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Putting Your Home Mortgage Broker To Work

There is no doubt that getting a broker to arrange your home loan can certainly save a lot of time and hassle, but borrowers need to ensure that the broker they choose is professional, experienced and can deliver the results required. 

Brokers can do much of the hard work for you, by searching their panel of lenders for the best deal.  They should be able to match a home loan to your personal needs and requirements, in a reasonable time frame, and work on comparison home loan data.

A mortgage broker can also assist you with the settlement, and be there for you in the future if your circumstances change or you want to buy a second property.

We report a 10-point check-list to help borrowers find a great mortgage broker:

1. Your broker should have a wide range of lenders and plenty of choice of home loans.
   
2. Look for their qualifications and even ask for references from previous borrowers. Are they an MIAA member? Have they completed training courses?
3. Ensure your broker is not an agent for one lender in disguise. Some lenders now operate as brokers too so establish with any broker representative exactly what their role is.
4. Ask what commissions your broker is getting.  How does this affect your loan?  Reputable lenders will not be influenced by commissions so find a good one and will not need to worry.
   
5. Are there broker fees?  Most brokers do not charge fees, but some will so check out the deal before going ahead.
   
6. Always do your own comparisions as well, do not rely solely on the mortgage broker.
   
7. Is the broker available after the loan is settled?  You may need further advice in the future and want to speak with them.
   
8. Does the broker comply with the Privacy Act to ensure the security of your personal and financial details?
9. To safeguard you in the event of legal action, the broker should have professional indemnity insurance.
   
10. As a last resort, the independent Mortgage Industry Ombudsman Scheme (1800 138 422) is available if there is a dispute you can't resolve with your broker directly.

This check list is a useful start to help home buyers find a great broker and a great home loan Australia.  This will also help you to receive the level of service you deserve.

To find a mortgage broker who is qualified, experienced and lives in your local area, call .