| A mortgage broker will save you time, effort and most | | | | deals. Sometimes, they can have access to some |
| likely money in selecting a home loan. To do this, they | | | | exclusive mortgage loan products which are not |
| will do the following: | | | | available elsewhere. The mortgage broker will then |
| Assess your needs | | | | recommend a product or products, which suit your |
| A mortgage broker takes the time to discuss your | | | | needs. You should also be provided with a copy of the |
| needs and circumstances with you. This gives the | | | | mortgage lenders comparison rate schedule. |
| broker the opportunity to determine which type of | | | | Comparison rates include both the interest rate and |
| home loan is most suitable depending on your current | | | | fees and charges relating to a loan and are a tool to |
| needs and financial circumstances. | | | | help you identify the true cost of a loan. |
| As part of the process, you will need to provide | | | | Manage the process |
| documents to support your identity and financial | | | | If you wish to proceed, the mortgage broker will help |
| situation. This includes a 100 point check list for | | | | you to complete the necessary paperwork and liaise |
| identification, personal bank statements to demonstrate | | | | with the lender on your behalf. This will include the |
| savings (if applicable), tax returns, pay-slips, any | | | | completion and submission of your mortgage loan |
| outstanding loans, statements, etc. Your mortgage | | | | application and the on-going communication between all |
| broker will advise you of the relevant documents that | | | | parties until your home loan is approved and settled. |
| you will need to bring with you to your meeting to | | | | Your Australian mortgage broker is also required to |
| facilitate this process. | | | | inform you of their complaints process. This is called an |
| Once your mortgage broker has a clear understanding | | | | Internal Dispute Resolution procedure and all members |
| of your financial situation and goals, they will discuss | | | | of the MFAA (Mortgage & Finance Association of |
| the various home loan products available. They will | | | | Australia), COSL (Credit Ombudsman Service Limited) |
| provide you with home loan comparisons and inform | | | | and BFSO (Banking and Financial Services |
| you of proposed mortgage repayments and any | | | | Ombudsman) have requirements in this regard. |
| upfront and ongoing fees. | | | | Provide advice at every step |
| Find a suitable home loan for your situation | | | | There are many steps in the mortgage loan process |
| Your mortgage broker will search their database | | | | and your mortgage consultant will help you from your |
| containing hundreds of home loan products from their | | | | initial steps, such as getting pre-approval (where your |
| panel of approved lenders. This will include major | | | | loan is "approved" based on certain conditions such as |
| banks, smaller banks and other lenders. This database | | | | loan value) right through to possible refinancing at a |
| is constantly updated and has details of the latest | | | | later stage. |