If you are looking for a broker and you don’t have one – you have come to right place.
In this eBook you are about to learn the 5 key questions you must ask before engaging your potential broker. Getting this process right could be the difference between saving thousands of
dollars in interest or paying more money to the banks unnecessarily. Pretty simply really, ask the right questions and save money!
Table of Content
- Where to start?
- Why does experience matter?
- What to expect from a great broker?
- What are the benefits of using a broker?
- What are the costs?
1. Where to start?
Research is the best way to seek out a professional. Mortgage brokers now make up over 55% of the new lending business every year and it can be hard to find the one that suits your needs. A good starting point is to ask your financial friends. See who they can recommend. Did they have a good experience and why? What made their broker so good that they would be willing to recommend and vouch for them?
If you have been recommended someone, get on the google machine. Check out their webpage, google reviews and online presence. Are they professional, are they accredited with all the
professional bodies ( MFAA – Mortgage Finance Association of Australia), what do their customers say? If the testimonials are positive, then it’s time to make contact and ask for more information.
- Speak to your financial friends
- Seek out google reviews & On-line presence
- Member of Professional bodies MFAA
- Make contact
“Life is a series of moments: If you miss the moments you miss your life”
– Robin Sharman
2. Why does experience matter?
Making contact can be daunting especially if this is your first time entering the property and finance world. There’s a huge gap between a great broker and the rest. Just like the best surgeons, Accountants and solicitors who can literally make the difference between a successful operation, quality tax advice or providing case winning legal advice, your gun broker knows how to save you money. They are experienced, with this I mean to have at least 3 years of doing deals and lots of them. Lots of deals allows advice to be given with confidence. Anything less and they’re rookies. Look for back office support. The best brokers are groups with genuine administration support who have year of experience in processing deals and can successfully navigate through all the banks channels. They will have extensive contacts to make things happen quickly if needed.
- Minimum 3 years’ experience
- All deals are different – knowledge is key
- Must have great back office support
“Experience is simply the name we give our mistakes”
– Oscar Wilde
3. What to expect from a great broker?
A great broker does more than get you a loan. Above all they have the most intimate knowledge of lender policies, so they can provide expert advice. They also become your trusted advisor who can speak to your Accountant, Solicitor, Real Estate Agent and all key stakeholders in the property and finance transaction. Great brokers provide free valuation reports, property investment reports and expert knowledge on their dealings in the property market. Great brokers have multiple properties, have renovated, built or executed on multiple transaction personally and should be able to speak from experience.
Brokers are leaders in the finance Industry and will provide you all the compliance documentation upfront that confirms who they are and what you are engaging them to do.
- Leader in lender policy knowledge and administrative support
- Expert in the property market
- Access to network of professionals & key stakeholders in the property and finance industry
- Brokers are leaders in compliance
“The true greatness of a person, in my view, is evident in the way he or she treats those with whom courtesy and kindness are not required”
– Joseph Wirthlin
4. What are the benefits of using a broker?
Your brokers key focus is to save you time and money. Once your broker finds the most suitable lending solution, the most suitable loan structure and most suitable interest rate the benefits quickly become apparent. There are over 30 lenders with over 400 lending products. The time you could spend trying to understand which lender does what and then try to second guess lending policy simply doesn’t make in this time precious world. Put your time into researching the best broker and that will save you time, money and result in your lending requirements being met.
People always ask why don’t I just go to my bank? My answer is that you will get the best product your bank can offer. By going to a broker you get the most suitable product in the market.
- Save time
- Save money
- Find the most suitable lending options
“Amazing days are coming”
– Vybe Source
5. What are the costs?
Most brokers don’t charge a fee for their services as they get paid an upfront and trail commission from the Lender. This is common for arranging a residential mortgage. Most lenders pay similar commissions and you should get the schedule from your broker. This schedule is available, and a great broker won’t have any issues providing this to you. It is common however for Brokers to charge a fee when arranging a commercial loan as generally the lender doesn’t pay via the same fee structure. This is something you should ask prior to engaging in any commercial lending transactions.
- Brokers get paid via the lender for residential lending
- Brokers can charge for commercial lending requirements
- Get a copy of the lender commission schedule.
“I attract more and more money every day”
– The law of attraction
To find out if we are the broker for you, please check us out on our social media platforms or contact us directly at Port Finance and we will be in touch shortly. We would appreciate the opportunity to work with you.