Whether you’re looking for a mortgage for your new home, financing for your business or an investment property, there is a lot more to consider than which is offering the lowest interest rate. This is where the right, investment-savvy mortgage broker can add significant value to your situation.

The important step is knowing how to determine whether you’re mortgage broker is truly an experienced professional, or simply a well-dressed individual with all of the gear and no idea.

We’ve outlined below the top 5 questions to ask a mortgage broker when you’re meeting them:

1. PROVIDERS – Who is on your panel of lenders?

By finding out which lenders are available to the mortgage broker, you can start to get a sense of how many options they can compare for you. With access to over 40 providers, we have a great deal of flexibility to compare and identify the right lending solution for our clients’ unique financial situations.

2. COMPARISONS – What loan would you recommend for me and why?

Your mortgage broker should be able to clearly articulate why they have recommended a particular financing solution for you. As Einstein rightly stated, ‘if you can’t explain something simply enough, you don’t know it well enough’. If it isn’t clear to you why a particular lending solution has been recommended, it might be time to change course and identify a better option.

3. MEMBERSHIP - Are you a member of the Finance Brokers Association of Australia (FBAA)?

The Finance Broker’s Association of Australia (FBAA) is the biggest and most influential association in Australia. By working with an accredited FBAA member, you can rest assured that we are held to the highest standards, that we are highly professional, educated and accountable to providing you with the right advice, every time.

4. PERSONAL INVESTMENTS – What do you do with your money and how do you structure your finances?

It’s important to find out if your mortgage broker is truly putting their money with their mouth is, particularly if you’re looking for a mortgage on your primary residence or financing for an investment property. Find out your mortgage broker’s own investment beliefs and how they arrange their own financing.

5. INSURANCE – Do you have Professional Indemnity cover in place?

It’s important that you clarify whether your mortgage broker has existing Professional Indemnity cover in place. This form of insurance covers them in the event that they’re sued for a breach of professional duty or negligence. While it may be unlikely with most professional mortgage brokers, it’s important that you consider your recourse should the financing not work out as planned.

The right mortgage broker can be a valuable asset for you. Be sure to ask the right questions and ensure that you have the right person on your team.

Ally Home Loans Pty Ltd is your ally in finance for all of your home loan, investment property, business and commercial financing needs. With our wide range of lending solutions, expertise in financial planning and investment strategies, and extensive experience in working with both Australian residents and Australian expats, we are your partners for your lending needs.

Book an obligation-free, complimentary consultation here today.

Ally Home Loans Pty Ltd is an Authorised Credit Representative (Credit Representative Number – 494608) of My Local Broker (Australian Credit License – 481374). Important Disclaimer: Your complete financial situation will need to be assessed before acceptance of any proposal or product.