A Guide to Selecting a Mortgage Broker in Australia

Once you have made the decision to buy a home you will need to obtain mortgage financing for your purchase. Until about fifteen years ago buyers had to go directly to banks to obtain loans and shopping around for the right fit was a long process. Mortgage Brokers are experts in home loans who will consider your financial situation and financing requirements and then shop around for various lenders to find the best possible deal on financing for your purchase.

Because mortgage brokers understand the loan process and the criteria used by lending institutions in evaluating borrowers they are able to make sure your loan application is completed correctly the first time resulting in a much smoother process. This can ultimately lead to faster approval. In addition they have access to hundreds of loan products with many different lenders resulting in the flexibility to find the best possible loan and interest rates for your situation.

It is no wonder mortgage brokers now write about 30% of all mortgages in Australia. Your mortgage broker will not only find you the best rates and programs based on your needs, they will also help you understand the process, and if necessary negotiate on your behalf if you have less than perfect credit.

It is recommended that you shop around for a mortgage broker that you feel comfortable with. You can often complete a small questionnaire online and someone from the mortgage broker will contact you to discuss what they have to offer. Be sure to apply to multiple mortgage brokers online and don't be afraid to ask questions including how they get paid and what their fees are for particular loan products.

It is important to choose a mortgage broker that is a member of the Mortgage Industry Association of Australia (MIAA) or the Finance Brokers Association of Australia (FBAA) because they have certain professional standards they must adhere to.

There is much more to choosing a mortgage broker than finding the one which quotes the lowest interest rates. You may find that one has the lowest interest rates but is charging too much in hidden fees. It is important that you shop around and choose a broker with a good reputation. Your professional real estate agent can be an excellent source for obtaining names of potential mortgage brokers. Also, try asking friends, family or co workers who they recommend. Everyone feels better doing business with companies who are recommended by people they trust.

Copyright 2005 by Robert Scott, LoanSense.com.au

Robert's LoanSense website is dedicated to helping Australian borrowers get the best possible deal on a Home Loan in Australia. If you are looking for a home loan be sure to review the information on using a Mortgage Broker to find the best loan for your situation.

---

Refinancing vs Line of Credit

Refinancing vs line of credit are two popular options you... Read More

Mortgage Sales Hit Problems

The housing market has been buoyant over the past few... Read More

Why Its Important to Get Pre-Approved

Having a pre-approved mortgage will give you the confidence of... Read More

Mortgage Debt Elimination

The prospect of mortgage debt elimination is something that many... Read More

5 Steps to Getting on Top of your Mortgage

Getting on top of your mortgage so you can pay... Read More

Bad Credit Mortgage Refinance - Should I, Shouldnt I?

It is a common financial scenario across households in the... Read More

Fees Paid To Brokers By Mortgage Lenders Are Far Too High

Procuration fees paid by some sub-prime lenders are too high.Fact.There... Read More

Mortgage: Rehabilitation Of Financial Helplessness

The term 'mortgage' is assumed really controversial by people when... Read More

Mortgage Loans Explained In Plain English

With the many different kinds of mortgage loans out there,... Read More

Unlock your Home Loan Piggy Bank

With the recent sharp increase in property values your current... Read More

Home Equity Loans ? There?s Gold In That There House

To paraphrase an old familiar quote that goes "there's gold... Read More

First Time Buyers Fail To Shop Around

Almost two thirds of first time buyers accept the first... Read More

Stock Market, Bonds, Deposit Account, Cash, Equities, Unit Trusts - Few, Just Few of the Ways of Sav

Man has been known for continually simplifying things in his... Read More

Home Mortgage Loans - Fixed Rate, Adjustable or Balloon, Which One Is Right For You?

When you're shopping for a new home-especially for the first... Read More

Home Equity Loans in Texas

A few notes of importance: This only applies to... Read More

The Top 5 Reasons to Buy a Home

1. Save on your income tax.Yes, something good can come... Read More

Zero Down Payment Mortgage ? Can It Be Done?

"I've been renting for years now; I've always paid my... Read More

To Refinance or not to Refinance -- Here is the Answer

I have written many articles on refinancing a fixed rate... Read More

What is a Buy To Let Mortgage?

A buy to let mortgage is a mortgage on a... Read More

Bad Credit Home Loan - Apply Online and Keep Your Credit Score as High as Possible

If you have a poor or bad credit history with... Read More

Sell Your Home and Invest at the Same Time

I continue to see the same For Sale signs in... Read More

How To Tap In To Your Home Equity

With today's relatively low interest rates and climbing property values,... Read More

Decision Time: Home Equity Loan or Home Equity Line of Credit?

Home equity loans and home equity lines of credit continue... Read More

Cash Out Refinance Mortgage Loans ? Home Equity, 2nd Mortgage or Cash Out Refinance Loan

There are some definite benefits to doing a cash out... Read More

The Best Tactics for Getting a Quick Homeowner Loan

Trying to find a quick homeowner loan can seem difficult... Read More

Refinance Mortgage Loan ? Tips on Refinancing Your Home Mortgage

Refinancing your home mortgage can come with some great perks.... Read More

How to Get the Best Mortgage

This is a guide on how to get the best... Read More

Making Sense of Mortgage Speak

Applying for a home loan can be overwhelming. You will... Read More

Reverse Mortgages Learn The Facts First!

Reverse Mortgages, Most Common Features:Many offer special appeal to older... Read More

Keep Your Eye Focused on Treasury Bond Rates To Adjust Your Current Mortgage Rates

Mortgage rates typically are based off the current rates of... Read More

How to Utilize Your Cash Investment in Your Home

Have you ever noticed how hard it can be to... Read More

Stated Income Mortgage Loan - Get Approved Online

A stated income or no doc mortgage loan allows individuals... Read More

Adjustable Rate Basics

An adjustable rate loan, most simply stated, means that your... Read More