6 Questions You Should Ask Before Appointing a Mortgage Broker:
1. How many lenders do they deal with?
No point in going to a mortgage broker that only recommends products from a handful of lenders. Look for someone with an extensive and varied panel of lenders from the major banks though to specialist lenders.
2. What experience do they have with the kind of mortgage you are looking for; i.e. first-time buyer, investor, commercial, construction.
3. Can they supply references?
You can check them out online to see what reviews they have on Google, Facebook, etc., but also ask if you can speak directly to a couple of clients.
4. Are they members of an industry association?
Mortgage brokers are required to be a member of an industry association, either the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA)- both of which, set standards of practice and discipline for their members.
If the answer is anything but “yes”, move on.
5. Do they charge a fee?
The answer is usually “no” as brokers are paid commission from the lenders, but some do charge a fee on top, so check you understand all the costs up front.
6. How quickly can they process your loan?
An experienced broker will be able to give you a good indication of the timeline and if time is of the essence they can become worth their weight in gold in pushing the loan through the appropriate channels speedily.
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