How to choose the right broker
Getting the right loan can be a tough process, especially when choosing a finance broker to use. Finding the right finance broker is the most essential factor before getting a loan to ensure that you get the best rates and the most suitable loan package available for your situation.
Always check the qualifiactions of the broker. Make sure they are licenced and make sure they are members of:
Mortgage & Finance Association of Australia or MFAA
Credit Ombudsman Services Limited or COSL
Professional Lenders Association Network or PLAN
That your broker is listed as a member. They have many resources available for you to look up as well.
Having a loan can be a long-term thing. You want to make sure that your broker understands personal financing and your situation, to ensure that you end up with the right product for the duration.
After narrowing down the list of potential brokers, check them out on a personal level. Ask questions like; ‘do I get along with them?’ ‘Do they listen?’ Obviously you don’t have to be best buddies, but it is important to get along with them because a great amount of trust is being given to them. When you find one you are happy with, stick with them as they will start to know your situation and it will be easier with future loans to get advice.