Financial Services

If you are thinking of taking out a home loan or investment loan a quality mortgage broker can offer expert advice about the most appropriate loan options for your requirements. A professional broker will also offer considerable post settlement care, and be a dedicated point of contact for any alterations to your loan or future finance requirements.

A mortgage broker will-

• Identify your loan requirements
• Determine mortgage options that meet your specific requirements
• Act as your advocate in negotiations with lenders
• Arrange all the paperwork necessary to secure approval
• Ensure settlement occurs on-time and without complication

In a lending market where you are spoilt for choices with literally hundreds of different loan products, the role of a mortgage broker will help you understand the differences between the various loans on offer, assist you analyse the alternatives to determine the solution that best meets your current and future needs. They will prepare the application, liaise with the lender of choice on your behalf and maintain contact with you throughout the process to ensure you are kept informed at all times.

There are few things in life that are free, but mortgage broking (in most cases) is one of them. Brokers are paid a commission from the lender for each mortgage they secure. This is a great benefit to the customer, who receives expert and personalised advice, and does not have to pay a cent for the service provided. Because of the close relationship mortgage brokers have with lenders they can often secure an approval in less time than going directly to the lender. A conditional approval can be secured with many of the major lenders within 48 hours of submitting a complete home loan application.

Hint and tips when dealing with a mortgage broker

• How many lenders does the broker deal with? A broker should have a broad range of lender alternatives, generally more than 30 lenders on their panel.
  
• How is your broker paid? Ensure the broker can provide you with a disclosure of all commissions from lenders if requested. Judgement should not be clouded by a higher commission potentially received from any one lender.
  
• Are any fees charged for the service? The majority of brokers will not charge a fee at any stage for their service, with the commission received from the lender providing full remuneration.
  
• How does the broker arrive at the best lending alternatives for you? A good broker will have a loan selection process that guides you through the options.
  
• Find out the actual cost of a loan. You should be provided comparison rates (which will allow you to directly compare loans), total fees charged by the lender, proposed repayments and any exit costs associated with the loan.
  
• Is the broker a member of the Mortgage Industry Association of Australia (MIAA)? This is the industry regulatory body which applied minimum standards for broker experience, education, and access to a defined complaints process. Preferably, the broker is also a member of an additional external complaints management body, such as the Credit Ombudsman Service (COSL)

To discuss your lending options, or to find out more about the services provided by mortgage brokers, click on the link below.