What should I ask my Mortgage Broker?
Start with 'Are you a member of the MFAA or FBAA?'
A good accredited mortgage broker can help guide you through the mortgage market to find the home loan appropriate to your situation. But, before you start working with a residential mortgage broker, there are a few questions you should ask.
Are you a member of the MFAA?
The Mortgage & Finance Association of Australia (MFAA) is the peak industry body in Australia and the one the majority of mortgage brokers are accredited with, representing more than 12,500 mortgage & finance professionals across the country. To be accredited by MFAA, credit advisers must satisfy rigorous criteria on education, experience and ethics. So if you want to work with an accredited residential mortgage broker in Sydney – someone you can trust – the first question you should ask is, “Are you a member of the MFAA?”.
Mortgage Brokers: education & experience
To help you negotiate the complex mortgage market, you need someone with knowledge and experience. So ask your mortgage broker about their credentials.
What fee is your mortgage broker charging?
Since most mortgage brokers receive a commission from the lender, they generally offer their service free of charge to the borrower. But don't assume this. Ask your mortgage broker if they charge a fee, and if so, how much.
What commission is your mortgage broker being paid?
Don't be afraid to ask a credit adviser what they are being paid for their home loan recommendations. The MFAA's Code of Practice requires its credit advisers to reveal the commissions they are being paid by a lender on a particular home loan product or any other products they may offer. To borrow with confidence, only deal with an MFAA or FBAA accredited mortgage broker. Talk to CBM Mortgages today. Find out how we can help you buy that first or next property.