Choosing the right mortgage broker isn’t that hard. You know, its not hard to find a good, but it is difficult to find a great home loan deal without one!
ASIC requires a minimum level of experience in the industry. They also require a continuation of training.
Members in Australia are to adhere to their Code of Practice ensuring ethical behaviour, professionalism, transparency and full disclosure of information. ASIC registered mortgage brokers must also be a member of an ASIC approved External Dispute Resolution service such as COSL. They must also have Professional Indemnity insurance.
All Mortgage Brokers in Australia must be registered with ASIC.
Educate yourself
We have an abundance of information to help you educate yourself with the types of home loans available. read about interest rates, the home loan process, and consumer protection tips – and much more.
The more you know, the less likely you are to be misled and end up with a home loan that is not what you want or need.
Looking for a mortgage brokerÂ
We have done a lot of the hard work for you! Not only are all mortgage brokers listed on this site are registered with ASIC, members of the MFAA or FBAA, but each has a detailed list of their experience and education.
Check out the direct link to their website so you can check them out thoroughly before you even pick up the phone.
Once you have chosen a mortgage broker, call them or use the ‘contact’ button on their business listing. Make sure you feel comfortable with them. Do they answer your questions clearly in a straight forward manner? Do they sound knowledgeable and genuinely interested in YOUR circumstances.
If you are happy with them, make an appointment for them to come and see you.
The appointment
Mortgage brokers will take the time to listen to you and come to understand your situation. Their knowledge should cover a wide range of circumstances. They should also have good knowledge of their panel of lenders and each of their products and policies. They should also know the mortgage lenders and government fees and charges.
Most good brokers use specialised software that will help them sift through the literally hundreds of home loan products. The home loan software will enable them to compare products and work through a number of options with you. In the end you will know you have chosen the best home loan for you and your family.
Your mortgage broker should be able to explain the most complex loans. They will structure your loan to ensure you do have the best home loan deal.
By now you should go, WOW! And what’s more this service is generally free for finding a domestic home loan – so make sure it is. Your broker should also offer an ongoing review process.
NEXT…..
During and after the home loan application process, your mortgage broker should give great customer service. You should be kept informed with the progress of your home loan in a timely manner.
A persons actions tell a lot about their character. If you are promised a call in 24 hours and it’s not made, or if you are not satisfied with the level of service you’re getting, move on.Â
The mortgage industry is very competitive. Plenty of brokers will work hard to get your business.
Write down what is discussed at the meeting and ask for clarification if there is something you don’t understand.
Know what is legally required from your mortgage broker. Brokers are required by ASIC to hold a credit licence or be an Authorised Credit Representative of a licence holder.
Do not sign any document if you are unsure of something.
Qualified advice
Make good use of professionals in other areas. Ask solicitors for help with legal documents, accountants and financial planners for assistance with financial or taxation advice. Your mortgage broker is not qualified to give advice in any of these areas (unless they have additional qualifications).
RECOMMENDATION
By far the best advertising anyone can get is the recommendation of a happy customer. When you are happy with the service your mortgage broker provided you, recommend them to your friends and family.
You can do this with the link on their listing page or writing a review.
