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A mortgage broker is an expert who sieves through hundreds of loans from a plethora of lenders to find the best-fit loans for his or her clients, at the most competitive rates. Especially for first time home buyers and investors, having an expert on their side could spell the difference between having an asset or a dud on their hands, because the right home loan significantly affects the success of any property you buy.

 
How to find a mortgage broker?
 

Whether you are a fresher or a seasoned property buyer, you can benefit from the services of a mortgage broker by getting access to home loan rates that could be up to one percent lower than lender advertised rates. Especially if you have a low credit score or looking for a low-doc loan, a broker could guide you to specialist lenders for your situation, apart from putting across your case in the right light. Of course, a good mortgage broker stands by you from the time of application to settlement, doing all the legwork on your behalf, ensuring you can spend your time on things that matter to you.


How to find a mortgage broker?

It is established that a good mortgage broker can save you time and money on your mortgage, and help you make informed decisions regarding your purchase. With access to financial products from various lenders, and years of experience in the mortgage industry, good brokers are a veritable mine of information and knowledge. Home buyers can avail the services of a mortgage broker for free, in most cases, as brokers are paid a commission by lenders. In addition, many of the brokers pass on a part of their commission to their clients, meaning more savings for you (the home buyer).

Here are few tips on how to find a mortgage broker who is right for you:

Word of mouth – According to a survey by Mortgage and Finance Association of Australia (MFAA), 92% of the participants were ‘fairly’ or ‘very’ satisfied with the service provided by their mortgage broker, and many of them are likely to recommend their broker to family and friends.

Yes, word of mouth is one of the best ways to get connected to a mortgage broker worth his or her salt. According to Siobhan Hayden, HashChing COO, you must ask around when you are hunting for a mortgage broker. “If you’re in the younger demographic and a user of social media, put a message out there and ask people if they’ve used a broker,” says Siobhan. “The business for brokers is very much around referral by family or friends.”

Indeed, with over 15,000 mortgage brokers working in Australia, ‘asking around’ could be the best way to sieve through the large numbers.

Speak to more than one broker – Once you have shortlisted a few experts, it is recommended to get in touch with at least a couple of them to find one whose working style matches your expectations. Most mortgage brokers are flexible enough to accommodate your timings and don’t mind fixing meetings after work hours or on weekends.

Here are a few things to ponder:

  • Is the broker responsive and listens to your queries before answering them patiently?
  • For how long has the broker been in the industry? Do ask for references, if possible.
  • Is the broker experienced enough to deal with your special situation, if any (such as investment loans, bad credit loans, low-doc loans, etc.)?
  • Most importantly, is the broker licensed? You can search ASIC Connect’s Professional Registers or phone ASIC’s Infoline on 1300 300 630 to confirm.

Use technology to your advantage – There are various ways in which technology can propel your property buying journey. At the outset, you can use home loan comparison websites such as HashChing (where you can find hundreds of broker pre-negotiated deals) to get an idea about mortgage rates and the features you need in your home loan before you contact a mortgage broker.

HashChing makes it even easier for Australians to access broker services by creating a network of verified mortgage brokers, with over three years of experience, that you can browse online. With sophisticated filters, it is possible to narrow down your results by area, radius and even the language spoken by the broker to ensure better communication! The website allows you to access the full profile of the mortgage brokers on the network, including reviews and ratings from real time customers.

Did you know that apart from connecting home buyers to verified brokers in their area, HashChing makes it even more convenient by providing home buyers with the complete profile of the broker (along with a photograph) on email before the scheduled call with the respective broker?

There is no doubt that finding a good mortgage broker can save you tons of money on your home loan. In case you are planning to purchase a property or refinance your existing home, start by speaking to a mortgage broker or compare home loan deals here.

 

By Vidhu Bajaj,
HashChing Content Writer

 

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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.

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