Nowadays mortgage brokers are required to comply with the laws implemented by ASIC. The consumer credit law will ensure loan providers and credit providers a transparent service towards customers as well as responsible lending.
How will you determine if you have found a trusted and reliable mortgage broker?
In Part 1, we already know the first 2 important questions. Here are the next three important questions which you need to ponder and ask when seeking for the most feasible terms in home loan requirements.
Question 3: Is your mortgage broker capable of performing all the requirements and follows professional standards?
- Is your broker compliant to the NCCP or National Consumer Credit Protection Legislation?
- Are they qualified as professional mortgage broker and accomplished the qualifications for finance and mortgage broking (Certificate IV in the field of Financial Services)? Or Are they accredited from the mortgage broking training course.
- Do they have a Professional Indemnity Insurance?
- Is your mortgage broker a member of MFAA (Mortgage and Finance Association of Australia) and follows the code of practice.
Question 4: Does your mortgage broker offer a real and valid home loan option/s?
- Are they connected to not less than 15 loan providers coming from small banks, big banks, credit unions, building organisations and other known financial institutions as part of their loan provider panel?
- Are you given any printed home loan comparison choices including the exit fees, ongoing and upfront charges?
Question 5: Are any of the mortgage broker’s services free of charge?
- Does your broker ask any cost aside from the regular charges for the application of home loan? Does he or she charge you with other additional expenses?
All these are very important, and you need to be certain that you are confident with your selected mortgage broker because the future of your selected home loan greatly depends on their help. You can also check PART 1 to complete your knowledge on finding the right mortgage broker. Good luck!