How Do You Find a Good Mortgage Broker ?

Doboman on 10/07/2023 - 21:34

Hello everyone,

I'm seeking advice on how to identify a reliable mortgage broker. I'm sure everyone is the last few months.

I'm considering refinancing after a significant period. Previously, I was able to negotiate a favourable rate with my bank every six months, eliminating the need for refinancing.

I'm somewhat apprehensive as it's been a while since I last went through this process. My previous experience with a broker was less than satisfactory, but I managed to get through it.

I found that broker by conducting a Google search and reading some reviews, and then invited them to my home. I mean you are giving all your details to someone you don't know right?

Could anyone guide me on how to proceed & how to check if they are legit?

Are there any reputable companies in Melbourne ( South East ) that you could suggest?

Kind regards
Dobo

Financial Home Loan

Comments

  • bemybubble on 10/07/2023 - 21:47

    Suss out Finspo. They’re great

    • Doboman on 10/07/2023 - 22:17

      Thanks!

  • Biroda on 10/07/2023 - 22:10

    Would definitely recommend getting in contact with Tim at Loans on the Run. I know a few people that have used him over the last few years (including myself in the last month) and his team was excellent.

    • Doboman on 10/07/2023 - 22:17

      Thank you

  • Stopback on 10/07/2023 - 22:13
    +2

    The ones starting out will work harder for you as they are building up a client base.

    But really you need to be aware of the rates and bonus

  • AngoraFish on 10/07/2023 - 22:18
    +4

    With brokers, you're paying for someone to plug your financials into a home loan comparison spreadsheet and then to play middle man in a game of Chinese whispers between you and your bank. None of them have a guy on the inside willing to cut you a mates-rates deal. All that any broker is doing is using exactly the same information that you can get from any comparison website in order to take commission off the back end.

    • bemybubble on 14/07/2023 - 09:23

      That’s not entirely accurate. I’ve seen broker introduced deals with sharper rates. When I hit my banker up he said they have special deals they can’t always compete with.

      • AngoraFish on 14/07/2023 - 10:45
        -1

        Sounds like a convenient line on both counts, but if you want to drink that coolaid I can't stop you.

        It's worth noting, though, that "special deals" is not one of the reasons that brokers themselves give to try to convince you to use one, at least in writing (Trade Practices Law and all that). The public line is all about holding your hand and having a spreadsheet with a lot of bank products in it. See, for example.

        https://www.launchfinance.com.au/can-mortgage-brokers-get-be…

        • bemybubble on 14/07/2023 - 11:54

          Not sure what tram you're on I don't work for a bank or a broker.

          That might be one of their marketing lines but i've dealt with banks and brokers enough to know that there's a difference. Not only in service but sometimes (not always) in rate.

          If you asked me 10 years ago I would have said 90% of the time I preferred dealing with bankers direct. Today i'd say it's less than half…

  • Eurobogan on 10/07/2023 - 22:24
    -1

    I found ours through property podcasts. Max Phelps from golden eggs.
    way better experience then our last one.

  • tallkid123 on 10/07/2023 - 22:33

    They advertise on propertychat.com.

    Start a convo with me OP if you want me to refer who I use.

  • lakes_8 on 10/07/2023 - 22:51

    my one got me into the herald sun lol

  • geekcohen on 10/07/2023 - 22:57
    -1

    Taylar Stephens from Resolve Finance found him through Home Buyers centre when we built our first home and have dealt with him ever since.

    • Doboman on 12/07/2023 - 08:18

      Looks good - they seem to list only 22 lenders on site, I thought as brokers they have bit more lenders so more options we have.

  • devize on 10/07/2023 - 23:10

    Cut the middle man and DYOR

    • UltimateAI on 11/07/2023 - 08:03
      +2

      You still need to DYOR, but in my experience brokers have access to much lower rates, than even some of us seasoned negotiators can achieve. Exceptions ofcourse, if you have debts of many millions, most banks will negotiate quite well.

  • Tee Rex Arms on 10/07/2023 - 23:55
    +1

    I purposely chose one that I didn’t have to go in person to see. They were even interstate lol.

  • hasher22 on 11/07/2023 - 01:54
    +2

    Finding a broker is such a dating game, you need to research and see which one you click with and try to match you with the best or great deal.

    From personal experience, I had great brokers that are communicative and educate me on their process and products. While I had one guy that didn't even tell me what financial institution he was recommending me with, only to find out the interest rates were higher than average and quick google search apparently, he gets a huge commission cut if he recommends clients to that bank.

    My advice to you is purely base on emotion and you need to make a judgement call if their communication, offers and professionalism/honesty are priority in your books

  • UltimateAI on 11/07/2023 - 08:01
    +2

    In my experience Brokers have access to much better rates than even a good negotiator can achieve with the banks. But do your own research so you know if the deal is good or not, I've used many over the years and only had 1 bad experience, but the bank was quick to fix.
    Recommend the pro-active brokers, that will regularly review and ensure you are on the most appropriate rate\deal, not set you up and leave.

  • SmiTTy on 11/07/2023 - 08:21
    +1

    Word of mouth for me…

  • dodidbakar on 11/07/2023 - 10:07
    -2

    I know the pain. Check out Melfinance, they took care of a confused first home buyer (me) very well

    • Doboman on 12/07/2023 - 08:19

      Looks good but they only have 18 lenders listed on their web site.

  • Edgecrusher on 12/07/2023 - 19:01

    I went with one who advertised here (not one of the main spammers) who too time to reply to my posts asking questions on a small value loan - others ignored me as they wouldn’t make much.

    Greatest experience I had, all done over the net, no butt kissing, only needed a quick call for id. I had a good deal lined up - best I could find and they got me a significantly better deal (more cashback - unlimited offsets - non advertised rate) with a major that I couldn’t have got.

    • Doboman on 12/07/2023 - 23:37

      Who was this you had a great experience with ?

      • Edgecrusher on 13/07/2023 - 05:50

        Azura Financial - I’ll try to link him @Nick-AzuraFinancial , I dealt with Nick initially and then Carl Elass to finish the process.

  • deanwans on 14/07/2023 - 10:33
    -1

    Hey Doboman,

    I'd highly recommend MJ Financial Chiefs!
    No fuss, helpful, quick to respond and for once actually a good experience!
    I dealt with Justin, couldn't fault mjfc.com.au

  • TGLC225 on 14/11/2023 - 21:32

    Any other recommendations of late? Looking for a good and reliable broker that works in borrowers interest

    • geekcohen on 15/11/2023 - 09:18

      My comment above. Working with Taylar at the moment for refinance since our fixed rate ends in December. Always has our best interest at heart and we are moving banks.

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