HINTS AND TIPS WHEN DEALING WITH A MORTGAGE BROKER

 

HERE ARE SOME OF THE QUESTIONS YOU SHOULD ASK YOUR MORTGAGE BROKER AND OUR ANSWERS FOR YOU.

  1. How many lenders does the broker deal with? If a broker has only two lenders that they have relationships with, you may miss out on other options that might meet your needs. A broker with a range of lenders is always a better bet.

Karayi Home Loans is accredited with 15 financial institutions, including the four major banks. We compare hundreds of loan products from these financial institutions before finding a suitable loan for you. This way your chances of getting a loan increases as well as you can make sure that you are paying much less compared to what you would have ended up otherwise.

  1. How does the broker get paid? Some lenders will pay greater commissions than others. Make sure you know the commission the broker is getting as this may cloud their judgment when obtaining a solution for you.

We are paid a commission by the financial institutions. We will give you full information about the commission structure before dealing with you. We are obliged to do this as per the current laws covering mortgage brokers. We choose a suitable loan for you by using our state of art software, which compares around 200 loan products to find the best loan package. The loans with the lowest interest rates may not the one that is suitable for you as our software considers fees and other frills that are associated with the loan. The frills include offset accounts, redraw facility, payment holidays, bank policies etc.

  1. What fees do they charge you? Make sure you know up front and in writing what fees, if any, you may incur using a broker. Don’t ever rely on a verbal agreement as you could find yourself in a ‘he said, she said’ scenario.

We don’t charge any fees from our customers. All our services are free. There are no hidden charges either. Our services don’t stop with getting you the loan, we are only a call away to assist you throughout the life of the call. In case you face difficulty in making the payments in future, give us a call and we may be able to help you.

  1. How does the broker identify the recommended solution? A good broker will have a standard methodology for selecting mortgage solutions.

We find the actual cost of the loan and we avoid unnecessary frill that will cost you more but won’t provide real benefits. For example Offset accounts are good only if you have at least fifteen to twenty thousand in offset account. Otherwise the benefit is minimal considering extra fee or interest you pay for having the offset account facility.

 5 .   Is the broker a member of the Mortgage Industry Association of Australia (MIAA)? This body regulates and applies stringent standards to its members and has a defined complaints process. Always be skeptical of a broker who shuns away from professional bodies as this may suggest that their activities are not above board.

Yes, we are accredited with FBAA. Our brokers are minimum degree qualified in Finance.

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