Find a Mortgage Broker in Sydney

You want to work with a mortgage broker who is a licensed professional and will guide you through the process of finding the most suitable loan for you. There are a few steps you can take to ensure your broker is right for you:

• Are they accredited? Check that your broker is an Australian Credit Representative. They are also required to be a member of either the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA).
• How many lenders do they have on their panel? Brokers can’t compare loans from all lenders (there are hundreds of options, so it would be impossible to represent them all). Check with your broker to see who they represent and how long they have been in the industry.
• What level of service do they offer? The broker should do the hard work for you. But the more you know about the mortgage industry, the easier it is to know when your broker is really doing their best to help you.
• Is the broker experienced? Chances are your broker has an online presence and previous customers who have left reviews of their experience. Read up on your broker’s experience and ask friends for referrals.

A mortgage broker can help you secure the financing you need to buy the property you want and provide advice on your existing mortgage. After assessing your financial situation, a broker will present you with a choice of suitable loans from their panel of lenders. Brokers are especially useful for borrowers in complex or unusual situations, who may find it difficult to get finance by approaching a bank directly. Mortgage Brokers are required to act in your best interests as part of new legislation, which avoids any conflict of interest.

Here are some simple tips on how to ensure you are dealing with a good mortgage broker:

1. Look at their Google Reviews – ensure the broker is well established and has an online presence.
2. Are they accredited? – ensure the broker is accredited with at least 20 lenders and is a member of either the MFAA or FBAA
3. Know how they get paid – ask your broker up front, how are they paid. It is important to know this. Brokers are generally paid an upfront commission on settlement, and a trail commission.
4. Check their ownership structure – many aggregators are owned by large Australian Banks
5. Make sure they explain options clearly – your mortgage broker needs to explain options clearly!

Instead of receiving payments from borrowers, mortgage brokers are paid commissions from lenders when they attract new business for a lender. They receive an upfront commission when you take out a loan and a trailing commission every year that you still owe money on your mortgage.