What questions should you be asking your mortgage broker before getting a home loan?
Kate Campbell talks to expert mortgage broker Chris Bates about the essential questions you should be asking your mortgage broker in this episode of The Australian Finance Podcast.
Want Chris and the team to help on your property-buying journey? Get in touch with the team at Blusk here!
👀 Here are some of the key points we cover in this episode:
- Buying a house is a big financial decision – you need the right team in your corner
- Finding a professional you feel comfortable working with makes a huge difference
- Getting you a better rate can save a lot of $$$ long term
- Can help answer your questions about the loan process and how everything works
- How early on your home-buying journey should you talk to a broker?
- Are they licensed to give you credit advice? Search for credit rep or licensee on ASIC Connect’s Professional Registers
- How to find a good mortgage broker? Any red flags?
- How do brokers get paid?
✅ Essential questions to ask your mortgage broker
- Are you able to help me with my circumstances? Ie. some brokers deal with smaller clients, investment properties, small businesses
- What range of lenders do you have access to? Any you can’t access?
- What timeframe should I be expecting? How will you keep me updated?
- Once they’re recommended a loan: why is this a good fit? How does this compare to other options? What features does it have (e.g. offset)? What fees do I need to be aware of?
- Future looking: How often will you review my rate in the future to ensure I’m always getting a great deal? Can you help with my next move?
- Borrowing Capacity – Educate on how it increases and decreases? What can I do to improve my borrowing capacity?
