The Benefits of a Broker
What Does a Mortgage Broker Do?
(Tip: A certified Mortgage Broker is also known as a Credit Adviser.)
You need a loan, and you need a lender; how do you decide which loan and which lender? You could run around to all the lenders and find out the details to each of the loans they have available, or you could make things a lot easier by contacting a credit adviser and draw from their expertise.
There is a real benefit to utilising a credit adviser.
Credit advisers have an extensive mix of loan options available. With all these choices available, you might ask yourself, how is this credit adviser going to narrow down the options to find the correct loan for you?
At any given time, MFAA Approved Credit Advisers have access to over 30 different lenders. These lenders include the four big banks, second-tier lenders such as Citibank, Bankwest and Macquarie Bank, and a multitude of niche lenders like Pepper or Liberty, who have loan options for people who may not quite meet the lending criteria set by the bigger banks.
A credit adviser will look at several different factors before making any loan recommendations to you.
They will first discuss your goals. The credit adviser needs to know if you want to quickly pay off the loan or if you are looking for a loan with the lowest possible interest rate. Are you looking for a fixed loan, or perhaps a loan with a low fee structure? They know that each and every person is different.
Many of the MFAA approved credit advisers will give their clients a choice between three loan options, making sure that each of the options offered meets the clients requirements across a range of criteria. But when a borrower does not have specific requirements, most often a credit adviser will consider interest rates, what fees might impact the life of the loan and the portability of the loan.
While the most critical factor may be interest rates, there are other factors to consider as well. The credit adviser will not only look at the interest rates and fees, but also at how well you and a Lender match up.