How do I choose a mortgage broker in Melbourne?

Always look for a broker who holds an Australian Credit Licence or Credit Representative status, as required by the Australian Securities and Investments Commission (ASIC). For additional reassurance, ask if your broker is a member of the industry body - the Mortgage and Finance Association of Australia (MFAA).

Why choose a mortgage broker over a bank?

Mortgage brokers provide a one-stop-shop for their clients. They may have access to hundreds of potential lenders with only one credit inquiry impacting your score. They are often able to find great rates and get you approved quickly.

Should I talk to more than one mortgage broker?

Having multiple offers in hand provides leverage when negotiating with individual lenders. However, applying with too many lenders may result in score-lowering credit inquiries, and it can trigger a deluge of unwanted calls and solicitations.

Is a financial advisor the same as a mortgage broker?

Often they will be called mortgage brokers, but there is no real difference between an adviser and a broker. A mortgage adviser/broker is usually a dedicated mortgage specialist, though some independent financial advisers (IFAs) also give the same kind of mortgage advice.

What exactly does a mortgage broker do?

A mortgage broker is an intermediary who brings mortgage borrowers and mortgage lenders together, but who does not use their own funds to originate mortgages. A mortgage broker helps borrowers connect with lenders and seeks out the best fit in terms of the borrower's financial situation and interest-rate needs.

Is it worth using a mortgage broker?

Working with a mortgage broker can save you time and fees. Cons to consider include that a broker's interests may not be aligned with your own, you may not get the best deal, and they may not guarantee estimates. Take the time to contact lenders directly to find out first-hand what mortgages may be available to you.

Mortgage Broker

Best 30+ Mortgage Brokers in Melbourne [2022]

Mortgage Broker / By team

Table of Contents Add a header to begin generating the table of contents These brokers will assist you in obtaining the finest mortgage terms, whether you are a first-time property buyer or a seasoned investor. The process of buying a property involves mortgage brokers, who are essential. Although it can be difficult to know who …

Best 30+ Mortgage Brokers in Melbourne [2022] Read More »