why use a broker and what to look for

    Why?

    There are some very good reasons why more and more Australians are using brokers to obtain the loan that best suits their needs. A broker will identify your needs, they will then identify the lenders that will meet your needs, complete the required paperwork and lodge it with your chosen lender. They will then liase with your other partners to assist with settlement of your new loan. The main benefit of using a broker is they will save you time, money and frustration. Remember brokers are experts in providing financial solutions and provide solutions every day.
  • What to look for

    Ensure your chosen broker is licensed by ASIC to provide CREDIT ADVICE. Your broker should hold it's own Australian Credit Licence issued by ASIC or be an Authorised Representative appointed by an ACL holder.
  • Are they a member of the FBAA (Finance Brokers Association of Australia) or the MFAA (Mortgage & Finance Association of Australia)? These are the peak bodies of the finance industry and each have their own code of conduct that it's members must abide by.
  • Are they a member of AFCA? If you have a complaint about your broker and you are unable to come to a resolution then AFCA provide another option for you to seek redress.
  • Do they have professional indemnity insurance?
  • A broker should have a wide range of home loans from a wide variety of lenders, eg. banks, and non-banks. Ensure your broker is a broker and not a representative of a bank, or has a very limited selection of lenders.
  • Check the qualifications and experience of your broker, ask for references from previous borrowers.
  • Check what service is offered by the broker after the loan is negotiated. Will the broker be available for subsequent loan enquiries? What follow up services do they offer? What other services do they offer?
  • Does the broker comply with the Privacy Act to ensure the security of your personal and financial details?
  • Make certain the broker discloses commissions and payments they receive from placing your loan with a lender and what costs are associated with their service.

If you have any other questions please phone us on 03 9832 0802 or complete the form below.