Simon Lowing Home and Business Finance Strategies HBFS

Mortgage Broker Checklist

We took this question list from the Nine Network's MONEY Show's web page, they give tips from the industry body and ask a series of questions you need to ask about a broker, here are Simon's answers!

1. Is the broker an MIAA Accredited Mortgage Consultant? This shows the broker has industry training, should abide by the association's code of practice and is covered by the Mortgage Industry Ombudsman Scheme. Go to "Search for an MIAA Member" on the MIAA website.

Simon  is MIAA Accredited, actually he is MFAA accredited (that’s their new name)

2. Which lenders do the brokers have on their books? Some brokers may be able to offer loan products from more than 15 different institutions, while others may only consider products from a couple. Make sure the broker deals with a spread of lender types (banks, mortgage managers and others).

Simon draws from 30+ Retail and 12+ Commercial institutions

3. How does the broker get paid? Make sure that the broker does not let the size of their commission from the lender cloud their judgment.

You only get the right deal for your needs, Simon takes a long term view to service

4. What fees does the broker charge? Ask the broker to clearly specify all their fees and charges. Some charge none while others may charge a one-off fee. Check what extra services you get for the fee you may pay.

Simon does not charge a fee for service on home loans or most commercial loans!

5. How do they compare loans and decide which is best for you? Make sure the broker clearly explains their methodology and criteria.

Simon will give you whatever time you need, to ensure that you understand the process, making recommendations based on your individual circumstances.

6. Find out the loan comparison (or true) rate of the loans recommended to you.

This is a good one! All fees and charges imposed by the institution are disclosed before you sign anything.

7. Ask if the broker is also a lender — you don't want a mortgage broker recommending loans if they offer their own (unless you're sure they don't favour their own).

Simon is completely autonomous, no benefits from self-serving agendas

8. Ask for proof of professional qualifications, information on the broker's experience or references from other clients.

Demonstrated with pleasure!

9. Does the broker have professional indemnity insurance? This covers them if they're sued for professional negligence or breach of duty.

Simon is covered

10. Ask to see what privacy guidelines the broker follows when handling your information.

The guidelines of the MFAA industry body are strictly adhered to. privacy statement