How to Find the Right Mortgage Broker for You

Published 26 October 2020 by Team :Different

When you’re on the hunt for an investment property, “get a great home loan” is no doubt on the list of steps that you need to take to get there. But oftentimes, this is a time-sucking, draining task that can be incredibly frustrating because of the sheer amount of options there are. With so many different lenders, mortgage options, and interest rates on the market, investment property owners can often find themselves at a loss for what to do. 

There are so many “great” home loans out there, but different banks have different lending criteria, and different loans have different interest rates. This means that what’s best for your neighbour Joanne might not be the best option for you. 

So how do you choose the best option for your personal situation? 

While you can sift through the choices yourself, many investors choose to engage the help of a mortgage broker.

Welcome to this quick crash course on the world of mortgage brokers. In the next couple of minutes, you'll equip yourself with the tools you need to identify a suitable broker who will work with you to achieve your investing goals. With these tools in hand, you'll know exactly what you need to know before you give anyone the green light.

Can't wait to find out? Download this checklist of questions you'll need to ask in your quest to find your property investing right-hand man.

The benefits of using a mortgage broker

An experienced mortgage broker will know the ins and outs of different loans from different lenders. They will have worked with a wide range of property owners, from first home owners to experienced property investors, and found the best loans for each individual’s personal situation. 

Put simply, an experienced mortgage broker can work their money magic to help you find the most suitable loan for your specific situation. In doing this, they will: 

  • Work with you to understand your needs and goals 
  • Work with you to understand what you can afford to borrow 
  • Ensure you meet the criteria for the loans you’re applying for 
  • Protect your Credit File Report (CFR) 
  • Handle the loan application process through to settlement 

However, it’s important that you go through the effort to find the right broker before locking them in. Why?

Finding a mortgage broker who will take the time to understand your personal situation, needs, and goals is the key to future-proofing your finances. A professional who puts in this effort will be able to recommend loan options that can grow with you. 

“If you don’t find the right broker, you’ll end up with a mortgage product that may not be flexible enough or truly suit your circumstances. They may not ask enough questions around what your goals are, or what you want to do in the long term.

"We see [this problem] all the time. Clients have come to us with a product that another broker has given them - and I think to myself, “why on earth have you got that product?” They’re then forced to refinance, because that product has limited them in their ability to grow.”

Helen Collier-Kogtevs, Founder of Real Wealth Australia

How to find the right mortgage broker

When you’re on the search for a great mortgage broker, there are a number of questions you should ask to make sure that they have your best interest in mind. Consider things like:

  • Do they have experience working with investment property owners?
  • What is their area of specialty?
  • How do they get paid, and are their commissions disclosed to you?

We’ve partnered with Real Wealth Australia to provide you a checklist that guides you through this process. The key is to talk to at least 3 different mortgage brokers before you settle - and if they’re all duds, the solution is simple: talk to more until you find one who you’re confident in. 

Checklist: How to find the right mortgage broker

These are the things you'll need to ask to find a mortgage broker who'll find you the best home loan for your personal situation.

Download your checklist

The final but arguably most important tip is to find a broker who’s also an investor like you.

“This is because they’ll understand which lender to put you with so that you can grow your portfolio. They’ve had to go through the trials and tribulations themselves, so they’re aware of it. You learn from your experiences, and you want to draw on that expert’s experience.” 

Helen Collier-Kogtevs, Founder of Real Wealth Australia

Note: this checklist is part of Real Wealth Australia’s The Green Book (worth $97) which provides valuable research tools to help investors refine their property investing approach by going back to the basics. :Different has partnered with Real Wealth Australia to provide valuable property investing tips and information to :Different subscribers.

Disclaimer: The information on this website is for general information only. You should consider seeking independent legal, financial, taxation or other advice to check how the website information relates to your unique circumstances. :Different and Real Wealth Australia are not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.