refinancing

How to choose the right mortgage broker in Sydney

More and more Australians are using mortgage brokers. In fact, mortgage brokers facilitated 69.3% of all the new residential home loans between October and December 2022, according to the Mortgage & Finance Association of Australia (MFAA).

“With many Australians looking for guidance as their fixed rate mortgage reverts to a higher variable rate this year, mortgage brokers offer an invaluable service to their clients.

They provide their clients with options based on their individual needs – whether that be staying with their existing lender or accessing competitive offers in the market if the client chooses to refinance,” said MFAA CEO Anja Pannek.

But if you’ve decided to use a mortgage broker, how do you find the best mortgage brokers in Sydney? Here are five ways:

1. Check your mortgage broker’s credentials

To practice as a mortgage broker, a person needs an Australian Credit License or must become an Authorised Credit Representative of a license holder.

To get this license, the person has to:

  • Complete a Certificate IV in Finance and Mortgage Broking
  • Get finance experience with an authorized representative

The Australian Securities and Investment Corporation (ASIC) issues these licenses and keeps a record of them. They will suspend or withdraw the license if there are valid complaints against the broker.

Mortgage brokers must also belong to an industry association, either the MFAA or the Finance Brokers Association of Australia (FBAA).

Their association will require them to stay up to date with industry regulations and follow a code of conduct.

2. Look at online reviews

You can look on consumer review sites, such as Product Review, to see what others are saying.

Another option is to browse the mortgage broker’s Google Reviews or social media pages to see if there are any complaints. Happy clients often say nothing; unhappy clients tend to be more vocal.

3. Ask your friends and family

You can ask your friends and family for referrals.

Keep in mind your personal and financial situation might not be the same as theirs. So someone with an excellent credit score may get much better offers than someone with a poor credit score – and vice versa. This factor may affect the mortgage broker’s recommendation.

4. Speak to your buyer’s agent or real estate agent

Both buyer’s agents and real estate agents deal with mortgage brokers and may be able to recommend one to you.

Buyer’s agents know what it takes to get an offer accepted, and mortgage brokers are a key link in that chain because they can put pressure on a lender to speed up the process.

Similarly, real estate agents must wait for a buyer’s finance to be approved before the deal can go through. They also rely on mortgage brokers to ensure the home loan is finalized.

5. Look for a local mortgage broker

One of the advantages of having a mortgage broker is you can see them in person. So if you’re in Sutherland Shire, searching for a mortgage broker in Sutherland Shire might make it easier for you to meet and discuss your financial needs.

But if you’re happy with technology, you might be able to chat over Zoom. In that case, you could search for ‘best mortgage brokers in Sydney’ or ‘best mortgage brokers in Australia’ and see what the search engines come up with.

    Let’s Get Started

    If you want to talk to a mortgage broker in Sutherland Shire, phone Loan Station at 1300 46 46 11 or email us at info@loanstation.com.au. You can also request a callback, or fill in this enquiry form.

    Write a comment

    How much will my repayment be?

    Try our Repayment Calculator and calculate your repayments.