Mortgage Brokers -
Home Loan Refinance

Mortgage brokers can assist in finding the right loan but you are not obligated to use one. Even if a broker is used, it is best to do some research of your own to be sure that the recommended loan is the right one for you.

Before engaging the services of a mortgage broker you should ask for some information about the way his/her business is conducted.

• Find out if they belong to a reputable industry association

• Ask if they are independent or of they only deal with a certain lender or lenders.

• Check that they have professional indemnity insurance

• Find out if they are a lender as well as a broker, as this may affect their recommendations.

• Check that they offer a wide range of loans from a variety of independent lenders

• Make sure that they disclose all fees and commissions prior to signing you up and ask how these commissions will be paid. Some lenders pay the broker the commission and you pay nothing while others may require you to pay the commission if you pay the loan out within a certain time or refinance the loan. Always read the loan conditions carefully before signing anything.

• Ask them to justify their recommendations

• Ask to see a copy of the application and any financial details they send to the lender on your behalf

Any commissions for the introduction of credit business or business financed by the credit contract, must be disclosed to the borrower. The lender must disclose to you the amount of commissions and the names of the people paying and receiving the commission.
 

Whatever it is, I can discuss how your home loan can work for you.

Call me directly on 1300 780 050

Sarah Reman

Team leader - Dreamloans Homeloans

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