Your mortgage broker will play a key role in your life, so it’s worth shopping around to make the right connection.
Buying property is a major step, and a great mortgage broker can be your best asset in the whole process – giving you clear and accurate information about your borrowing power, offering sensible loan recommendations, and liaising with lenders on your behalf.
With all this up for grabs, it’s worth choosing a broker you feel confident and comfortable with. We look at the key qualities to look for.
“How long have you been in business” is a good starting question to ask a broker, but more importantly, you want someone who has experience with your particular circumstances – be it buying a first home, investing, or upgrading to a next home.
While experience matters, so does professional pride. Look for a broker, who holds a Certificate IV (Financial Services) Mortgage Broking, and membership of the peak industry body – the Mortgage & Finance Association of Australia.
A genuine interest in you
A broker should only ever recommend a loan that’s right for your needs, and this can only be achieved when he or she takes the time to understand a bit about you, your lifestyle and what you are looking for in a home loan.
Sure, this process is an investment of your time. But like all good investments it pays dividends. If you encounter a broker that launches straight into a loan recommendation…don’t walk. Run.
Willing to “go the extra mile”
You’re busy, right? A good broker understands this and offers the flexibility to work around your schedule without you having to take time off work or give up weekends for a meeting. Look for a broker who can meet at a time and place that’s convenient for you – your lunch hour, or after hours when you’ve put the kids to bed.
A service at no cost to you
Brokers are paid by lenders so their home loan service should cost you nothing. If you’re expected to pay a broker for help organising a home loan, take your business (and your money) elsewhere.
A commitment to stay in touch
Of course you want a broker who returns phone calls or answers emails promptly. That much should be set in cement. But it’s also important to select a broker who’s prepared to keep in touch even after your loan has settled.
Choosing a broker with a long term commitment to your needs, can help you enjoy the home loan that’s right for your budget and your changing lifestyle for years to come.