With the many changes taking place within the lending sphere over the past year or two, it is now more important than ever to choose the right broker in order to achieve your desired goal.
Here we will list the attributes you should consider when selecting who will help you with your finance application.
Experience and knowledge
There is a vast difference between a new-to-industry broker and one with a history in finance. Experienced brokers have taken years building up knowledge of each lender’s specific requirements and understand how to structure a loan application so that it is presented in the best light for approval. They also know who is more likely to approve your loan and why. Loan applications that are not positioned correctly can easily be declined, not necessarily because you do not qualify for the loan, but because the assessor cannot understand the information being presented. At Carbon Finance, our lead senior broker has over 12 years’ experience in the business with all types of lending.
Industry qualifications and memberships
A Certificate IV in Mortgage Broking is the industry minimum requirement of education for all brokers in Australia however in order to be considered a senior broker, brokers must attain a Diploma in Finance and Mortgage Broking Management. It is also a requirement to be a member of one of the industry bodies – either MFAA or FBAA. These industry bodies keep a check on each of their broker’s professional development to ensure they spend enough time each year in continued learning. Our lead senior broker is a member of both the MFAA and FBAA and holds a Diploma in Finance and Mortgage Broking Management.
Speak your language
Finance is full of industry jargon and terminology. To those outside the industry, these terms are incomprehensible and impossible to understand. Ensure you choose a broker who is able to speak to you plainly and helps educate you in what these phrases mean and how they affect you. At Carbon Finance, we are dedicated to assisting our clients and teaching them how lending works, so much so that we hold regular free seminars to help our clients be a full participant in the lending process.
Referrals from friends and family
Nothing beats a referral from someone you trust. If a broker has provided excellent service to someone you know, it is likely they will treat you in the same manner. Ask around, or if this is not possible, contact a few brokers and speak to each one. After a few minutes, you will get to know which broker you would prefer to deal with. Ask a lot of questions, we expect that of you and are here to help.
Ensure they have a broad panel of lenders
Each broker has a set panel of lenders that they can use to submit applications to. Sometimes, you will require specific lenders to suit your needs so it is imperative that the broker you choose has these such lenders on their panel. We have over 30 lenders covering residential, commercial, personal, self-managed super fund and asset lending.
The best way to know if you have found the right broker is to talk to them face to face and see if you believe they are working in your best interest. Carbon Finance brokers can either visit you in our offices or at your home or work for no charge. Why not give us a call? Dial (08) 9446 8588 and speak to Julia.