WHAT IS A MORTGAGE BROKER?
Brokers are now the number one choice for consumers who are seeking a home loan or to refinance their existing loan. Businesses too use finance brokers to help them with their finance needs to help their businesses expand.
WHAT BROKERS DO?
Brokers work with clients to determine their borrowing needs and ability, select a loan suited to their circumstances and manage the process through to settlement.
Some benefits of using a broker:
- They do all the legwork for you
- Access to a wider range of loans
- Experts in a wide range of loans
- More flexible
- Greater expertise as they focus on loans only
PANEL OF LENDERS
Brokers offer loans from the lenders they are accredited with. Lenders will normally range from the large banks through to specialist non-bank lenders and mortgage managers. The size of a panel of lenders will vary from broker to broker, the norm is around 20 banks
HOW MORTGAGE BROKERS ARE PAID
Residential brokers are remunerated by the lender and receive an income on the loans. It is not standard industry practice for a residential broker to charge a customer for their service.
WHY USE AN MFAA MEMBER
MFAA members must adhere to the industry Code of Practice which requires superior professional standards, fair business practices, ethical behaviour and compliance with both the letter and the spirit of the relevant laws and regulations – all in the interest of you, the borrower.
MFAA sets superior standards in the industry for its members:
- Industry experience
- Education standards
- Ongoing education to maintain accreditation
- Probity checks
- Professional indemnity insurance
- Membership of an external dispute resolution service
I am an MFAA member, I specialise in Mortgages, and currently work with 30 banks and lenders. My qualifications included CERT IV and Diploma in Finance and Mortgage Management. For simple to understand expert advise, call me today.