5 Factors to Check When Searching for a Mortgage Broker in Australia

Over 37% of house owners in Australia have mortgages. Choosing a mortgage broker is a big decision, and you don’t want to pick the wrong one. There are a number of reputed companies that offer special lending services to those looking to purchase or refinance their property. However, choosing a mortgage broker Australia to represent you in your home loan application is a bit of a scary process because there isn’t much information for customers about what these companies do.

To know what you’re getting yourself into, here are five things to check before engaging any company.

1) Look for Reviews

Look for reviews about the mortgage broker company. It is best to only consider the available reviews on their website and relevant industry websites, and not just social media pages. 

It is advisable to engage with companies that have great reviews from past customers. Look out for specific information about customer service levels and the quality of the advice provided.

2) What Is Their Level of Experience?

Looking at the level of experience of the prospective broker company can help you significantly in the entire process of borrowing and paying off the loan. Just because the business provides mortgage broking services doesn’t mean they’re good at what they do (regardless of how long they’ve been in the game). 

Make sure you’re dealing with someone who has extensive experience in business lending and getting loans approved. You don’t want to be dealing with mortgage brokers who will leave you in the lurch because they have no idea how to get your loan over the line.

3) What Types of Loans Do They Specialise In?

Every company has different areas of expertise, so make sure the broker you choose can handle your particular situation. 

You should also ask about the mortgage broker’s experience with your preferred lenders and whether they find it easy to get you approved for a specific type of loan (like an investment loan or a residential investment property loan).

If they specialise in one type of lending only (commercial property loans), their advice might not be relevant to you. Make sure they’re experienced in the type of lending you need.

4) Can They Show You Specimens of Their Work?

Before you sign up with any company, ask about the types of home loans they have done in the past. If possible, ask to see examples of their written work, including financial projections and business plans for other customers in similar situations to you. You can also enquire about the mortgage broker for contact details of past clients so that you can follow up with them directly.

5) How Much Will It Cost?

The average fixed-term mortgage rate in Australia is around 2.89%. This is the most important thing to check out. There should be no hidden costs, and you should get a quote in writing before committing to any services or products. 

Make sure that all payment for services is made upfront at the beginning of their relationship with you. Various fees are involved depending on what type of service you want (for example, an executive package versus a basic package). 

Summary

Know that all mortgage brokers in Australia must provide a statement of professional indemnity insurance upon request. Indemnity insurance is an insurance policy that protects you against any actions that give you a claim for damages resulting from negligent advice.

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About Dequiana Jackson

Dequiana Jackson, Founder of Inspired Marketing, Inc., helps overachieving women entrepreneurs conquer limiting beliefs and create marketing plans that win. This includes one-on-one marketing plan development, digital product creation, web design and content marketing. Dequiana is the author of Know Your Business: How to Attract Ideal Clients & Sell More and runs the award-winning blog, Entrepreneur-Resources.net.

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