How to Choose a Finance Broker

If you are thinking about taking out a home loan you should definitely consult a finance broker as they are connected with a number of different lenders. This makes it a lot easier for you to find the right deal that is going to suit your needs.

But there are so many finance brokers out there, how do you know which one to go with? We’re going to share some tips that will help you make the right decision.

Ask friends and colleagues if they have any recommendations

Make sure you ask plenty of questions -  including how long they have been in the industry, what qualifications they hold (Certificate 4 and preferably Diploma in Financial Services Mortgage Broking)

Are they accredited under the National Consumer Credit Protection Act? (Essential)

Make sure they are a member of the Mortgage & Finance Association of Australia or the Finance Broker’s Association of Australia

Find out who is on their lending panel. They should have at least 20 different lenders, including a range of reputable institutions.

Skills to look for:

• Punctual
• Well organised
• Good product knowledge
• Good people skills
• Confidence

Use this as a guide and we guarantee you will have no trouble finding a finance broker that’s great at what they do!
 

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