Question to Ask a Mortgage Broker | Melbourne Based

When faced with looking for a Mortgage Broker, it is understandable to question the relevant experience of a Mortgage Broker. But do you really know you have found the right one?

Here is a list of Questions to ask to help you identify a suitable Mortgage Broker Melbourne or National based.

• A broker should have a wide range of home loans from a variety of lenders, Ask how many lenders he/she has access to? 20-30 is usually a sufficient number to cater most needs.
• Check the qualifications and experience of your broker, even ask for references from previous borrowers. Are they an MFAA (previously MIAA) member? Have they completed training courses?
• Check that your prospective broker is not an agent for one lender. Some lenders now operate as brokers too so establish with any broker representative exactly what their role is.
• Make sure your broker will disclose all commission and payments received. This will allow you to judge whether a particular recommendation is influenced by how much commission the broker will be paid.
• Is there a Brokerage or does the broker charge a fee? Most brokers get paid direct from the lender and do not charge borrowers for using their service, others will, so enquire about fees at the outset.
• Ask your broker how the loans are researched and rated. A good broker should be able to clearly outline their criteria.
• Ask your broker to provide a comparison of any loans recommended. Have this include the upfront and ongoing fees. Also the comparison rate should be included. 
• Double-check the information yourself to satisfy yourself that you have been provided the correct information.
• Check what after sales service is offered by the broker? Will the broker be available for subsequent loan enquiries?
• is there a disputer resolution scheme available, or what happens if there is a dispute between yourself and the lender?
• What happens with your personal information? Does the broker comply with the Privacy Act to ensure security of your details and information?
• Does the broker hold professional indemnity insurance. This will safeguard you in the event that you seek legal action.
• The Mortgage Industry Ombudsman Scheme (1800 138 422) is also available if there is a dispute you can’t resolve with your broker directly.

If you are satisfied with the answers to you questions, go right ahead. Otherwise there is a multitude of professional Mortgage Brokers in Australia. You may find them directly in your suburb! Just google search you area and type in  Mortgage Broker Melbourne or your own suburb. You will find us there! Otherwise Contact Us or Apply for a Loan.