"Our Adviser was prepared to do the research and come up with a solution, too many people give up."

Simon and Terri-Lee Read case study

Using a mortgage broker

Instead of you trailing from lender to lender, making endless phone calls or trawling the internet, a mortgage broker can do it all for you. If you choose the go-it-alone route, you might be lucky to compare three or four different products. Mortgage brokers can compare hundreds and help you get the right home loan!

A good mortgage broker will also help you to understand the various deals that are on offer, explaining all the features and details that might make a big difference to your repayments. And what’s more, your mortgage broker will lodge your application (in many cases electronically, saving time) and chase it through with the lender – so you don't have to! Your broker is the single point of contact for you throughout the process.

While using a mortgage broker can result in substantial savings in time and money for borrowers, choosing the right mortgage broker is the key.

Checklist for choosing a mortgage broker

Our checklist can help you make this important decision. Your mortgage broker should be:

  • A full-time mortgage specialist.
  • A member of the Mortgage and Finance Association of Australia (MFAA).
  • Part of a reputable company network with Head Office support and professional training.
  • Free of charge.
  • Happy to disclose fees and commissions.
  • Covered by professional indemnity insurance.
  • Have access to a broad panel of financial institutions (20+).
  • Have specialist software to compare home loan products, qualify borrowing power, and electronically submit loan applications to lenders.
  • Have a detailed customer charter setting out how they work.

 

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