Buying a home will be one of the biggest and most important purchases you will ever make. When it comes to financing the purchase mortgage brokers can help you get the best deal. But wait; to get the best deal first you need to pick the right broker. Finding the right broker isn’t as easy as it seems. There’s a long list of mortgage brokers Melbourne, how do you go about picking the one that’s best for you? Applying for a home loan itself is a scary task. Searching for the right broker just adds to the torture. But we have just made this task easier for you. A mortgage broker is an invaluable member of yoursquad; we won’t let you go wrong with your choice regarding him/her.
Here’s what you need to watch out for:
Their experience and reputation:
To ensure that you pick the most suitable deal yourself your broker should have several years experience and should be well qualified. You may ask your friends or people around you who have had a pleasant experience with any mortgage broker Melbourne. Alternatively, you can meet few brokers face to face to evaluate the broker market. You can also ask them to allow you to read their previous clients’ reviews as this would give you an insight into their relationship with their borrowers.
You should always check the mortgage broker Melbourne youare dealing with is licensed. Your broker should be certified under the National Consumer Credit Protection Act, have a Certificate IV in financial services. It is also preferred that he/she has Diploma in Financial Services Mortgage Broking.
Moreover, it is mandatory for them to be anaffiliate of the Credit Ombudsman Service Ltd or any other external dispute scheme permitted by the ASIC. (They serve as a complaint body in cases of dispute)
Their Lending Panel:
Check if they have a reputable lending panel. Ask for all the information regarding the lenders they have on board. If they are repeatedly using few particular lenders for most of their clients, don’t hesitate to ask reasons. Make sure you aren’t missing out on a better deal. Moreover, demand a hardcopy of all the documents, factsheets and contracts to ensure everything is going according to the plan. Save yourself from nasty shocks!
What are their charges:
Most brokers don’t charge fees from consumers and are paid a commission by the lenders. If fees are charged, ask them what commissions or profits they receive. Under the new legislation, brokers must reveal the commission paid to them by lenders, so you have all the right to demand this information. Make sure the fee you pay is fair and reasonable.
In addition to broker’s reputation and experience; their integrity and reliability are also strong indicators of their worth. If we had to recommend you a broker, it would certainly be http://www.mortgagebroker247.com.au/. They’re the most reliable brokers in town with the best offers. makes sure you’re not missing out on the best deals. With a panel of specialist lenders, they match your needs to the best deals.