Did you know that around 70% of home loans in Australia are now settled through a Mortgage Broker. There’s a good reason for this. Clients want choice, personal service, and the easiest way to source the best deal that works for their specific circumstances.
The over-arching requirement is that the Broker knows what they are doing, they have experience, expertise and are competent; and just as importantly, they need to be ready to put your best interests first and use that to ensure they provide you with a service that delivers the very best outcomes.
But how do you choose the right mortgage broker for you? Here are some questions to ask and things to consider.
Experience Matters
Experience is essential when selecting a mortgage broker in Australia. It’s best to work with well-established brokers who have been successful at what they do for many years.
Seek mortgage brokers with experience in securing finance that meets your needs. For example, if you’re planning on developing a small unit project, don’t use a mortgage broker who only knows about finding finance for homebuyers. If you’re an investor with complex legal structures, then seek a mortgage broker who has worked with similar borrowers in the past.
An experienced mortgage broker, can navigate the complexities of the lending process and operate within that system on your behalf.
Accreditation and Qualifications
One of the first steps in choosing the right mortgage broker for your needs is to verify their accreditation and qualifications. At Brisbane Home Loans, our brokers, including experienced professionals like Daniel and Jordan, who are not only qualified but also have a wealth of industry experience. With a combined 30 years of experience, our team brings a depth of knowledge that is unmatched.
Ensure that your chosen broker is registered with the Australian Securities and Investment Commission (ASIC) either as a licensed holder or a credit representative. You can easily verify their credentials by checking ASIC’s register. This step is essential to guarantee that you’re working with a legitimate and trustworthy professional who adheres to industry standards.
Mortgage brokers are also required to be members of industry associations, such as the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA). These associations uphold strict codes of conduct, ensuring that their members operate with professionalism and integrity.
Every team member at Brisbane Home Loans, from the most seasoned to the newest, holds at least a Certificate IV in Finance and Broking, if not a diploma. Jordan is also a qualified accountant. This level of qualification reflects our commitment to excellence and our dedication to providing you with top-tier service.
Personal Service Matters
Does your Broker collect your payslips, bank statements and living expenses prior to providing you with home loan rates or options? It is impossible to provide an accurate borrowing capacity or suitable options without first having an understanding of your unique family situation, all incomings and outgoings, along with your goals and objectives. At Brisbane Home Loans we will ask for all this information upfront so that your Broker can consider your current situation and research opportunities that will meet your objectives, before we run comparisons.
Does the Broker provide you with property information that will assist you in your home search when buying? Our Broker Support team at Brisbane Home loans will assist you with property searches that provide information about a specific property, street or suburb so that you are well informed about pricing, days on market and any other pertinent information, before making an offer on a home.
How many people are you dealing with? Knowing your customer counts. When you are dealing with a small team of just one or two people, they have an opportunity to get to know you and what is important to you. They will remember the details you have provided which in turn means more personal service and not having to repeat your requests to several different people. At Brisbane Home Loans will you work with either Daniel or Jordan and they will be assisted by Karen. This continuity will mean that we are always up to speed on what is happening with your application and your preferences. This helps to ensure a seamless process that works well for you as a client.
Does the Broker conduct regular Home loan reviews?Many of our clients tell us that they have moved to us because their previous Broker wrote their home loan and promptly forgot them. Their fixed rate had expired, and they were paying much more than the market rate. At Brisbane Home Loans we automatically get a reminder when it is time to catch up with you and check that your home loan is still doing its job. No more, high revert rates or loyalty tax from lenders who seize an opportunity to slug you for more.
Client Feedback Matters
Word of mouth can be a powerful tool in your search for a reliable mortgage broker. Reach out to your friends, family, and colleagues to ask if they have any recommendations based on their own experiences. Personal referrals often provide firsthand insights into a broker’s professionalism, responsiveness, and ability to meet clients’ needs.
You’ll find that many of our clients at Brisbane Home Loans have been referred to us by satisfied customers who appreciate the exceptional service, financial acumen, and years of experience our team brings to the table.
Read Online Reviews
In today’s digital age, online reviews have become a valuable resource for assessing the reputation and service quality of mortgage brokers. When considering a broker, take the time to read online reviews from previous customers. This step can provide valuable insights into a broker’s history and the level of service they offer.
Networks and Connections Matter
Mortgage brokers with a wide network of professional contacts can deliver superior service. These are specialists who’ve spent years building relationships with a stable of affiliates. They could be in legal, accounting, or financial planning, or even real estate agents and buyer’s agents.
You can utilize a broker’s recommendations to ensure you’re securing the best possible assistance when it comes to a property deal. Moreover, mortgage brokers who deal with multiple lenders offer more choice. Your mortgage broker will be able to look at your circumstances and steer you towards the best possible options for your scenario.
Professional Standards Matter
Education, licensing, and professional association membership are all key when it comes to mortgage broking. Brokers need to be licensed by ASIC and must hold as a minimum a Certificate IV in Mortgage Broking to practice as a professional. Mortgage brokers must also be members of either the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA). Professional association ensures your broker operates within a code of conduct, and customers can feel confident that these professional associations will deliver educational opportunities to their broker members, ensuring continued professional development.
