What Do Mortgage Brokers Do?

Mortgage brokers offer a service (often a free service) where they can help you find a home, investment or commercial loan.

Most brokers have lender accreditations with between 5 and 40 lenders. Most of these lenders include the major banks and many second tier banks, building societies, mortgage managers and credit unions.

 A mortgage brokers service goes well beyond finding you the cheapest loan. They can;

• Find a mortgage that is best suited to your lending needs

• Prevent you from making common mortgage mistakes

• Compare interest rates, fees and lender policy with multiple lenders and

• Help negotiate better terms and interest rates

• Show you how to structure your loan to pay your mortgage quicker or taxation benefits

• Come visit you in you home or office after hours if convenient.

• Handle all the paper work and submit the loan to the lender and keep you regularly updated

• Offer ongoing support and yearly loan reviews

 

Most Mortgage Brokers are members of Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA). MFAA members must satisfy rigorous criteria on education, experience and ethics. Furthermore, they must demonstrate they have maintained the standards set by the MFAA and keep up-to-date with the latest finance and industry developments.

As of 1 July 2010 Mortgage Brokers and any institution dealing with credit need to be registered with ASIC and are bound by the National Consumer Credit Protection Act 2009 (NCCP). All credit providers will need to ensure a practice of responsible lending and to ensure that the consumer is not unsuitable for the application of credit.

The MFAA has produced 10 questions you should ask your mortgage broker. This will answer all your frequently asked questions about mortgage brokers and their services.

 

Find a Mortgage Broker

 

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Need to Speak to A Mortgage Broker

We can put you in touch with mortgage brokers all over the country that can sort through hundreds of loans in less than 2 minutes to find the most suitable home loan for your lending needs. They can show you all the all the hidden costs and restrictions as well as show you the most reputable lenders to choose from.

 

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