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Choosing the Right Independent Mortgage Broker

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What is an independent mortgage broker?

An independent mortgage broker is a mortgage broker who is not affiliated with any bank, real estate agent, lawyer, accountant, conveyance, or anyone recommending their services for a fee.

A mortgage broker often establishes referral relationships that may involve fees for passing on business details. Many mortgage brokers are recommended but as a borrower, the first question you need to ask is why are you are referring to this mortgage broker?

Mortgage Broker Melbourne What If We Finance, has seen many examples of clients being offered a lending proposal only for the accountant or someone else to say use this mortgage broker.

What may happen is the given mortgage broker may have a commercial relationship the accountant receives a portion of commission or fees that are earned by the mortgage broker. In these instances, you have to ask if this an independent mortgage broker?

Does the accountant or referrer influence their recommendations? Are you really receiving the best advice and does it make sense to mix my accounting and other business?

What to look for in a mortgage broker?

What If We Finance recommends the following key traits to be present in an independent mortgage broker:

  1. They are not owned (directly or indirectly) by a bank, real estate agent, or any other institution that may impact their judgment and commitment to your needs and goals
  2. They hold their Credit License. If a mortgage broker is a Credit Representative of another organization they may be influenced by their targets and processes.
  3. The range of their lending panel. This means how many lenders they have access to. As a rule asks for a minimum of 15 lenders including majors, smaller banks, and online lenders.
  4. They do not pay anyone to receive your business. For example, an accountant may receive fees for referring you to a mortgage broker.
  5. They provide a range of lending options and explain in detail why they recommended a given option for example an interest-only loan
  6. They are MFAA and AFCA This ensures they hold minimum dispute resolution and education standards
  7. Lender domain knowledge. There is a lot more to lending than an interest rate. They must understand your circumstances and match you to an appropriate lender. For example, if you are a contractor and just entered a new role there is a limited set of lenders we can consider

How to choose a mortgage broker

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Getting a mortgage is not something you do every day. That’s why it’s essential to know how to choose a mortgage broker who will handle all the technicalities and paperwork for you.

When choosing a mortgage broker, here are key factors to consider.

Their lender partnerships and product knowledge

A good mortgage broker will offer appropriate product solutions based on the extensive panel of lenders and loan products available to them. Your broker should have long-standing relationships with reputable lenders and stay updated on the latest loans. This allows them to give you the best solutions for your individual circumstances.

Home loan health checks

An expert broker won’t send off loan applications without taking the time to assess your lifestyle and financial situation. This helps them ensure the type of loan and amount you’re seeking is in fact the best one for you. Make sure your broker offers free home loan health checks to determine your capability to borrow financially before embarking on the application process.

Personal rapport

A successful client-broker relationship is one where you feel confident, comfortable and collaborative. This means your broker genuinely cares about your current loan needs and financial situation. They should also be happy to take the time to explain technical terms or loan jargon. Smart brokers also welcome and even encourage you to ask questions.

Longevity

melbourne mortgage brokers

When choosing a mortgage broker, look for one who has foresight — one who focuses not just on the here and now, but also on the future. While your first home loan is a significant step, it can pave the way for future property investments. Therefore, it’s good to assess a broker’s effort about staying connected with you.

Key questions to ask your mortgage broker

Now that you know how to pick a mortgage broker, it’s time to find out the type of questions you should ask them. Asking questions is an effective method that will help you decide on the right mortgage broker for your loan needs.

Take a look at this list of questions to ask a mortgage broker.

What lenders do you work with?

When you choose a mortgage broker, be aware that they either work with a given set of lenders or cast a wider scope. If you want to be thorough, ask your broker about the lenders they work with to see how big their pool is. This allows you to rate shop across a wide array of lenders and find the best loan for your situation.

What is the right type of mortgage for me?

This is one of the most important questions to ask your mortgage broker. Like cars, every type of mortgage will get you to your destination (buying a property). However, each ride will be different. Your broker should have the ability to understand your financial situation before recommending the best mortgage type for you.

The two mentioned above are the essential questions to ask a mortgage advisor but the interrogation doesn’t stop there. Other important questions to ask include:

  • How long will the process take?
  • How will we keep in touch throughout the process?
  • What fees and commissions will you charge? Who will pay for them?
  • How long of an interest lock do you recommend
  • How many lender quotes did you review before selecting this lender? Why is this lender and rate the best for my situation?

Why What If We Finance?

What If We Finance was established in 2008 and is not owned by any bank or other institution. As your independent mortgage broker, our goal is to find you the best possible deal. Since our inception we have always said not all mortgage brokers are created equal and you can see our video here.

Our sole goal is to help you and we do not pay anyone for your business or receive funds. We only deal with home loans and do not affiliate ourselves with anyone else.

As your independent mortgage broker, we are available 7 days a week and can meet in person, work remotely or over the phone to help you find an unbeatable deal. So contact us today.

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176 reviews on
Matthew B
Matthew B
2022-06-05
Looking at the reviews for What If We Finance, it comes at no surprise to see so many 5-stars. Spiro handled the mortgage part of my girlfriend and I purchasing our first home. He made himself available to us around the clock and ensured that we were across the entire process and felt as comfortable as possible. We're very fortunate to have gone about buying our first home with Sprio and we'd be more than happy to use him for future purchases and to refer on to family and friends. A big shout out to Agnes also who busily works away in the background and also does an incredible job. You guys are the best!
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hari gowtham
hari gowtham
2022-06-03
Very happy with the results from Spiro from start to finish. Spiro and his team are very knowledgeable and have a very quick turnaround time. Couldn't be more happier with the service. Definitely my go-to person for upcoming purchase.
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Gary Shekhter
Gary Shekhter
2022-06-02
Great broker and trustworthy. Honestly had seen 5 brokers and fund this wonderful guy. Who helped from start to finish fast and had our loan in no time at all. Thank you again champ you did an amazing job
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Leonie Kemp
Leonie Kemp
2022-05-29
Thank you Spiro and Agnes for helping with the purchase of my first home. I needed to arrange finance quickly and Spiro did a fantastic job letting me know the best options for me and pushing to get the pre-approval so I didn't miss out on purchasing my home. Everything went very smoothly, thanks for helping make my first property purchase straightforward.
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S S
S S
2022-05-28
Thank you Spiro and team for your help in financing the mortgage for the recent property purchase. Spiro provided timely advise, guided me on the process and was swift in processing the documents. His friendly attitude makes the process even better. Thank you once again.
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Anita Naughton
Anita Naughton
2022-05-27
As a first home buyer I had very limited knowledge on what I needed to do. I searched for a broker and What if we finance stood out due to reviews. I had my first session with Spiro and never looked back! The whole process was seamless, I felt supported and could always connect with Spiro when needed. Spiro and Agnes are experts in what they do and I would highly recommended anyone looking for finance to choose What if we finance. I will be a lifelong customer and look forward to buying our next house with their support.
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Mahmoud Al Kilzi
Mahmoud Al Kilzi
2022-05-25
Spiro & his team did a great job by getting my loan sorted in time. I would recommend them to family & friend. Great work guys much appreciated.
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Rebecca Zeeman
Rebecca Zeeman
2022-05-20
Spiro and Agnes provided great help and advocacy in getting us our home loan. We felt they were always available and were super efficient in getting it all done on time! The process was so simple and without stress thanks them both.
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Irish Azcuna
Irish Azcuna
2022-05-09
I can’t thank Spiro and Agnes enough for making my first home purchase so efficient, stress-free and seamless! If I could give more than 5 stars I would. As a first home buyer applying for one or the government’s schemes, my situation would have been so complicated that I never imagined being able to complete the process in such a short time. Spiro’s in-depth knowledge, invaluable and always-available support, and genuine willingness to help get me the right mortgage for my situation, made everything possible. His pragmatic advice even helped me decide on the right property for us, which would help us achieve our long-term goals. I highly recommend Spiro and his team. We will definitely engage their service again for our next property. They are the best!
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Renee Briggs
Renee Briggs
2022-05-02
Spiro is reliable, has your best interest as his top priority and is fast to get great results. We wouldn't ask anyone else for their professional opinion- Spiro is the best in the business.
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