Monday 14th March 2016Who Are The Best Aussie Mortgage Brokers?
Whether you are relocating to a different city or planning to invest on a property for the first time, buying a home is probably the largest purchase you will ever make. Because it costs truckloads of money, you might need financial assistance to make the purchase. There are numerous lenders like banks or credit unions that offer mortgages to buyers like you all over Australia. The sheer number of lending products to compare could be too confusing and overwhelming for you, especially if you are inexperienced or know little about the whole business of mortgages and home loans. If you try to do it on your own, you might end up choosing a home loan that would cost you more money instead of saving a couple thousand bucks. You could opt to go straight to the bank and deal with them directly, but then of course, they would claim that they have the best deal, and you wouldn’t know if it’s true or not.
If you find yourself stuck in such dilemma, it is high time that you bring in someone to help you before you go insane with the information overload or make one of the biggest mistakes of your life. A mortgage broker is exactly what you need to make your search for a home loan a fulfilling experience rather than terrifying nightmare.
What is a Mortgage Broker and What Do They Do?
Basically, a mortgage broker serves as a liaison for the client (you) and the lender (banks and other mortgage providers). He or she is accredited with several lenders and has access to different lending products and home loans. Based on the information the client has provided, the broker would then create a narrowed-down list of lenders that would fit the borrower’s eligibility and financial conditions. Once the client has chosen a lender, the broker would be responsible for all the legwork and dealings involved in the process, and he or she would coordinate with the lender on your behalf until the loan is approved. In essence, the main goal of the broker is to find the most appropriate product and the best possible deal for you, while you just sit back and relax.
How Do You Recognise the Best Aussie Mortgage Broker?
Not all brokers are equal. Hiring an inexperienced or ineffective one would just be a complete waste of your money. It is of utmost importance that you find only the best Aussie mortgage broker when it comes to finding a home loan. Here are a few basic questions you should ask the broker to determine if he or she is the one you want.
● What are your credentials as a financial service provider?
To ensure that you are dealing with a legitimate mortgage broker, ask about their certifications and the associations to which they are a member of. The top brokers should have at least a Certificate IV or a Diploma in Financial Services Mortgage Banking, which indicates that they have undergone proper training and has adequate knowledge.
Furthermore, they should be a member of MFAA or the Mortgage & Finance Association of Australia and/or the FBAA or the Finance Brokers Association of Australia. Brokers who are members of these regulating bodies comply with certain standards of competency and professionalism. Also, deal only with mortgage brokers who are accredited under the National Consumer Credit Protection Act and those who are members of COSL or the Credit Ombudsman Service Ltd.
● What are your experiences as a mortgage broker?
If the mortgage broker has a lot of experience, chances are, he or she has more knowledge about the ins and outs of the business, has more connections, and is more resourceful when it comes to finding the most suitable mortgage for you. The best brokers should be able to clearly explain every important detail of the whole process to their clients and should be able to answer all the questions thrown at them. An experienced broker has a smaller chance of making errors that could risk the approval of your application.
● Who is on your lending panel?
A mortgage broker who has access to home loans from a wide array of highly regarded lenders would be able to give the clients more choices on mortgages to choose from. Independent mortgage brokers are more likely to have a broader and more varied range of deals for you. A good broker would explain the lenders that they recommend and make sure that the product they are offering fits perfectly well to your wants and needs.
Generally, hiring a mortgage broker saves you money, time, and energy. Moreover, having the best broker has its perks and advantages.
When great brokers recommend a certain home loan to you, they can justify why they think it is the right one for you. They would give you unbiased and useful advice that could help you in making your decisions. The best independent mortgage brokers are on your side, not the lenders’, so you can be assured that they will be looking out for you and will make sure that your needs are met.
A mortgage broker who knows and understands the industry well based on his experience could tell you things that you wouldn’t know if you were to search for home loans on your own such as pinpointing the lenders that has the fastest application processing. They could also utilise their good relationships with the lenders to speed up your approval or to cut you even better deals that are not usually offered to others.
Where Can You Find the Best Aussie Mortgage Brokers?
1300HomeLoan has a network of over 200 experienced, trustworthy, and independent brokers located in Brisbane, Gold Coast, Melbourne, Sydney, Perth, and Canberra. Hiring a broker from 1300HomeLoan would ensure that the home loan you get has the best rate and terms that suit your needs.
If you want to have the best mortgage broker in Australia, ring us up at 1300-466-356 or email us at firstname.lastname@example.org. Visit our website at www.1300homeloan.com.au to know more about our company and the services we can provide you.