- September 13, 2017
- Posted by: Simar Singh
- Category: Home Loans
Before you go out picking a home loan that is ideal for you, you must first choose a broker to sweeten the deal for you. The home loans market in Australia is vast, with thousands of products and hundreds of lenders flocking it and it can be a tough and overwhelming decision to make. This comes across as all the more reason to choose a good broker who can guide you through your purchase.
But, everything sounds good and every broker seems to make sense of what he/she is saying. So, how do you know who is the one qualified, licensed, and accredited professional who you’d like to work with to get out of the home loan dilemma? It can be nerve wracking and a hard decision to make. Hence, here are some handy tips to remember while picking your Mortgage Broker in Australia that will help you strike the right deal.
Main Traits to Look For
When looking for the right mortgage broker to work with, ensure that she/he is –
- Specialised with the insight and experience to meet your needs.
- Responsive to your enquiries and can easily provide you with helpful information.
- Persistent and will help you find an answer to any question you have, even if not then and there.
- Honest, which means that they would rather tell you the truth rather than adhering to what you’d like to hear.
Some Other Things Which Can Help
Mortgage brokers can save you a lot of money by getting you the best deals. Moreover, with the uphill task of finding the right home loan, homebuyers are not looking forward to handling the endless paperwork that’s part of the process. With mortgage brokers having access to about 90% of products on offers, they are definitely the best people to approach.
The tips below will help you find the right mortgage broker if kept handy. Let’s have a look
#1 Do Your Groundwork
Research is always the first step whether it’s about simple grocery shopping or looking for a valuable home loan. So, go ahead and browse the internet for the best brokers in your area. Look for real customer reviews and testimonials and if possible call or message them to get an idea of the mortgage broker you are interested in. Other than that, word of mouth works well too. Talk to family and friends and see whether they can suggest anyone for you. Today, with most people hooked onto social media, you can always put up a question on your wall and wait for genuine responses to come in.
#2 Ask the Fees
Most brokers render their services free to consumers and are paid a commission by the credit providers. However, there are some who charge a minimal fees, which can either be paid upfront or after the completion of the service. However, keep in mind the fact that if your your mortgage broker charges you then you will have to make payments if a broker secures you a loan that adheres to all of the requirements set out by you in the agreement that you have with the broker and you decide not to accept it.
According the Australian legislation brokers must disclose the commission paid to them by lenders. So, ensure that you ask your mortgage broker about the commissions or benefits they receive, whether they charge a direct fee, and if it is a fair and reasonable amount for the service provided.
#3 Is He/She Legit? Check the License
Ask your mortgage broker whether he/she is registered with the The Mortgage & Finance Association of Australia (MFAA), which is the key industry body that represents more than 12,500 mortgage and finance professionals across Australia. MFAA requires every mortgage broker, who is accredited by them, to undergo rigorous criteria on education, experience, and ethics. Hence, choosing an MFAA accredited mortgage broker will ensure that you are dealing with someone who is knowledgeable, experienced, and trustworthy. Anyone can claim to be a mortgage broker, so be sure to ask for their credentials.
#4 Duration in the Industry
Ask your mortgage broker about his/her duration in the industry. The fact is that, the longer a person has been a part of the industry, the more experienced and knowledgeable he/she will be. Furthermore, they have a larger network within the industry. You might want to help out someone to start off their career as a Mortgage broker, but you will only be risking your own property investments. Hence, it is only advisable that you choose the latter to get the best deals on your home loan.
The best mortgage brokers can turn the task of finding a home loan into a rewarding experience. These brokers will listen to your requirements, help you in deciding the features, while also sourcing out many home loans that might be suitable for you. At all times they’ll be available to meet or chat with you about your loan requirements or any questions you have along the way.
Once you’ve chosen a loan, the best mortgage brokers will make the application process as smooth as possible, helping you complete the application and then lodging the documents on your behalf. CreditHub Australia has over 20 year of experience in the Mortgage Broking Industry. Contact us today for the right mortgage offers.