Australian Mortgage Brokers act as an intermediary who serves to bring Home Loan borrowers together with suitable mortgage lenders. Mortgage Brokers do the shopping around for the borrower and in most cases collect their fee from the chosen lender rather than from the borrower.
Should You Use A Mortgage Broker?
The easiest way to look at it is you engage a Mortgage Broker for the same reason
you take your car to a professional mechanic or book your holidays through Licensed Travel
Agent. They have specific industry knowledge and daily experience in the compound Home Loan
Marketplace.This often means that borrowers end up with a more suitable mortgage than if
they did all the research and “legwork” themselves.
What Do Mortgage Brokers Do?
The basic tasks of an Australian Mortgage Broker are listed below; these duties differ on a
case by case basis:
- Discuss the borrower’s needs and preferences regarding Home Loan Finance.
- Determine the borrower’s current financial situation.
- Identify the clients are borrowing power – find out how much they can borrow.
- Shop around for the borrower to find the most suitable Home Loan available.
- Gather all the documents the banks and lenders will need when assessing the application.
- Provide a clear loan comparison in writing.
- Help with preparing and then lodgement of the loan application forms.
- Track the loans progress with the lender and keep the borrower informed right through to loan settlement.
- Stay in touch with the