Find a Mortgage Broker in Canberra
If you're in the market for a home loan to help you buy property in Canberra, a mortgage broker can offer the advice and expertise you need to find the perfect mortgage.
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How do I compare brokers for myself?
Ideally, a broker acts as your professional guide, helping you select a mortgage that suits your needs and then assisting you with the application process. You can get a better idea of a broker's professionalism and trustworthiness by:
- Checking the broker's accreditation. Your broker should have an Australian Credit License or is an Australian Credit Representative. They are also required to be a member of either the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA).
- Looking at their lending panel. Brokers cannot compare loans from all lenders, but most will have a large range. Ask about the broker's panel to check that they offer mortgages from many different lenders.
- Researching the broker. Chances are your broker has an online presence and previous customers who have left reviews of their experience. This can be valuable information when shopping around for a broker.
- Doing your home loan homework. The broker should do the hard work for you. But the more you know about the mortgage industry the easier it is to know when you're broker is really doing their best to help you.
How is a mortgage broker paid?
Mortgage brokers receive commissions from lenders for generating new business. They are paid an initial commission when you first take out a loan and a trailing commission each year that you still owe money on your mortgage.
You do not pay these commissions – they are all paid by the lender. If you refinance your home loan very soon after the broker has arranged finance for you (within 3-24 months), they may be required to repay part or all of their commission back to the bank (known as a clawback). The broker may then pass part or all of this fee on to you as the borrower, however, they will usually advise of these potential costs upfront, before you decide to refinance.
How do mortgage brokers work?
A mortgage broker has a legal duty of care to take all reasonable steps to match you with a loan you can afford to repay and that suits your requirements. After sitting down with you to discuss your financial situation and how much you would like to borrow, a broker can then present you with a choice of loans from their panel of lenders.
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