A mortgage broker can help you compare loan packages and secure the best deal for your financial situation.
When you understand how Australian mortgage brokers are regulated, you can choose a broker you trust. You’ll know what to look for when it comes to selecting a skilled broker, and you’ll know how to avoid making the wrong choice.
Who regulates mortgage brokers in Australia, and what do you need to be aware of before you select a broker? Here’s what you need to know.
Who regulates Australian mortgage brokers?
In Australia, mortgage brokers are regulated and licensed by the Australian Securities and Investments Commission (ASIC). Australian brokers are legally required to maintain up-to-date licensing in order to continue serving clients.
Why is regulation important?
Regulations are important in helping to ensure that all Australian mortgage brokers are held to a consistently high standard.
By verifying that you’re working with a fully licensed mortgage broker, you can guarantee better results. You’ll be able to trust that your broker is trained and skilled. You’ll know that your broker knows what they are doing and how to find you the best loan deals.
Licensing and regulations can also be important in ensuring that your mortgage broker complies with national and regional laws. This can help you avoid legal trouble that could compromise your finances or home ownership goals.
How to check if a broker is licensed
Fortunately, it’s easy to check if your mortgage broker is licensed.
Using the ASIC website, you can search professional registers to find your broker’s status as a credit representative or credit licensee. A licensed broker who is operating legally should appear on one of these lists.
Things to keep in mind
When choosing a mortgage broker, there are many things you should keep in mind to ensure you’re making the best choice to serve your needs and goals.
Think about what you want from your broker and your future home loan. What kind of loan package do you need to support your property purchase, and how do you expect a broker to help you secure the right loan?
Look for a mortgage broker with proper licensing and good recommendations. Always aim to choose a broker who has good connections with lenders you might be interested in. Ideally, you want to work with a mortgage broker who has extensive experience helping people like you navigate the homebuying journey.
When you first meet with your chosen mortgage broker, don’t be afraid to ask questions and get to know what they can do to help you.
Ask your broker which lenders they work with and which loans they can help you access. Find out how your broker gets paid and how this affects you. Understand why your broker recommends the loans they do and what fees, features, and extra requirements, like LMI, you’ll need to be aware of.
Our Top 10 is home to some of the most skilled and experienced mortgage brokers in the country. Contact the best mortgage broker Sydney has to offer now.