Sydney’s population has stably grown over the years, consistently maintaining its position as Australia’s most populous city. Back in 2018, it was home to over five million residents, with various parts of the city being a top choice for overseas migration. Sydney’s competitive business landscape, beautiful sceneries, and diverse culture easily make it one of the best places to move to, so the city is indisputably one of the most livable in the world.
Moving to Sydney can bring about several opportunities for work and day-to-day life, but before you get on with that, you may have to secure a loan to get your home. When finding a lender, you have the option of working with a mortgage broker in Sydney who can connect you to more lenders and give you professional advice on the best rates and terms based on your situation. That said, choosing your broker is a critical decision since the broking industry is quickly becoming saturated, and you want to find the most credible person to help you.
To ensure you find the right mortgage broker, here are a few tips that you can use in your selection.
What are their experience and qualifications?
The mortgage broking industry is heavily regulated in Australia, so before you look at any other selection criteria, start by checking if a broker is licensed, either with an Australian Credit Licence (ACL) or authorisation from a credit representative. Next, you can proceed to check for experience and qualifications. While licensed brokers meet the standard needed to provide you with credit assistance, each of them still has varying qualifications that can affect the quality of their work.
Learn about how long a broker has been working in the industry, and if possible, ask about a few of their notable experiences with past clients. The education requirements for mortgage brokers are not as uptight as those for financial advisers, so you can also seek brokers with above-standard education qualifications.
Do they have your best interests in mind?
A credible mortgage broker in Sydney will have your best interests in mind, providing you with a range of options and having good reasons for their recommendations. Be cautious of brokers who pressure you into selecting a particular type of loan, especially ones with high risk like interest-only loans, as these may look attractive at first, but you will have higher repayments in the long run.
What do former clients say?
The Internet today allows you to look up online reviews for brokers through their personal websites or Google in general. Reviews, testimonials, and case studies can all lend credibility to a broker since they illustrate how former clients feel about working with a particular broker. You can also ask a mortgage broker directly for references to see whether they can offer you contacts without hesitation, which is a clear sign of having satisfied customers.
How wide is your network of lenders?
One of the most promising advantages of working with mortgage brokers is having access to a wider range of lenders. As such, it is important to ask a broker about their network to see how wide it is and how diverse your options may be. If your broker only works with a few lenders, you may not be able to find lenders and compare rates on your own, so seek out those who have a wide scope of lender options.