Choosing the right Melbourne mortgage broker
Finding the right home loan is no easy task thanks to the wide range of home loan options from both the more traditional banks and the newer non bank lenders. This wide choice of home loan products has helped to dramatically increase the number of Melbourne mortgage brokers helping home buyers in Melbourne find the right home loan. Here we offer some practical tips on how to find the right mortgage broker in Melbourne that will best suit your situation.
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Step 1 Do you own research first
You don't need to sit for hours and hours pouring over the brochures from all the different home loan products available. That's why you go to a mortgage broker in the first place. Just be aware of the various options available and the type of benefits and the fees and charges. Also, you'll want to have an understanding of the different interest rates & home loan types on offer. It will definitely help you to have some understanding before you meet with any mortgage broker in Melbourne. We are here to help, use the wealth of information on this site as a reference.
You can start your research by visiting our home loan resources page.
Step 2 Research mortgage brokers in your area
Find out about the various mortgage brokers operating in your part of Melbourne. Speak with family, friends, colleagues and other professionals such as financial planners, accountants and solicitors for any recommendations. You can also search through our list of partners on our home loan resources page. Visit a number of websites. Ensure they are providing you useful information and its not just a big promotional sales pitch. Choose a mortgage broker that deals with a wide range of home lenders.
Step 3 Contact the mortgage brokers you are interested in dealing with
This will give you a good idea of what that particular Melbourne mortgage broker can offer you. Many mortgage brokers now have professional websites which will enable you to submit your contact details & they will contact you. When you contact your mortgage broker of choice consider:
- Do they have a good understanding of the home loan products that they offer?
- Can they explain the various home loan options to you in plain English?
- Are they professional in their approach?
- Will they visit you at a time convenient to you in order to understand your financial situation and explain the various options available to you?
Step 4 Choose the Melbourne mortgage broker you feel most comfortable with
Always choose a mortgage broker that you feel comfortable with. They should sit and listen to what you want and they should ensure that you fully understand your options. If you feel that they are trying to push a particular product onto you, then perhaps you should seek the advice of another mortgage broker.
Mortgage brokers in Victoria
Remember also, mortgage brokers in Victoria are paid by commissions from the home lenders they deal with. They do not usually receive a fee for service. And if they ask you for an upfront fee, then your best advice is to look elsewhere as mortgage brokers in Victoria should not ask for a fee before they provide you with any advice