Looking for a mortgage broker in Melbourne? By working with an experienced, qualified broker, you can find out:
What your borrowing options are, based on your personal circumstances
Which lenders' policies suit your specific situation
How much you are potentially able to borrow
What offers you might qualify for, such as cashback offers
How can I find a good broker in my area of Melbourne?
You want to work with a mortgage broker who is a licensed professional and will guide you through the process of finding the most suitable loan. There are a few steps you can take to ensure your broker is right for you:
Are they accredited? Check that your broker has an Australian Credit Licence or is an Australian Credit Representative. They are also required to be a member of either the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA).
Do they have a broad lending panel? Brokers can't compare loans from all lenders (there are hundreds of options, so it would be impossible to represent them all). But most will have a large range of different types of lenders. As a guide, you want at least 20 lenders to make sure you find the one that best suits you.
What level of service do they offer? The broker should do the hard work for you. But the more you know about the mortgage industry, the easier it is to know when your broker is really doing their best to help you.
Is the broker experienced? Chances are your broker has an online presence and previous customers who have left reviews of their experience. Read up on your broker's experience and ask friends for referrals.
How does a mortgage broker work?
A mortgage broker can help you secure the financing you need to buy the property you want. After assessing your financial situation, a broker will present you with a choice of suitable loans from their panel of lenders. Brokers are especially useful for borrowers in complex or unusual situations, who may find it difficult to get finance by approaching a bank directly.
Instead of receiving payments from borrowers, mortgage brokers are paid commissions from lenders when they attract new business for a lender. They receive an upfront commission when you take out a loan and a trailing commission every year that you still owe money on your mortgage.
This commission is usually around 0.5–0.8% of the loan amount upfront, so a $500,000 loan could generate a commission of $2,500 to $4,000. The bank covers this cost, and you get to benefit from the broker and their team of support staff doing all of the organising, support and follow-up along the way to organise your loan.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification.
I hope all is well with you today. Thanks for contacting Finder.
You may reach out to lenders offering reverse mortgages to discuss your options and chances of approval before you send anything final for your application. You can use our comparison table to help find the lender that suits you. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Alternatively, you can speak to a mortgage broker who can take your personal circumstance into account and offer you a range of borrowing options.
To improve your chances of getting approved for a loan, please ensure that you meet the eligibility criteria and requirements of the loan option or lender and make sure to read the details, as well as the relevant Product Disclosure Statements / Terms & Conditions of the loan option before making a decision and consider whether the product or option is right for you.
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Hello, can you help or give advise as to how I get seniors finance or a reverse mortgage loan. thanks paul
Hi Paul,
I hope all is well with you today. Thanks for contacting Finder.
You may reach out to lenders offering reverse mortgages to discuss your options and chances of approval before you send anything final for your application. You can use our comparison table to help find the lender that suits you. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Alternatively, you can speak to a mortgage broker who can take your personal circumstance into account and offer you a range of borrowing options.
To improve your chances of getting approved for a loan, please ensure that you meet the eligibility criteria and requirements of the loan option or lender and make sure to read the details, as well as the relevant Product Disclosure Statements / Terms & Conditions of the loan option before making a decision and consider whether the product or option is right for you.
I hope this helps.
Cheers,
Judith