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What Should I Look for In A Mortgage Broker?

20th Nov, 2020 | First Home Buyer, Investor, Refinance

In this article:
Buying a new home? Finding a good mortgage broker could be the key to getting you to settlement day with your sanity intact.
With so much choice in the market these days, you might be wondering how on earth you’ll find a good mortgage broker. Check out our tips, and you’ll be on the right track.

Clear communication

Signing up for a home loan is a pretty serious step. A good mortgage broker will use clear and straightforward communication, so you understand your home loan options and can make an informed decision. They’ll also answer your questions and keep you updated every step of the way until settlement day.

They’ll get to know you first

Choosing a home loan without considering both your circumstances, lifestyle and goals, is a recipe for disaster. Mortgage brokers that take the time to get to know you and understand how the new home fits into your life will provide better recommendations that are suited to your needs. And the home loan they recommend is more likely to be appropriate for you for the foreseeable future.

If you’re not quite ready to buy, they’ll provide some advice about what action you can take now to give you the best chance of home loan success in the future.

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They’ve helped others

Like with any service, word of mouth is a great way to find a mortgage broker. Ask your friends and family for their recommendations. For a broader representation, you could also check online reviews like Google, Facebook and other review sites. Look for comments that speak about the broker’s knowledge, experience, communication and customer service. Mortgage brokers can work with you from anywhere, so there’s no need to limit yourself to a specific location.

Make sure they’re qualified

All mortgage brokers in Australia are required to have a Certificate IV in Mortgage Broking and operate under an Australian Credit Licence. This is the minimum level required, so look for ones that have extra qualifications and experience as well. Also, check for affiliations to associations like the Mortgage and Finance Association of Australia (MFAA) and the Finance Brokers Association of Australia (FBAA). They often require members to adhere to a code of conduct that ensures a high standard of service to customers.

Access to a diverse lending panel

A lending panel should include big and small banks, credit unions and other lenders. Individual home loan needs vary, so if you need a non-standard solution, a mortgage broker with a diverse panel is more likely to be able to assist. Diversity will ensure that a solution can be found, no matter the complexities of your situation.

Transparency and honesty

Your mortgage broker should outline the charges you’ll incur as part of the home loan process, so there are no surprises. Unexpected costs could mean a scramble for extra funds at settlement and put your purchase at risk.

They should always be upfront and honest about fees they will receive for the products and services they offer you as well.  And they are required to tell you why they’ve recommended a particular product and how it meets your needs. Don’t accept anything less.

Ongoing support

Good mortgage brokers recognise that many homeowners still need support after settlement. From annual home loan health checks to insights on market conditions – getting your home loan should only be the start of your relationship with your mortgage broker.

At Yellow Brick Road, our mortgage brokers want to help you get into your new home and give you the financial peace of mind to enjoy it, now and in the future. Call us today; we’d love to help.