What is a Mortgage Broker & 5 Other Popular Questions!

What is a Mortgage Broker & 5 Other Popular Questions!

We often get asked what is a Mortgage Broker? What does it mean to use a mortgage broker and how much does it cost! We’ve put together the answers to some of the most popular questions we get asked!

What is a Mortgage Broker?
A mortgage broker can help you find the best loan to suit your unique needs and circumstances. The advantage of working with a mortgage broker is that they have knowledge of a broad spread of products from multiple lenders. Finance Brokers have a duty of care to provide the best possible advice to clients.
Carol Curtis is a member of both the MFAA and the FBAA

What other services do Mortgage Brokers provide?
Along with home and business loans, we can also also advise on other services such as insurance, including mortgage, house, contents and income.

How do mortgage brokers get paid?
A broker’s fee or commission is usually paid by the lender whose products they recommend. The difference between commission paid on products is marginal and consumers should not be concerned that this commission will impact the quality of advice they are given.

How much does a mortgage broker cost?
Our service to you is free as we are paid by the lender. There are some special circumstances where there is a fee but you will be made aware of this upfront if it applies to your situation.

What is stamp duty?
Stamp duty is a charge which is applied by state governments in Australia on transactions relating to the transfer of land or property. It is paid upfront and needs to be budgeted for in addition to your loan deposit.

What is a credit score & why is it important?
Your credit score is a number that represents the information contained in your credit report. It attempts to give creditors an idea of how financially responsible you are. Credit providers may take this score into account when deciding whether or not to loan you money. When you apply for credit or a service, the relevant credit provider may check your credit report, leaving an enquiry on your report. Credit enquiries affect your credit score, whether or not you actually went through with the application. A relatively high number of enquiries within a short period of time could adversely affect your ability to get credit.
You can click here to get your credit score for free or to obtain your credit report click here

Have more questions? Make sure you send an email to our friendly team!