Three Things To Look For When Choosing A Mortgage Broker
It might be tempting to go straight to your current bank to secure your home loan, and this is a perfectly fine option. But it might not be the best option for your unique situation and you might be paying more than you realise.
This is where mortgage brokers add the most value. They’re not aligned to one bank or lender, so they’re able to assess your situation and needs across multiple products. If you do decide to go with a mortgage broker, then finding the right one for you is the next challenge. That’s why we’ve put together the top three things to look for when choosing a mortgage broker, to make your decision easier.
Why Choose A Mortgage Broker?
Here Are The Top 3 Things To Look For When Choosing A Mortgage Broker In Brisbane.
1. You Want Them To Do Their Research
A great mortgage broker will want to get to know you from the second they start engaging with you. This allows them to understand your lifestyle so that when it comes to advising on the best home loan, they’ll know exactly what you’re after and what suits you. It’s definitely not a good sign if your broker wants to push you through as soon as possible.
Trust your instincts and go with a broker that feels right for you. And if you need some reassurance, doing some research yourself into their google reviews is a great start. Google My Business is our favourite. As an example, North Brisbane Home Loans has a five-star Google review rating from 124 Google Reviews.
2. Experience Is Essential
This goes without saying, but you’ll want to know that the mortgage broker you choose is experienced. So what makes a mortgage broker experienced? We all know you have to start somewhere in the industry, however, a good rule of thumb is to look for a broker with at least five years or more experience. But again, trust your instincts.
You might also want to check out their education credentials, as not just anybody can be a mortgage broker. Mortgage brokers are trained and licensed and are experts in communicating between borrowers and lenders. All good brokers, at a minimum, will have the following 3 things:
- Certificate IV or a diploma in Finance & Mortgage Broking
- Operates under an Australian Credit Licence (ACL) – obtained through the Australian Securities and Investments Commission (ASIC). A broker will either have their own ACL or be a Credit Representative of a Licensee
- They are a member of a professional organisation such as the MFAA or the FBAA
3. Transparency Is Key
The first thing to know about mortgage brokers is how they get paid. Most Australian mortgage brokers don’t have a fee associated with their services because they’re paid a commission by the lenders once your loan is secured. It’s also important to know who is on the mortgage broker’s lenders panel. A diverse lending panel is a great sign, as you know that they won’t just be trying to sell you the one product or the product they receive the most commission from.