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What should I expect form a broker?

While meeting up with your Australian Mortgage Broker, you must expect the following:

  • You must expect your broker to be a good with figures: Your broker will use analytical tools to calculate all your financial requirements and make sure you get the best one. All your questions and queries will be answered by your broker.
  • A Mortgage Broker will give you full disclosure for fees and charges upfront: A professional broker would clarify all about fees and additional payments in advance without keeping anything hidden from you. In case he hides certain details then he may be sacrificing your interests for his payday. Make sure he gives you all the record of the payments that are made and received from the lender.
  • The credibility of your mortgage broker: See if the Finance Broker has adequate Licensing with ASIC and other regulatory bodies such as MFAA/FBAA. Moreover, a mortgage broker must have adequate Dispute Resolution membership i.e. COSL.
  • Expect your broker not to quote any low-ball pricing: Expect your broker to keep a record of all your transactions, assets and dealings, as this will help him with the loaning price that he may quote to the lenders. Therefore, make sure you grant the access to the most reliable financial information.
  • Your broker will find the best deal for you: Brokers are extremely mindful in pricing of a loan. Keeping all your financial considerations and affordability in mind, the broker will go through all the details to choose the best deal out of the price sheets.
  • Expect your broker to be experienced with effective communication: An experienced broker is the one who will communicate in detail about your financial aspects. He will never assume that his client is aware of the entire mortgage terms, therefore, he will explain in simpler ways to make you understand. You must expect your broker to keep you informed of every piece of information and make sure you check his years of work summary before you begin to disclose your financial plans.

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