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Five things to look for when choosing your broker

A good mortgage broker can be the key to your property portfolio success. Here’s how to find one.

Mortgage brokers worth their salt will look to build a trusted relationship with you – one that’s more focused on service than selling. Here are five things to look for when choosing your broker.

1. Recommendations 

Asking your personal network for referrals is a good starting point. This could help you find a local broker with experience working with borrowers at your life stage, for example.
Talking to previous customers can also provide valuable insight into working with the broker through the loan application process and post-settlement. Many brokers will stay in touch after the loan has gone through, seeking to maintain a relationship with their clients and help with future lending needs. They may do this through phone or email and may provide information on topics of interest or send invitations to events.

2. Personal rapport

To help you achieve your goals, a reputable broker needs to take the time to get to know you and to understand your personal and financial circumstances. Relaxed and open communication is key, so it helps if you feel rapport with the individual.
A successful client-broker relationship is collaborative – it’s a partnership where you feel comfortable, confident and in control. You should never feel rushed or pressured into borrowing more money than you’d like. Your broker should be readily contactable, encourage your questions and be able to answer them.
You can also ask a prospective broker about their business as well as the loan process: how long have they been in operation and who are most of their clients? Get as much information as you need to judge whether the business is a good fit for you.

3. Selection of lenders 

Ideally your broker should have access to an extensive panel of lenders covering banks, non-banks and building societies. They should also be equipped with the tools to sift, sort and select the loan products suitable for you.
A good mortgage broker has a thorough knowledge and understanding of the products that meet your needs and will be able to explain why they are suggesting a particular loan to you.

4. Professional expertise 

A reputable broker will help you understand how much you can afford to borrow and how this affects you now and into the future. They’ll provide written documentation to demonstrate how different scenarios – loan terms, interest rates, additional loan features and fees – affect the amount you pay over the life of the loan. They’ll also take the time to ensure you understand the loan process and all the terminology that goes with it.
As per ASIC requirements, all mortgage brokers must be authorised to provide credit advice by an Australian Credit Licensee holder. As Australian Credit Licensee holders or credit representatives, all brokers are required to undertake professional development activities each year. Meeting the minimum training requirements ensures that they adhere to a strict ethical code of practice, to further meet their client’s needs.

Most brokers are members of Professional bodies such as Mortgage & Finance Association of Australiaand Finance Brokers Association of Australia. Through this association brokers have access to a wide range of professional education opportunities each year and minimum standards to meet.

5. Disclosure of fees and commissions 

A broker is required by law to clearly explain and demonstrate how they are remunerated. In Australia, lenders typically pay brokers through upfront and trail commissions, rather than clients paying a fee directly to the broker.

Finding the right mortgage broker could be all that stands between you and your property dream. By keeping these tips in mind when talking to prospective broker partners, you could be on your way to property-purchasing success sooner rather than later.

MAKE us your business partner.  Whether you are buying property, business or equipment, MAKE Finance Group will provide the finance solutions and advice you need. Call us today on 02 6021 6600

We are here to help.

This article provides general information only and may not reflect the publisher’s opinion. None of the authors, the publisher or their employees are liable for any inaccuracies, errors or omissions in the publication or any change to information in the publication. This publication or any part of it may be reproduced only with the publisher’s prior permission. It was prepared without taking into account your objectives, financial situation or needs. Please consult your financial adviser, broker or accountant before acting on information in this publication.

Make it happen

The staff at MAKE Finance Group are experienced and dedicated to providing our clients with exceptional levels of advice and service.

As a full service finance broker, we can save you time and stress as we negotiate with Banks and Financiers on your behalf. Whether it is asset or equipment finance, business finance and advice or even a home loan, we will go to the market on your behalf and find the best possible deal available.

Let us worry about the financials, as we make it happen for you.

Why Partner with Us?

The staff at MAKE Finance Group are experienced and dedicated to providing our clients with exceptional levels of advice and service.

MAKE Finance Group holds sought after commercial lending accreditations and access to a substantial panel of lenders for both Equipment and Business Finance.

As a finance broker MAKE Finance Group saves you time and stress as we negotiate with Banks and Financiers on your behalf. This allows you to keep focused on your business while we do the finance work.

This ensures you receive the best offers with the objective of saving money and increasing profitability.

Testimonials

Here is what a couple of our clients have said about MAKE Finance Group.
  • Geoff at MAKE Finance Group made the process of purchasing an investment property a seamless process. Thanks for your patience Geoff. I would highly recommend Geoff and his team at MAKE for all your finance needs. Cathy, Warrnambool

  • Geoff and the team at MAKE Finance were unbelievably helpful when we needed to refinance our business loan. After a stressful and confusing ordeal with our existing lender, Geoff made re-financing so easy, and it tool very little work from our end to sort everything out. We are so happy with everything sorted and not having to worry about our finance arrangements. We would encourage anyone with any financing needs to go and see Geoff and the team at MAKE Finance, thanks Geoff! Philip and Jenni, Holbrook

  • Thank you to the team at MAKE Finance Group, for helping me purchase my first truck. I cannot thank them enough as they went above and beyond all my expectations and made the whole process easy and stress free, I would highly recommend them to anyone. Rob, Canberra

  • Applying for a business loan (direct through a Bank) was becoming a stressful and difficult task for us as everything had to be discussed over the phone followed by numerous paperwork. Geoff at MAKE Finance Group was our savior. Your personalised service made the application for our business loan & business vehicle loan so easy. We now operate a very successful business & we could not have done this without you. We love your work! Lloyd & Kristy Franchisee of Jim’s Mowing Wodonga East

  • “MAKE Finance Group were an absolute pleasure to deal with. Right from the very beginning, even when we were just asking questions as to how home loans work and how much we could afford, they made the process incredibly easy and put everything into terms that we could understand. There’s a lot involved with buying your first home, but it felt effortless with the superb help from both Jess & Geoff. MAKE Finance Group definitely come highly recommend from us – thanks guys!” Sophie & Zach, Albury

  • “Buying a new car was a big deal for me as I had a very strong love for my only car of 10 years.  I approached MAKE Finance Group to help me source a loan for my new car, and they made me feel 100% positive about making the change, as the process that they followed to obtain the loan was flawless. They came to me which I hugely appreciated, everything was in order and all follow ups and questions were answered without hesitation. I cannot recommend them enough for their professional and friendly service.” Stephanie, Albury

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