Mortgage Broker

How do I choose a Mortgage Broker?

Whether you are an existing or potential property owner or investor, utilising the services of a mortgage broker to secure finance can save you time and money.

Mortgage brokers are being chosen by more and more people due to their intimate knowledge of the multitude of packages offered by many different lenders. Not only can they answer all your questions but they can help you narrow down the field to the most suitable lenders and packages - a much easier process than talking with over 25 banks/lenders.

The primary advantage of using a broker is that in most circumstances you will only have to go through the process of applying for a loan once. When selecting a broker, here are some key questions and tips to help you establish whether they are the right one to help you.

  • Are they a member of the Mortgage and Finance Association of Australia (MFAA) or the Finance Broker’s Association of Australia (FBAA)? Members of these associations are bound to abide by a code of ethics to ensure the highest levels of service, integrity and professionalism while setting the direction and standards for the Australian mortgage industry.
  • Ensure the broker has up-to-date information on the range of available loan products that enables you to easily evaluate a range of products based on your situation.
  • Make sure the firm has at least 15 lenders on their panel inclusive of banks and non-bank lenders.
  • How experienced are they? What is their background? Ideally brokers will have extensive experience as lending officers with banks and other lending institutions.
  • Make sure that you feel comfortable with your broker. Be sure that they outline the positive and negative aspects of any loan products they recommend.
  • Ask the broker to clearly outline their fee structures. Who pays them? Brokers should not charge you for their services. They are being remunerated by commission from the lender. The only fees you should pay are standard loan application fees and related bank charges.
  • Make sure they practice what they preach. Ensure they have a broad range of experience in a number of fields such as property investment, commercial investments and home loans.
  • Be wary of brokers wielding laptops…Don’t just rely on a computer to give you the answers.
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