Mortgagebroker : Australia's First Comprehensive Mortgage Broker Directory

1 out of 3 Australians do.

Mortgage Brokers provide consumers with:

• Choice
• Convenience
• Professionalism

As a consumer wades through the complex home loan process, a mortgage broker is like an expert mentor. The mortgage broker offers the consumer extensive choices while balancing their financial interests and goals.

Some brokers may offer to visit you at your home after hours, or on the weekend. This service may be convenient and suit your needs.

If you are just looking for a home loan, most mainstream brokers will not charge you any fees for their services. Even if you have had a troubled credit history or your financial situation is too unusual for mainstream lenders, you can probably find brokers who will assist you free of charge.

ASK YOUR MORTGAGE BROKER QUESTIONS

With the large and varied home loan options available these days it is important to ask your mortgage broker some specific questions regarding which lender you will be using, the type of home loan they've selected and how much you will be paying, so you dont get any nasty suprises when often it's all too late.

Find out a little bit about your mortgage broker?

Are they a member of the MFAA?

The MFAA promote their members to be professional, behave ethically and be transparent throughout the home loan process.

All mortgage brokers listed on MortgageBroker.com.au MUST be a member of the MFAA. As a member of the MFAA they must subscribe to a Code of Practice.

What industry experience and qualifications does your mortgage broker have?
We tend to hesitate a little when asking such questions but it is advantageous. Remember this is one of the largest financial decisions and commitment you will ever make. Hence, don’t be afraid to ask how long your mortgage broker has been working in the industry or what their relevant qualifications are.

How do mortgage brokers get paid?
Mortgage brokers are required by law throughout Australia to disclose their commissions received. As a member MFAA, they are required under the their Code of Practice to disclose this information.                         

(Remember there may be also relevant government and lenders fees payable.)

The majority of mortgage brokers offer their services free of charge as they receive a commission from the lending institution.

Important questions to ask to ensure the home loan your mortgage broker has selected  is suitable?

What percentage of the property value can I borrow?
Do I have to pay lenders mortgage insurance?
What are the types of home loans that are available?
Which home loan will suit my immediate and future needs?
Which home loans offer the best variable/fixed interest rate?

It is a great idea to do some of your own research. MortgageBroker.com.au has a large amount of information on home loans and the home loan process to assist you in making an unbiased and informed decision.

What about the actual home loan itself?   

What is the current interest rate on the home loan?
Is it better to have a fixed or variable portion? 
If I want too can I have a fixed and variable component?
What are my weekly/fortnightly/monthly repayments?

NOTE: It is very important to find out from your mortgage broker how each lender calculates weekly or fortnightly repayments. Accelerated payments are calculated by dividing your monthly repayment by 2 for fortnightly and by 4 for weekly repayments. This method can save you substancial amount of interest and can reduce your home loan term, but your repayments are higher than ACTUAL fortnightly or weekly repayments. 

Are there various establishment, valuation or legal fees payable by me?             
What about any ongoing monthly/annual fees?
If I want Pre-approval, am I up for any upfront fees.                                                          Does this lender have a good customer service model?                                                      Have my lender got Internet/ Phone banking?
Do I incur any fees for discharging my home loan.                                                           Can I make additional lumpsum payments or increase my current repayments?
Are there any additional fees for these services, and if so, what are they?
Are there any future costs involved if I discharge the loan, decide to change the loan products, want to increase my repayments or make a lump sum repayment?