What does a Mortgage Broker do?

A Mortgage Broker acts as an intermediary between you (the client) and the banks (lenders).

Mortgage Brokers in Australia are bound by certain educational standards and requirements. They must hold a minimum of a Diploma equivalent qualification in Finance or Mortgage Broking, they must be a member of an affiliated association and they must be a member of a Australian dispute resolution scheme.

This said, Mortgage Brokers are valuable and trusted professionals. When you (the client) need finance or a loan to purchase something, whether that’s a house, car, holiday, caravan or asset for your business, when you go to the bank you only have access to the range of the products that the bank offers. A Mortgage Broker has access to a wide range of banks and lenders on their panel. Mortgage Brokers can have up to fifty different institutions in which they can select a product for you from.

Finding the “best” deal for you doesn’t always mean finding the lowest interest rate. There is much more to consider than just the interest rate. For example not all banks lend to all client scenarios. Some banks are more favorable towards self employed people, where as some banks only lend to customers who have a 20% deposit. This is where a Mortgage Broker is invaluable, because they have the knowledge and insights of all of the lenders that they hold on their panel and thus are able to source the best deal that meets your needs for your.

To find out more about how a Mortgage Broker can help you, contact Jackie today on 0409 563 892 or Jackie@fimafinance.com

This information is general in nature only and does not take into consideration your personal circumstances.