endeavour to not charge any upfront fees as we get paid through commission from the lenders when you complete and close the deal. However, in order to protect our business from fraud, we may charge a flat fee for generating your Credit Report prior to loan proceeding.

    How will we communicate?

    We communicate with three methods:
  • Email;
  • Phone;
  • Video Chat.

    We use all three methods in any engagement with prospective clients. Email is used for all calculations, formal documentation and applications. Phone is used to help provide greater context, education and advice on the loans and your personal circumstances. Video chat is required (by law) to visually verify that you are indeed the person that is applying for the loan.
  • Do I have the same lender options as walking in?

    Of course! In fact you might get more options! There are a number of new “online only” lenders that have recently launched. Dealing with banks face to face means that you won’t get access to them. There are also lenders that deal via brokers only, so you will have access to those in the consideration set we put forward to you if it suits your personal needs.

    How do I submit documentation?

    We use email for any documentation that needs to be submitted to the banks. Whether this is loan application documents, proof of income, proof of identity, and more.

    We will provide you with a list of documents when it comes time to apply for a loan. For the initial (free) chats and assessments, we may just require you to sign a disclaimer form outlining our terms and conditions and services.

    Will I ever need to visit your office?

    Most of the time no! However it really depends on the lender that you choose to go with. Some lenders will require us to meet you face to face to verify your identity instead of using video chat. We will let you know if this is required.

    Will there be any disadvantages in working with you online as opposed to face to face?

    It’s your personal preference at the end of the day! We recognise that every Australian is different. This means some people might want to meet face to face and shake hands and sit down to have a great discussion. Other people are just too busy and want things done in an efficient manner.

    At Reservoir Finance, we cater for both! Online or offline, we are here for you and look to provide you with outstanding customer service as we seek to be your partners in helping you reach your financial goals.

    Work with an online mortage broker today!

    Reservoir is an online mortgage broker who is ready and excited to assist you! Whilst we are based in the Sydney CBD, we serve all Australians anywhere. Fill out the form below to speak with us today for an obligation free meeting! You can also call us on (02) 9261 8994. Speak with you soon!


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