Many people think that every mortgage broker has access to every lending institution and bank, but that is not the case. The Mortgage and Finance Association of Australia states that each broker is required to obtain accreditation with a lender before they can sell their products. This is known as their panel of lenders and is a representation of how many different products they can choose from. Therefore, it is a good idea to find a trusted mortgage broker with a large enough panel of lenders that they can offer you a choice of loan options.

Getting your loan pre-approved tells you how much money you can borrow to fund your property purchase even before you start looking. It is usually valid for a 3- 6 month period.

Knowing this upfront saves you a lot of time as it allows you to start looking for properties within the right price range and gives you a level of confidence that your final loan will be approved without any issues.

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.

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.