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Whether you have consulted a mortgage broker in the past or seeing one for the first time, it is always a good idea to be ready before your meeting.
It means doing your analysis and identifying what questions to ask your broker. To help you, we created these five questions that you should ask your broker along with other relevant details.
Mortgage brokers deal with many lenders, including major banks, small banks, and credit unions. However, it is worth inquiring how many they have on their panel. It will give you a sign of how many options you have and how likely you may locate the right product for your requirements.
You are not obliged to pay your mortgage broker when you take out the loan, as your selected lender will. Nevertheless, it is wise to ask your broker how they receive their commission, as it may differ from broker to broker. For instance, some brokers may want you to put with one lender than another because that specific lender will pay them more. Hence, you need to be sure that your broker is always working in your best interests.
With many loan products on offer, it can be complicated to understand what you may require from your mortgage. For instance, a redraw facility or offset account may not be the right fit for you. An experienced broker can help you run through available home loan options and evaluate what will work best for your situation.
This is another crucial question that you should ask upfront when meeting the broker. It would help if you had clarity on what documentation lenders will need to apply for a loan. It could include bank statements, payslips, driver’s licence, valid passport. By having all required documents ready, you can streamline the application process.
Your mortgage broker will present an array of loan options. It would be best to ask your broker to explain what features are included and how they think they may suit you. Make sure before signing the loan agreement. You have a thorough understanding of your loan product.
Finding the right home loan is a complicated process that needs careful analysis weighing all features with your requirements and situation. Hence, it is always best to consult experienced mortgage specialists before deciding.
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”