Australian residential property buyers are increasingly turning to finance / mortgage broking service providers for assistance. The primary reasons for this are simple:
* a residential property finance broker is an expert who specialises in defining what type of financing option will work best for a client
* they do the leg work wading through the large range of loan offerings in the market place to identify those that best match the client’s circumstances and objectives
* they summarise and review the options with the client
* they are unbiased in recommending a Lender/Product solution
* they manage the loan application process.
In other words, a residential property financing specialist focuses on matching Lender and Product offerings to the client’s circumstances and objectives – not the other way around, as is the case when finance institutions are directly approached. This situation is equally true, if not more so, when refinancing options need to be assessed. All too often at this point in time ‘customers’ come to realise that their current Lender doesn’t value their history and can only offer their own product range with their associated constraints. The services offered by a residential property financing broker, as compared to dealing direct with a lending institution, differ substantially in the level of choice and service offered by the broker in
* meeting at a time that suits clients to fully discuss their circumstances, finance needs and objectives in order to formulate a personalised purchase/refinance financing plan
* only progressing at a pace that is comfortable for the client
* providing unbiased Lender/Product comparisons and Product summaries matched to the financing plan
* providing a thorough explanation of all the features, fees and charges associated with the selected loan option
* providing pre-purchase indicative borrowing capacity and, if appropriate, loan pre-approval
* liaising with the clients solicitor, real estate agent and, as appropriate, accountant and financial planner to ensure that the borrowing aligns with broader strategies and loan progresses from application to settlement smoothly
* being contactable after-hours, on weekends during and post completion. Recommended professional residential property financing brokers
* will be fully independent of any Lender
* will hold at least an ASIC CRN and NCCP compliant
* will not charge a fee for service. A commission being paid by ultimate Lender. Full disclosure and comparative Lender commission data provided to the client
* will hold industry recognised qualifications of no less than a Dip. FS (Finance / Mortgage Broking) and membership of an industry body such as the MFA.
