You know, its not hard to find a good, professional mortgage broker, 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 on a yearly basis.
Members 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.
We have an abundance of information to help you educate yourself with the types of home loans available, interest rates, the home loan process, and consumer protection tips – and much more.
We need to educate ourselves a little about the process because 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 broker
We have done a lot of the hard work for you! Not only are all mortgage brokers listed on our site registered with ASIC, members of the MFAA or FBAA, but each has a detailed list of their experience and education as well as a direct link to their website and social media so you can check them out thoroughly before you even pick up the phone.
Once you have chosen a 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.
A professional mortgage broker will take the time to listen to you and come to understand your situation both now and in the future. 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 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 loan in plain and simple English. They 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.
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 alot 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. The mortgage industry is highly competitive and there are plenty of mortgage brokers who will work hard to get and keep your business.
We all like things done properly so write down what is discussed at the meeting. If there is something you don’t understand – no question is a dumb question!
Know what is legally required from your mortgage broker. For example they are all 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.
Make good use of professionals in other areas. Solicitors for help with legal documents and 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).
By far the best advertising anyone can get is the recommendation of a happy customer. If you are happy with the service your broker provided you, why not recommend them to your friends and family.
You can do this with the link on their listing page. Whilst you’re there why not write a review to make it easier for the people you don’t know who are looking for a great mortgage broker too. Social media is a great medium too.