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IDENTIFYING A GOOD MORTGAGE BROKER

IDENTIFYING A GOOD MORTGAGE BROKER

The profession of mortgage brokering has been around for over twenty years and as expected over the years it has undergone series of changes. While there are some factors that contribute to the shaping and re-shaping of the profession, the core objective of mortgage brokers has remain the same.

The main thing they provide to home loan borrowers is choice. Going through the numerous home loans on offer out there can prove too cumbersome a task for home loan borrowers and selecting the right choice is usually not easy without the help of the brokers.

The highest professional body in Australia for Home Loan Brokers is known as the MFAA and they estimate that there are about 12,000 independent brokers in the country.

The aim of this post is to help you identify the right broker for you of the thousands that are out there.  

  1. Licensed; every home loan broker should be licensed by ASIC. Since all licensed brokers are expected to operate under certain rules you are assured to get quality and ethical service from such broker. Every licensed broker is expected to adhere to NCCP (National Credit Consumer Protection) Act.
  2. Belong to a professional body; members of professional bodies such as the MFAA and the FBAA are expected to possess a certain level of educational qualification and conduct their practices under strict ethical codes. This means that a show of license guarantees good quality service under the laws of the states.
  3. Comes recommended; you should be sure to have spoken to at least one person who has done business with broker before and be sure he/she recommends that you employ their services too. Be sure to ask him/her questions that the broker may be diplomatic in answering when asked about it. Knowing that someone else likes their services would give you a bit of confidence in trying them out.
  4. Excellent communicator; a good broker should be able to communicate properly with the loan borrowers and should be able to explain what is happening at every stage of the process involved in getting the loan. The entire process can be stressful no doubt, but the ability of a broker to keep the borrower in the loop in an efficient manner all through shows diligence which sets him apart from a larger group of brokers. Some may even go ahead to keep in touch with the borrower and update him on relevant news even after completion of the loan process.
  5. Discloses all costs; it used to be the norm that the services rendered by brokers to borrowers are paid for by the commission received from the lender (meaning that borrowers are serviced free of charge) after loan is placed but times are changing. In order to maintain trust and avoid arguments at later stages it is very paramount that the broker discloses all charges or fees associated with the lender at the initial stages of meeting.

As you have seen there are so many home loan brokers in Australia and only few possess the traits required to qualify as a good broker in Australia and some of these few are at Opulent Finance. We have qualified Home Loan Brokers in Burwood, Mt. Waverly and Melbourne.

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Siraj Ahmed
Siraj Ahmed
2020-11-18
Verified review
Excellent service. Got us a great loan option and also worked with the bank to get the loan approved during the heights of COVID.
Dhruv Satra
Dhruv Satra
2020-11-18
Verified review
Malaka Ekanayake
Malaka Ekanayake
2020-11-10
Verified review
We have had a very pleasant experience working with Opulent Finance. We did not have that much experience with house loans as we were first home buyers but working with Opulent  Finance team specially with Ishara, made that experience stress free one. She helped us secure an incredibly competitive interest rate and offered her guidance so we can take advantage of the future interest rate drop. Thank you Ishara, Dayan and team for your incredible support and we have no hesitation what so ever in recommending Opulent Finance for your financial needs
Uma Gunaratne
Uma Gunaratne
2020-11-04
Verified review
Ishara is highly knowledgeable and if you are a first home buyer and new to the intricacies of all that home loans entail, she will really take you under her wing and impart her knowledge and experience and treat you as one of her own. She is also extremely patient but will also be very truthful and upfront in situations which is honestly what you need. She did a very complicated loan for us, and was so incredible efficient and organised with all the paperwork that was required. Not only that, she helped us secure an incredibly competitive interest rate! Ishara has probably spent hours and hours explaining to me details and giving me really good guidance through this momentous period in life! During the cooling off period and settlement, she was constantly chasing up our loan and honestly took a personal interest in the outcome. Our solicitor was also very happy about working with Ishara as she was following the entire process, was always up to date and very easy to work with. Considering that our entire process happened during the covid-19 lock-down and work from home environment, we have nothing but good things to say about how professional Ishara was as she didn't let a single thing slip. We are so glad that we have both Ishara and Dayan in our corner. We will definitely be using them for all future financing needs. Thank you Ishara, Dayan and team!
Harsha Ill
Harsha Ill
2020-10-11
Verified review
Opulent Finance gave professional advice for my unique home loan requirement. They respond quickly with the proper information. The process was smooth and I felt comfortable to deal with the team. The team is friendly and professional to deal with. Highly recommended for any one looking for finance.
S P
S P
2020-09-22
Verified review
I have been dealing with Ishara at Opulent Finance for over 6 months now and she has been faultless. She has helped me secure a loan pre-approval in no time and assisted me with my property purchases. I could not recommend Ishara highly enough.
Afshin Koohestani
Afshin Koohestani
2020-09-22
Verified review
Good service and offers.
Janaka Kumara
Janaka Kumara
2020-08-22
Verified review
A big shout out to Dayan and his team for the seamless service provided during the refinancing process. Thoroughly professional team that pays attention to every detail and has been extremely transparent throughout the process. A team that always has the best interest of clients in mind and makes all efforts to provide the right advise and outcomes to the clients. Highly recommended!
Rakesh Mistry
Rakesh Mistry
2020-08-19
Verified review
They called me back with solution
Indra Jaya
Indra Jaya
2020-08-12
Verified review