What to look for in a Sydney mortgage broker?

When it comes to purchasing a property, it is important that you select the right type of loan, and a local mortgage broker can help you do that.

But do you know what to look for when deciding on a Sydney mortgage broker?

Before you can choose a mortgage broker, it is important to understand what they do. A broker acts as an intermediary between borrowers and lenders. He or she has access to a wide range of products through a group of lenders that he or she is accredited with, and the main goal should be to find the best, and most suitable financing options for you using the information you have provided.

In fact, mortgage brokers have a legal obligation known as ‘responsible lending’ to ensure that you do not end up with a loan that is not suitable for your needs. Additionally, a mortgage broker must give you a document known as a ‘Credit Guide’, which includes information such as their licence number, fees, and information about your right to complain before giving you any help.

How to find a good local mortgage broker in Sydney

In most cases, you will find that there are many mortgage brokers trying to win your business. This means that you can take your time and shop around for the perfect one for you.

Ask friends, family, and neighbours if they know of any recommended mortgage brokers, or if they have any recommendations themselves. Alternatively, you could look through a local directory such as Tradebusters Connect and find two or three brokers that look promising. Then meet with each one to find out their experience, expertise, and the type of loans they can offer.

Any trusted mortgage broker that you consider should be accredited under the National Consumer Credit Protection Act, and be a member of the Finance Brokers Association of Australia (FBAA) and/or the Mortgage and Finance Association of Australia (MFAA).

A good mortgage broker should be up to date with the latest industry knowledge and be able to adhere to tight deadlines. They should also be punctual, well organised, and give you confidence in their problem solving and decision-making skills.

Additionally, if a prospective mortgage broker is not completely confident with the information they provide, consider that an indicator that they lack experience and choose another.