Home' Illawarra Mercury : May 15th 2010 Contents IMD D007
DOMAIN, Saturday May 15, 2010 7
Find the right
Loretta Davison, one of the
first mortgage brokers in the
Illawarra, holds a Certificate IV
in Financial Services and is a full
member of the Mortgage Finance
Association of Australia as well
as a Justice of the Peace.
After many years of experience as
a bank and credit union manager, Lo-
retta became the proprietor of her own
business in 1996 trading as Mortgage
Wisdom Pty Ltd.
"This was one of the first mort-
gage broker businesses in the Illawarra
specialising in home, investment,
commercial and equity loans," Loretta
said. "With 25 years of lending expe-
rience, I enjoy assisting people find
the right home loan.
"I do this by listening to what
people want from their home loan,
collecting their personal information
and then using my expertise to then
provide them with a comparison of
home loan options from our panel
of lenders that would best suit their
Loretta believes that most people
now understand the benefits of having
a good mortgage broker. Finding even
a slightly better interest rate can save
people thousands of dollars over the
term of their loan.
Not all lending institutions offer
the same products therefore if they
just go into their own financial institu-
tion or shop at the wrong places, they
could be missing out on benefits or
opportunities of other loans.
It is not always interest rate that
is important to people, fees are also
important and sometimes their priority
is flexibility in a loan.
Peoples circumstances in regard
to their income or credit history may
make it difficult for them to obtain
finance by themselves.
Lenders vary substantially on how
much they will give you based on your
income and it is important to know
your maximum borrowing potential if
you need it.
Lending policies also vary sub-
stantially between lenders.
"My clients feel comfortable that
they have someone with my years of
experience helping them with their
decisions," Loretta said.
"Most people today are very busy
and are unable to take the time out to
arrange a loan during the day. If this is
the case I am happy to call on them at
home on evenings or even weekends.
"My services extend way beyond
just arranging the loan.
"When clients receive their
mortgage documents I am happy to sit
down with them and discuss the docu-
ments before they sign. This can save
them additional solicitor s fees.
"If a client needs to pay a deposit
but does not have the cash to do so, I
can arrange a deposit power bond for
them that allows them to exchange
contracts and secure the property.
"In regards to homebuyers and
particularly first homebuyers I provide
a great little booklet Your Home
Buying Guide which explains what is
involved in buying a home, the steps
involved and what they need to apply
for a home loan.
"I also assist my first homebuy-
ers complete the First Home Owners
Grant and process it through their
lending institution so that the monies
are available at the time of settlement.
"Even after the loan has settled I
like to keep in contact with my clients
to review their loans and assist with
any future loans - many of my clients
have had their loans with me for 10
years or more.
"I believe service is important and
keeping people continually informed
For a personal consultation or more
information about Mortgage Wisdom,
contact Loretta on 4257 5188 or
0413 747 138 or email loretta@
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