Three things you need to know before choosing the right mortgage broker.
#1, Establish their educational qualifications, experience, and licensing. They should have an Australian credit license or be qualified as an authorised credit representative. While Brokers don’t need to have a degree in finance and mortgage broking, those that do are more likely to be qualified. Check if they’re accredited under the National Consumer Protection Act and have a certificate for and preferably a diploma in financial services.
#2, Check how many lenders your broker has on their panel. This will suggest the range of products they can offer. If the broker has a limited number of different lenders, then this could be a warning sign that they’ll restrict your options with only a small variety of lending products.
#3, They need to explain your options clearly. You want to make sure you’re being provided relevant advice. Although working with a broker has many advantages, it’s important to do your homework first to ensure that you only work with a reputable one.