Keep our checklist handy to identify the mortgage broker who ticks all the boxes.
If you’re not sure exactly what a mortgage broker does, they are home loan experts, whose job it is to help you find the home loan suited to your needs. In short, using a broker can help save you time and money.
The big questions is, how do you choose a mortgage broker, especially when you’re relying on them to guide you through a major decision?
With a wide choice of brokers available it can be hard knowing which mortgage broker ticks all the boxes. Ideally, you want to partner with someone who has the qualifications, experience, and lender contacts to be able to recommend the loan that’s right for your needs. But there’s something more too. The X-factor can be a genuine willingness to mentor you through the home loan process.
That’s where our quick 5-point checklist comes in handy. Let’s break it down.
When you’re in the market for a home loan you expect to partner with someone who can rightly describe themselves as a home loan expert. So it stands to reason that experience is an important factor to look for in a mortgage broker.
The average broker has around 14 years’ experience, which is pretty reassuring. But Aussie has been in the mortgage broking business for over 25 years. That’s a lot of experience to tap into.
2. Membership of the Mortgage and Finance Association of Australia (MFAA)
Industry qualifications are worth a lot more than a framed certificate – especially when we’re talking about what you should look for in a mortgage broker.
Be sure to ask a broker if they are a member of the MFAA. As the peak industry body, MFAA members are required to meet the industry’s highest minimum education requirement, then back this up with ongoing professional development. Better still, MFAA members must abide by strict rules of professional conduct. In case you were wondering, all Aussie Brokers hold membership to the MFAA.
3. Access to a wide variety of lenders
A key benefit of partnering with a mortgage broker is access to a wide range of lenders – not just the big banks.
By choosing a broker with a generous selection of loans and lenders on their panel, you’re more likely to get the benefit of choice and find the home loan that’s just right for you.
With a selection of over 3,000 home loans, your Aussie Broker can comb through a massive chunk of the market to find the loan that’s ideally suited to your unique needs.
4. What you’ll pay
Good news here. While there may be plenty to budget for when you buy a home, one cost you shouldn’t have to plan for is to meet with a mortgage broker.
Sure, it’s easy to be skeptical about getting something for nothing – and some brokers may charge for their home loan service. Aussie Brokers on the other hand, are able to offer their knowledge and home loan expertise at no cost to you because they are paid a commission by the lender once your home loan is settled.
5. Are you getting good advice or a hard sell?
No matter whether you’re buying a first home, next home or you’re thinking about refinancing your current home loan, chances are you have plenty of questions to ask. That’s understandable, after all, organising a home loan isn’t a step you’re likely to take on a regular basis.
That’s why it’s a good idea to look for a mortgage broker who is happy to answer all your questions rather than just make a sales pitch.
Head to your local Aussie Broker today to have your own questions answered and clear up any uncertainties.
You may also be interested in 6 ways a mortgage broker makes getting a home loan easy, 5 things I wish I’d known before buying (without a broker) and All in a day’s work: What an Aussie broker can do for you