Buying a property is stressful enough, so at Our Top 10 we have taken on the finance headache that property buyers (especially first home buyers) face and put together a list of mortgage brokers in your city to assist you.
Each of these brokers were hand picked based on their industry awards/standing, google/user ratings and experience in specific loan types.
Once you find/pick a mortgage broker, what questions should you ask and how can you make sure you are choosing the right mortgage broker?
This will show you how many different lenders and home loans they have had experience with. This can be the difference between an average mortgage broker and a good mortgage broker.
This will also show that they are not biased towards a particular lender like e.g commonwealth bank and are working in the interest of the home buyers/clients to provide the best loans the lenders offer.
All mortgage brokers will either be a credit representative or hold an Australian credit license (either is fine), to be able to offer credit services or offer loans.
This will show the breadth of their experience and their product knowledge and if they are a good broker. A good broker will lodge over 3 loans per month as a minimum.
Check if the major banks and lenders are on the broker’s panel. The best mortgage broker will be accredited with all the major lenders.
Most mortgage brokers will belong to either the FBAA or MFAA, this shows that they are part of the industry as they will need to be accredited to become a member.
Check their online mortgage broker reviews: Online reviews are a great way of gauging a mortgage brokers past client service history and what they will be like to deal with directly.
There can sometimes be a misconception on how brokers are paid. Assuming that all brokers are simply paid via an upfront commission from the lender for recommending home loans or loan products can be incorrect. This can sometimes be the difference between a good broker and a great mortgage broker.
Some mortgage brokers are happy to be just paid by the broker’s fee by the lenders, there are some mortgage brokers who charge an upfront fee for their advice to the client (you). If they do charge, ask them what this fee gains you above other mortgage brokers who do not charge. There is no right or wrong, it all comes down to whether you are willing to pay for great advice and guidance. Once again we recommend that you look at their online customer reviews.
There are also some loan scenarios that have lending criteria that might require more work that is not covered by the lender’s upfront commission. Examples of this might be low doc loans or home loans that have a family trust/company ownership structures.
We always recommend when you are seeing professional advice from a mortgage broker, that you ask if there are any upfront fees and what their service covers.
The geography of the mortgage broker is irrelevant, your concern should be more based around whether you can work with the person in question for the common goal of assisting you with your mortgage/home loan and whether they have the experience and knowledge to help you get the right home loan.
Some of the best mortgage brokers in Australia assist clients all across the country, so our advice is not to be too concerned about the mortgage broker’s location.
Mortgage brokers regularly use video calls to verify client’s identification so location is irrelevant.
If you would like to get in touch, we would love to hear from you!