Australians often depend on mortgage brokers to help navigate the complexities of finding the right home loan. As a licensed mortgage broker, I help buyers and refinancers find the best home loan for their situation and needs.
Before committing to any loan, make sure to always ask questions to your potential mortgage broker. In this article, I will be discussing some key questions to ask your mortgage broker.
Questions to Ask Your Mortgage Broker
Here are 4 questions you should ask me – or any mortgage broker – so I can find the right deal for you.
- Why should I use a mortgage broker?
Ask your mortgage broker what they can do for you. For instance, I provide a broad range of services to my clients – I offer assistance for property investment loans, refinancing, and investment loans. I do everything that I can to help my clients find the right loan for their needs. With my expertise, I can also negotiate with lenders on my client’s behalf, ensuring that they get the best deal possible.
- How much experience do you have?
To operate legally in Australia, the Australian Securities and Investments Commission (ASIC) requires mortgage brokers to have a Certificate IV in Finance and Mortgage Broking. This is a minimum requirement to work as a mortgage broker in Australia. Mortgage brokers are also required to operate under their own Australian Credit Licence (ACL). Or, if they don’t have an ACL, they must operate as a Credit Representative under another entity’s ACL.
It is always worth checking that your mortgage broker has these qualifications before you commit to anything.
Being in finance for over 10 years now, I can confidently say that I have the right experience to help my clients make the best financial decisions for their unique situation. I know my advice is solid because it has withstood the test of time and I have helped my clients through the different stages of their lives.
- What type of loan is right for me?
There is no one type of loan that is superior to others. The best type of loan will depend on your unique situation, budget, and needs. Since different loan types may suit your situation, you must discuss your options with your mortgage broker in detail.
Make sure that you ask your prospective mortgage broker about different loan types, such as property investment loans, adjustable-rate mortgages, fixed vs. variable home loans, interest-only home loans, and line of credit (LOC) home loans – among others.
The Bottom Line
These are just a few of the many questions to ask your mortgage broker. If you have any other questions that are not listed here, don’t hesitate to ask about them! A good rule of thumb is to question anything that you are not sure about.
When working with me, please don’t hesitate to speak up your mind. I am open to answering any questions or concerns that you may have. I am here to help you make sound financial decisions and will do everything that I can to assist you with whatever you need.
Will Bell Mortgage Broker is a mortgage and finance broker based in Melbourne specializing in residential home loans. Will is all about the average Australian understanding just enough of the broader economy to take action on your own personal economy. He is the host of the My Personal Economy Podcast which you can check out here.
Additionally, you can follow him on Facebook