Here are some hints and information on how to go about getting a mortgage in Australia.
For more information read on below or get in touch with our finance experts through our dedicated 24/7 helpline.
No matter what your question is, we offer the guarantee that all mortgage enquiries will be responded to by a fully registered agent or broker.
We also work alongside traditional banks, investment banks, superannuation, asset managers, investor and property groups, advisors and so on – all professional, registered financial services and trusted brands.
In order to ensure your investment within Australia is safe, make sure you engage and plan your mortgage with accredited professional companies and individuals.
We can help you minimise the stress of trying to find these people and businesses yourself by talking to our dedicated 24/7 helpline of experts.
what brokers do
Brokers provide an invaluable service toward your security in money issues. As we’ve mentioned it really pays (pun slightly intended) for you to engage someone to help you, such as the experts that are available on our dedicated 24/7 helpline.
Especially considering that getting a home loan is one of the biggest decisions you’ll face financially within your lifetime.
who they’re governed by
The Finance Brokers Association of Australia (FBAA) and Mortgage & Finance Association of Australia (MFAA) are the industry’s peak bodies.
They represent mortgage and finance loan writers and have established measurable professional practice across the country, including offering development opportunities for brokers.
Part of their responsibility is also to keep an eye on legislation and how changes will affect the industry, as well as to represent the industry to regulators and federal/state government bodies.
top mortgage tips
do your homework
First and foremost you need to research, research, research. That is, make sure you understand the market and are fully versed with the needs of borrowing.
make a list of questions for the bank or broker
Pick up the phone to compare what they can offer you and if you’re unsure of anything, ask questions.
confirm which lenders are registered
Banks are in full compliance with registration, as are many brokers, but it’s always a good idea to check for yourself so ask for proof of their registration when you’re speaking to them.
Ask how much the bank or broker will be paid for arranging your loan, including any ongoing commissions. This is important because many won’t disclose the figure unless you ask them for it.
be fully up front
Speaking of disclosure, in order to ensure the bank or broker clearly understands your financial position, including your borrowing needs and limits, you must tell them absolutely everything that’s relevant.
understand your options
Ask the bank or broker to provide you with different mortgage options and why any of their recommended loans match your financial needs.
request refinancing costs
Refinancing is when you pay off an existing loan with a new loan that’s got a lower interest rate.
Therefore, you need to ask for full details of the refinancing costs to ensure they don’t outweigh the benefits of switching your mortgage. This includes double-checking all of the calculations.
find out about rebates
For example, a lot of brokers will refund part of their commission as a sales incentive for you becoming their customer.
check their qualifications
Request that your brokers give you the details of their qualifications and experience. Ensure they are a member of FBAA or the MFAA, which are the industry’s peak bodies.
get everything in writing
Get your bank or broker to put their reasoning behind their recommendations and details of commissions, fees and products in writing.
Not only does this mean that you have the information as reference in the future but it also makes them accountable against their word.
take your time
This is the absolute golden rule no matter which area of finance you’re looking at.
Don’t sign anything that you don’t fully understand and when in doubt seek independent legal and industry advice.
Remember: no hurry, no worry.
find out their complaints process
Check the broker’s complaints process and make sure they’re part of an independent external dispute resolution scheme, such as the Credit & Investments Ombudsman (CIO) or the Financial Ombudsman Service (FOS), both of which are approved by Australian Securities & Investments Commission (ASIC).
This means that problems will be easier to resolve if they do pop up – which hopefully they won’t!
thinking australia? we can help!
It’s so important for you to be informed so to find out more about Australian mortgages we recommend getting in touch with our talented team of experts via our dedicated 24/7 helpline.