Mortgage brokers in Australia
Mortgage broking in Australia has boomed over the past decade with the growth in more competitive and more complex home loan options. Mortgage brokers in Australia provide a valuable service to many home buyers who do not have the time or means to fully research their home loan options by themselves and employing the help of an expert in the field can be beneficial. Here we provide an overview of the mortgage broker industry in Australia as it becomes increasingly important to consumers.
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Finding a mortgage broker in Australia
You've taken the first step by doing some research on the internet which is great. You will find plenty of useful information on the web, but don't trust everything you read as at the end of the day, the home loan market is very competitive and brokers are keen to win your business. There are many mortgage brokers to choose from. Choose a mortgage broker you feel comfortable dealing with. You may wish to look at a larger mortgage broking organisation who services the whole of Australia as they usually have a wider range of home mortgages to choose from.
Who are they?
Australian mortgage brokers have dramatically grown in numbers over the past decade. So who are they and what can they do for the home buyer? Essentially, mortgage brokers provide advice to home buyers on the range of mortgages available and help them find the most suitable home loan option for their needs. When they have met with the home buyer and discussed their needs as well as their current financial situation and future plans, the mortgage broker will search for the best home loan deal among the home loan providers with whom they deal.
What do mortgage brokers do?
When the home buyer has chosen a particular home loan option, the mortgage broker will then help the home buyer apply for the home loan. They will supply the relevant home loan application and financial records and liaise between the home lender and the home buyer. As the mortgage broker will have a working relationship with the home loan provider, they can help ensure that the loan application is proceeding smoothly.
Mortgage brokers in Australia are not licensed on a national basis and they are not regulated by the Australian Securities and Investments Commission (ASIC) who regulate financial advisers. Therefore, mortgage brokers in Australia are not subject to the same tight controls that other financial advisers are. In fact, they are under no obligation to recommend the most suitable home loan for a particular home buyer. The majority of mortgage brokers in Australia are reputable and these generally belong to an association such as the Mortgage Industry Association Australia.