What to look for in a mortgage broker

Getting a loan through a mortgage broker has become incredibly popular with Australian home buyers. While this means that more Australians are benefiting from the advantages that mortgage brokers provide, it also means that there are a huge number of mortgage brokers for prospective buyers to choose from. To help you with this process, we’ve put together a list of the qualities a good mortgage broker needs to have.

 

Good communication

Good communication is the most important aspect of being a mortgage broker. Good communication from your broker requires that they:

• • Are easy to get in touch with,

• • Explain things in Plain English,

• • Are honest and transparent when you ask questions.

If they’re not picking up your calls, you can’t get a straightforward answer from them, or they’re using complicated jargon, it’s time to find a new broker.

 

Timeliness

Timeliness goes hand-in-hand with good communication. If your broker says they’ll get back to you that day but you don’t hear from them for two or three, that’s a broker who isn’t prioritising you as a client. Mortgage brokers need to have fantastic time management skills. Being late with paperwork can have consequences like delayed settlement, so you need a broker who you can trust to things when they say they will.

 

An understanding of you

To get you the best deal, your broker needs to understand what’s important to you as an individual. Perhaps you want to avoid a certain bank, or maybe you only want to go to 75% of your borrowing capacity. Whatever your reasoning is, find a broker who will listen to your wants and won’t push you on your boundaries. Remember – your mortgage broker is there to give you the knowledge needed to make an informed decision, not to make the decision for you. If you don’t feel like your broker understands or respects your wants, it’s time to find a new broker.

 

A wide range of lenders

To be able to offer you loans from banks and other lenders, a mortgage broker needs to be accredited with that lender. Have a wide range of lenders means that brokers can give their clients more options when it comes to loans.

We suggest looking for brokers with a minimum of 30 banks and lenders. 30 lenders means your broker can give you access to a range of home loans, with differing interest rates and lending criteria. The more lenders, the better. Northwick Funding works with 40 lenders.

 

If you’re looking for a mortgage broker who will look out for your best interests, give Northwick Funding a call today on 0421 323 708.