- Check their Accreditation
Before working with a mortgage broker, it’s essential to check their accreditation. In Australia, mortgage brokers must hold an Australian Credit License (ACL) to legally operate. You can check a mortgage broker’s accreditation by searching the National Mortgage Brokers (NMB) register or the Australian Securities and Investments Commission (ASIC) Professional Registers.
- Experience and Reputation
When it comes to choosing a mortgage broker, experience and reputation are crucial. Look for a mortgage broker with a solid track record of successful home loan approvals and happy clients. You can research a mortgage broker’s reputation by checking online reviews, asking for referrals from friends or family, or contacting industry associations, such as the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA).
Mortgage brokers may specialize in certain types of loans or borrowers. For example, some mortgage brokers may focus on first home buyers, while others may specialize in self-employed borrowers or investment properties. Consider your specific needs and look for a mortgage broker with experience and knowledge in that area.
- Fees and Charges
Mortgage brokers may charge a range of fees and charges for their services. These can include application fees, ongoing fees, and commission fees. Before working with a mortgage broker, it’s essential to understand their fee structure and ensure that it aligns with your budget.
- Communication and Service
Effective communication and personalized service are critical when working with a mortgage broker. Look for a mortgage broker who is responsive to your needs and communicates clearly and regularly throughout the loan process. You should feel comfortable asking questions and confident that your mortgage broker is working in your best interests.
- Range of Lenders and Loan Products
A good mortgage broker should have access to a wide range of lenders and loan products to meet your needs. Look for a mortgage broker who can offer you a variety of options and explain the pros and cons of each.