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What to expect from a Mortgage Broker
* Prompt and efficient communications
* A professional and responsive manner
* A thorough understanding of the lenders and loan products
* Access to a large range of loans
* Accreditation with all major banks and affiliation to a reputable industry body such as the MFAA ( Mortgage Finance Association of Australia), or FBA (Finance Brokers Australia)
* A genuine willingness to help you and find the loan that is best for you
Brokers are now the number one choice for consumers who are seeking a home loan or to refinance their existing loan. Businesses too use finance brokers to help them with their finance needs from car and equipment leasing to loans to help their businesses expand.
What Brokers Do
Brokers work with clients to determine their borrowing needs and ability, select a loan suited to their circumstances and manage the process through to settlement.
Some benefits of using a broker:
* They do all the legwork for you
* Access to a wider range of loans
* Experts in a wide range of loans
* More flexible
* Greater expertise as they focus on loans only
Diclosure From Your Broker
Each State in Australia has different licensing and registration requirements for Mortgage Brokers. There are plans to bring in National regulations, however at this stage it remains each state to it's own!
Although legislative requirements regarding commissions and fees vary state to state, the MFAA requires that if any fee or commission that will or may be paid by or to the mortgage broker in connection with a loan, certain details must be disclosed to you.