The Australian finance industry is one of the most sophisticated, innovated and regulated in the world. It is one of the safest since ASIC (Australian Securities and Investment Commission) introduced new uniform consumer credit laws know as NCCP to protect and inform consumers.
Mortgage brokers will get paid a percentage of the total loan amount (from the bank or lender) with no extra charged to you, the customer. They will also reveal all commissions and are completely transparent. The main advantage of using a mortgage broker is that they have a vast number of lenders on their panel. They can shop around for you and find a product that may be the most suitable with a specific loan feature like an offset account. The lenders on our panel range in size from big banks to credit unions. We also help with the piles of paper work, if you have credit problems or interested in some unusual property we can match you up with the right lenders.
As with anything, you can save a lot of money shopping around and comparing. So when interviewing a broker, and yes it can be called an interview, here’s a few probing questions to help you along.
– What are your service standards, training and accreditation levels?
– How much experience do you have?
– What’s your commission?
– What range of lenders and products do you have?
– Do you offer your own products? If so, what sets them apart?
– Do you have a Finance Broking Agreement or Customer Charter outlining dispute resolution, service levels and commissions policy?
– Do you receive the same commission rate regardless of lender or product chosen?
– How many lenders do you have access to?
– Do you get any alternative forms of remuneration and any referral fees paid for introducing customers like me to other businesses?
– Have you looked at my ability to repay a home loan?
– Will you give me a written comparison of home loan options outlining all fees?