After reading an article about home loan application declines reaching an all time high I expect that more people than ever will be utilising the resources of a mortgage broker. But how do you find a good one? In my experience there should be some key things you need to look for.
Experience and Qualifications
Experience has to be the first thing to consider because I will be the first person to tell you that it's not that hard to become a mortgage broker but is it hard to be a good one. With close to 15,000 of us across the country you should seek out the ones who have been in the industry for a period of time and "in my opinion" have actually worked in banking. It also doesn't hurt to seek out ones with additional finance-related backgrounds so as to get an holistic service.
There are a number of ways to determine this and probably the first thing to consider is word-of-mouth. Have they done a good job in the past and did someone tell you about it? Brokers rely on referrals from existing customers and should be working to keep their existing customers as happy as possible. In addition to this, check social media reviews on Facebook, LinkedIn and other broker rating websites like Hashching.
The access brokers have to the market in terms of lenders will translate to more choice for the customer. Choice is not only good for interest rate savings but its key benefit is access to varied policy which is the biggest dictator of home loan approvals in the current market. A decline from one bank doesn't mean a decline for another but your broker needs to be able to provide you with options.
What else do you get from the broker? "In my opinion" customers need more than just a home loan. You need someone in your corner that will actually work for their trail commission and review your position against the market at least annually to make sure your rates are reasonably priced. "For me" the broker relationship should be more than monthly newsletters or birthday cards and more about active market advice.
It's not enough to just help people get home loans these days. Your broker should be able to provide opinions on current events like the royal commission and its impacts, economic performance and strategic planning for your future. Obtaining credit needs to be holistically assessed and not just accessed because you can. In other words "just because you can doesn't mean you should". Brokers with a breadth of experience across finance can provide more insight into make the right long term choice.
At Beyond Broking we pride ourselves on the five keys points mentioned above. Get in contact with one of our knowledgeable and reputable mortgage brokers today.