Get the best mortgage broker advice for today's property market
Seeing a mortgage broker is a good idea if you are a first home buyer, particularly in today’s market when it can be hard to access good deals directly through a bank, if you have a small deposit. Mortgage brokers can guide you through the unfamiliar home loan market and point you to products you might not be aware of, but you must still shop smart and do your research to make sure you are getting quality mortgage broker advice. Here are some tips from Choice’s home loan experts.
Come with questions
One of the advantages of going to a mortgage broker rather than a bank is that they are experienced at dealing with many different mortgage lenders, and can give you a broader idea of the type of products you should consider in your personal financial situation. Use your time with your broker to benefit from that experience, and see if they really know their stuff about the market.
Credentials are key
Checking that your mortgage broker is certified with industry bodies is another way to make sure they have the experience and recognition to back up the advice they’re giving you. Mortgage brokers should be licensed by ASIC or be a representative of a licensee as well as being a member of a dispute resolution body like the Credit Ombudsman service. Membership of the Mortgage and Finance Association of Australia (MFAA) is also beneficial, as the MFAA has strict standards and provides you with an additional complaints tribunal.
Check your prices
Good brokers often have access to special interest rate deals on home loans, with lenders that they do not give out to their direct customers. But it’s still a good idea to check against the banks’ advertised rates, then go back to your broker and discuss if you find any discrepancies. If by chance their rate is not as competitive, they may be able to negotiate the interest rate with their lender directly.
Service doesn’t end at settlement
A quality broker will want to retain you as a customer even after you have signed up to your new home loan. Your broker will continue earning a trailing commission on your loan during the loan term, so will be available if your require any assistance or advice in future for debt management or even refinancing, if your financial circumstances change over that time.
When it comes to quality, expert advice, you can always trust Choice Home Loans mortgage brokers to deliver. Fully accredited and backed by a strong program of in-house professional development and training, Choice brokers can confidently advise you on a range of competitive loans that will meet your needs, based on your financial circumstances. Make an appointment today to speak to one of our friendly staff.