Loans

WHAT IS A MORTGAGE BROKER?

Mortgage brokers are independent intermediaries that offer loans from a variety of lenders, saving you the hassle of shopping around.

Using a broker is all about keeping your options open, keeping informed, and keeping it simple for you. A large percentage of Australian home buyers are now using mortgage brokers. That's because financing or re-financing a mortgage loan can be a confusing, stressful and frustrating experience.

A mortgage broker takes the time and effort out of the home loan process by shopping the lending market for you.

As most lenders can only recommend their own products or those of companies with which they are affiliated, they are not necessarily providing you with a product that is the best and most cost effective for your needs.

With a mortgage broker you can be assured that the choice of product will best suit your requirements, be delivered in a timely manner without you needing to shop around.

Things you should consider when obtaining your home loan through a mortgage broker:

• Ensure that your broker has a range of home loans from a wide variety of banks, non-banks and other lenders.
• Make sure your broker isn’t recommending a particular loan based on the commission they will receive from the lender. Brokers are generally paid a commission by the lenders they represent for every loan they sell. Some lenders pay higher commissions than others so it is wise to make sure this is not the motive behind your broker’s recommendation.
• Does the broker charge a fee? Some brokers will not charge borrowers for using their service, others will, so enquire about fees at the outset.
• Ask your broker how the loans they offer are researched and rated.
• Make sure your broker will provide a proper comparison of any loans recommended to you. Any loan comparison figures should take into account the total cost of borrowing; upfront and ongoing fees and charges, not just the interest rate.
• Check the qualifications of your broker, even ask for references from previous borrowers and if your broker is a member of the Mortgage & Finance Association of Australia (MFAA),or the Finance Brokers Association of Australia (FBAA)
• Check what service is offered by the broker on an ongoing basis after the loan is negotiated.
• Brokers must comply with the Privacy Act to ensure the security of customer details.
• Ensure your broker has professional indemnity insurance. This will safeguard you in the event of legal action.

Why Choose A FastTrack Mortgage Broker?

FastTrack has a network of Mortgage Brokers with access to over 30+ Banks, Building Societies and other Lending sources with a range of over 400 loan products.

There are literally thousands of variables that can affect the outcome of your mortgage transaction. That's why you need a mortgage broker to act as liaison between the lender, credit agency, underwriters, the processors, conveyancers and any other services that may effect your transaction. A FastTrack mortgage broker also;

• Explains all loan options
• Explains all documents of the loan application
• Explains all costs of the loan
• Explains the disbursement of all loan applications
• Explains the loan process, from beginning to signing documents
• Provides you with a good faith estimate of cost and fees
• Communicates with you throughout the loan process
• Coordinates the final closing of your transaction
• Comes to you for your convenience
• Can assist you with additional services such as insurances