If you need a broker but don't have time for face-to-face meetings, try an online mortgage broker.
Online mortgage brokers can help you get the home loan you need without having to meet anyone in person. They're an ideal choice for time-poor or remote borrowers who need home loan advice.
Online mortgage brokers comparison
What is an online mortgage broker?
Online mortgage brokers are very similar to bricks and mortar brokers; they communicate with banks and lending institutions, but online brokers do so on the web and through their website.
They might use a combination of video and regular phone calls to help you discuss your options, fill out applications, get quotes, pay fees and even manage your account.
You may be asked to upload any relevant mortgage documents (identification, bank statements, details of your assets and expenses) and send them to your broker or lender rather than go into a branch or broker office yourself.
The pros and cons of using an online mortgage broker
- You can always reach your broker from any location with internet access. This can valuable for those who are physically unable to visit an office, or those who travel frequently for business. It's also a great choice for families who just don't have the time to visit an in-person broker with children in tow.
- Visiting an online broker can also sometimes save you a great deal of money. In some cases, online brokers may have a much wider reach than a bricks and mortar broker.
- It can be difficult to determine whether the broker is reputable and experienced. You should have an understanding of how to detect scam sites. It can be helpful to search for the mortgage broker's information elsewhere on the web; typically, you will find little to no info on scammers, whereas reviews, listings, and information will exist about legitimate brokers. Always verify that the broker has a telephone number and mailing address on their website. This will help you to stay safe.
- Some complex deals may require a face-to-face meeting. If your home loan needs are more complex, an online broker may not be an option.
How to choose the right online mortgage broker
- Ask others. The safest way to choose an online mortgage broker is to be referred by someone you trust. Start by asking around; word of mouth is a surprisingly effective way to find great services. If you don't have word of mouth to go on, research the broker online.
- Contact the Mortgage and Finance Association of Australia or the Finance Brokers Association of Australia. These organisations are the representative bodies for the mortgage broking industry. By law, brokers have to be a member of at least one of the organisations. The MFAA and FBAA hold their members to codes of conduct and standards of practice. They can also help to direct you to a broker who is able to provide you with the services you need.
Choosing an online mortgage broker can be a great way to access lending services, but it is important that you research your broker carefully. With a little effort, you'll come out with a great rate or deal from a broker who you feel confident in trusting with your financial information.