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The home buying process can be a time-consuming process. For home loan borrowers browsing and comparing the numerous loan options on offer can be confusing. A mortgage broker can be a powerful adviser that is likely to have a major influence on your financial life.

A good mortgage broker understands the range of products available in the market. A great mortgage broker will use his expertise to guide you through the process and teach you how to buy.

This is why you need to score a good one.

 
4 signs you are working with a good mortgage broker
 


Here are four signs you are working with a good mortgage broker:

  • Credit guide
    This document discloses the brokers’ range of services, their background, what their internal and external dispute resolution processes are, what industry associations they are members. It also outlines which lenders they work with, and their commission structures.
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  • Professional Memberships
    Which industry Association does your broker belong to? Professional Industry bodies like the Finance Brokers Association of Australia (FBAA) or Mortgage & Finance Association of Australia (MFAA) ensure their members are accredited and meet minimum ongoing professional development requirements each year. Today’s broker must have an Australian Credit Licence (ACL) or a Credit Representative Licence (CR).
    Belonging to an industry body is not a legal requirement, but says more about the broker’s professionalism.
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  • Your broker has asked about your needs and goals…
    … before making any recommendation.
    Good brokers will make sure they understand your current and future financial goals. Using this information, your broker can provide clear options that will help you reach these goals. Your broker will continue to follow up after your loan settles to conduct a financial ‘health check’ each year on your loan.
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  • Your Broker uses clear communication!
    Brokers services are normally free to consumers, so your broker should disclose if they intend to charge a fee before you engage them. Ideally, your broker should make you feel comfortable, and provide information about your options in a completely understandable way for you to make a fully informed decision.

 
 
 

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HashChing is helping Australians by providing access to the pre-negotiated home loan deals. Obligation free consultation with one of our partner brokers might save you time, hassle and money.