Finance your home
Where do I start with finding a finance broker?
Before you meet a broker, start with their website so that you can ensure that their website is clear, with relevant information – If they have lots of cheap loan offers and sales pitches, be wary.
Talk to your Finance Broker on the phone before you meet them
When they call to make the appointment ensure you feel comfortable with them with a couple of questions like:
- What is your experience?
- Who are your previous customers? (Do they sound similar to you?)
- What other kinds of loans have you done?
Their answers should be clear and straightforward displaying a sound knowledge of finance and be genuinely interested in your personal circumstances?
Some characteristics to look for in your finance broker:
The broker should take time to understand your personal and financial position
The right broker will take the time to understand your personal and financial situation, both now and into the future.
They should have a broad range of knowledge of all kinds of people – professionals, investors, business people including a working knowledge of self employed persons and the complex structures sometimes put in place by accountants.
If you are a first home buyer, they should know the entitlements.
Deep Knowledge of lender products
They should have a strong working knowledge of their lender panel’s financial products for all financial circumstances and understand their lender fees, set up and exit fees, stamp duties and other statutory fees.
It is also ideal if you can go with a company that can access a range of products including motor vehicle and equipment loans, personal loans and commercial loans. This won’t always exist in the one Broker however you should deal with a reputable company that can refer you to someone who can deal with these finance deals.
Specialised Finance software
Good brokers use specialised software to access all the loans on offer from their panel of lenders, and they should be happy to work through the options with you.
There are literally hundreds of loan products in the market today with changes occurring daily and the assistance of technology to analyse all the options is the most effective way to tackle considering all the options.
Jargon being thrown at you or plain English?
A professional broker will be able to explain the most complex offer in plain English. They should have an ability to ‘structure’ loans to suit your specific requirements. An example may be that your circumstance might best suit a combined introduction rate loan with a professional package. Alternatively you might suit a fixed rate short tem loan and with a review booked in a year to potentially switch to another product.
The service should be free and customer focused
Unless the deal is particularly complex you generally won’t pay a mortgage broker for the service of finding a domestic home loan. They should also offer to review your circumstances on at least an annual basis.
You are entitled to outstanding customer service before and after your loan has settled. While you are waiting for lending approval, the broker should keep you informed and get back to you in a timely manner.
Are they known in the business community?
Are they well-networked and known within their business and local community, for example community groups, real estate agents, lawyers and accountants? Who do they know and who knows them?
The finance market is very competitive. There are hundreds of options to choose from and you must talk to your broker before making a final decision. If you don’t currently have a finamce broker, Morpheus Property has a strong relationship with Crediflex, a national provider of lending services across Motor Vehicle, equipment, residential, commercial and business loans.
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