Monday 14th March 2016What Mortgage Broker Accreditation Should I Look for When Using a Broker?
Finding a mortgage broker seems like an easy job but this should not be taken lightly. You will surely come across many brokers when you start looking for one. Some of them may claim to be the best resource. However, do not take their word for it. The most important thing to remember when looking for a broker is to do your research.
In finding the right broker, an important factor to look for is the broker accreditation.
Your broker should be accredited under the National Consumer Credit Protection Act. Furthermore, he or she should possess a Certificate IV and preferably a Diploma in Financial Services Mortgage Broking.
All mortgage brokers must also be registered with the Australian Securities and Exchange Commission (ASIC).
Membership in Mortgage & Finance Association of Australia (MFAA) and/or in Finance Brokers Association of Australia (FBAA) is required before the broker can register with ASIC.
Additionally, a mortgage broker should also be a member of the Credit Ombudsman Service Ltd. (COSL) or any other external dispute scheme as approved by the ASIC. The said avenues are resorted to in the event of dispute against brokers.
Lastly, as of 1 July 2011, all brokers must either be a credit representative of an organisation that holds an Australian Credit License (ACL) or must hold an ACL.
For the safety of borrowers, you can check out the website of ASIC to find out whether a broker is registered. Furthermore, the broker himself or herself must give you the details of his or her license as well as the fees that you have to pay. Lastly, the broker should also inform you of your right to complain in case something happens.
When it comes to buying a property, it is essential that you do your research – not only as to the property that you are buying but more importantly, as to the person whom you are dealing with.
When it comes to mortgage brokers, you have to know that they act as a go-between for lenders and borrowers and for a fee. To find you the most suitable deal, a mortgage broker should have access to a range of products of various lenders where he or she is accredited.
When finding a broker, you should take your time to look around for help. Ask your family and friends if they know of someone who has had a good experience with their broker. Also, you should take some time to speak with a few brokers in order to determine the right broker for you.
When talking to a mortgage broker, you should find out how long he or she has been in the industry. Determine also which lenders have access to as well as the types of loans that they are offering.
You have to carefully choose your broker since this will ensure that you have the best products that you need. To be able to achieve this, your broker should have several years of mortgage industry experience. Request the broker to show you the testimonials of previous clients. You can even speak to them directly in order for you to have an idea as to how the broker relates to his or her clients.
To find the right mortgage broker, you also have to check out how knowledgeable to broker is when it comes to the mortgage industry. Make sure that the broker is strict when it comes to deadlines. Ask questions and paint scenarios so you can determine the broker’s decision-making and problem-solving skills.
In your evaluation of a broker, find out if he or she has good product knowledge, ability to deal with different types of people, confident, and reliable. Don’t allow the broker to do all the talking. You should ask plenty of questions and you can only do this if you do some research also.
Do not hesitate to ask. Do not think twice in asking the mortgage broker to explain to you in simple terms the process as well as the terms and conditions of the loan, especially if this is your first time to take out a loan. You will know that you are talking to a competent broker if he or she is able to explain to you in simple terms the things that you do not understand.
Lastly, make sure that the broker has access to different lenders, with a mix of both traditional and non-traditional lenders. The broker should be able to show you various suitable loan products to give you the option to compare and choose which product suits you best. Good brokers should also give you competent advice as to why this particular product is the most suitable for you.
Where to Find Reputable Mortgage Brokers in Australia
If you are looking for mortgage brokers to assist you with your loan, whether you are looking to finance your new house, renovate a building, refinance a loan, or buy a property investment, you can find reputable brokers at 1300HomeLoan.
1300HomeLoan is the leading and most respected mortgage broking company in all of Australia. Our brokers have access to more than 30 lenders, including the four big banks as well as other non-bank lending institutions. More importantly, our brokers are accredited by various associations so you are assured that you are only dealing with dependable and trustworthy intermediaries.
When using 1300HomeLoan, you can easily find mortgage brokers whether you are in Sydney, Perth, Darwin, Hobart, Brisbane, Adelaide, or Melbourne. You can contact the broker directly and book a free appointment. If you cannot find one, you can simply call us at 1300-466-356 or send us an email (firstname.lastname@example.org) and our customer assistants will be happy to connect you to a suitable mortgage broker.
Finding a broker for your mortgage is something that should not be taken lightly. You need to look for a reputable broker who will help you in finding the best loan package according to your needs and preferences.