No matter what type of home loan you're in the market for, it can be advantageous to have the experience of a mortgage broker on your side.

It's more than likely you've heard of mortgage broking before, but have you ever thought about what the process involves?

Mortgage broking: An outline

In simple terms, a mortgage broker acts as an intermediary between you and a home loan provider.

They have access to a wide variety of various products from lenders, so whether you want a first home buyer loan or property investment loan, they can give a snapshot of what's available.

This ultimately gives you more flexibility when you're looking for a mortgage. A broker will have a sound knowledge of the market and be able to track down products best suited to your requirements.

Choosing a mortgage broker

Now you know what a mortgage broker does, it's time to think carefully about to choose the one that's going to help you most.

The first step is to ensure the broker is licensed, which will mean they're legally entitled to provide guidance here in Australia.

To check, you can head online and take a look at ASIC Connect's Professional Registers, or you can phone ASIC's Infoline on 1300 300 630.

Your broker should be able to find out what you want to achieve with your property purchase and provide a list of options based on what you've told them.

Once they've located a product, make sure you get hold of a written agreement that outlines what the loan entails.

This will include details such as the term of the loan, the rate of interest and any fees that you'll incur throughout its duration.

You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we'll call you!

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DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.