Hoping to buy a house? Ready to secure the property of your dreams? To make these aspirations a reality, you’ll need to shop around for the ideal home loan.
Home loans come in all shapes and sizes. The one that is best for you depends on critical factors, such as your employment status, budget, the property you want to buy, and the size of the deposit you’ve saved.
Finding and securing that perfect loan can be challenging. That’s why many Aussies choose to work with a mortgage broker. Mortgage brokers help navigate the home loan process so you can rest easy knowing you’re getting the best deal available in the market.
In this article, we’ll outline the qualities to consider when choosing a mortgage broker and share where to find the best in the Albury region.
What makes a great mortgage broker?
Choosing the right mortgage broker can help fast-track finding the right mortgage. It can also take the stress out of what can be an emotionally draining experience. Great mortgage brokers help you work through the complicated mortgage maze.
It can be helpful to keep the following in mind when choosing a mortgage broker in the Albury region.
- Qualified and licensed. Choose a mortgage brokers who has the right credentials. Check that they’re qualified and licensed. Also check if they hold an Australian Credit License or Credit Representative status, as required by the Australian Securities and Investments Commission. You’ll find a lot of this information online.
- Range of products. A quality broker has access to and can compare an excellent range of lenders and products. This means they can compare different mortgages and source the best one for your needs.
- Availability. The last thing you need when sourcing a mortgage, is a broker who is too busy to take your calls. Ask your mortgage broker how busy they are. Also ask how quickly they will return your calls and emails.
- Fees and commissions. Some mortgage brokers charge for their services, but others offer services free of charge. This is because mortgage brokers get a commission from lenders. Talk to your mortgage broker about fees, commissions and any other charges, so you’re not caught off guard.
- Industry affiliation. The most reputable brokers are affiliated with reputable, leading industry bodies. Membership indicates they follow ethical practices and adhere to strict codes of conduct. Check for memberships with associations like the Mortgage and Finance Association of Australia.
The best mortgage brokers in Albury
RiotACT’s editorial team has combed through 20 years of on-site comments to compile a list of the most recommended businesses according to you.
To be listed in our Best of Canberra series, each business needs to have consistently received positive feedback on RiotACT and Facebook and maintain a minimum average of 4/5 stars on Google.
Clarity Home Loans
The professional, experienced mortgage brokers at Clarity Home Loans support clients to find, apply for and secure a loan, with the minimum fuss. That includes first-time buyers, those moving to another home, investors and retirees.
Laura Whiting wrote on Google, “Before we were even ready to start properly looking to buy, we were able to sit down and go through the whole process with our broker, how every step of the process worked, and how much we could comfortably borrow. This gave us great confidence …”
Home Loan Designs by Mieken
With more than 15 years of mortgage broking experience, Meiken Barnes, Finance Director at award-winning Home Loan Designs by Meiken, excels in providing customised property lending solutions. She offers first-class service tailored to individual needs, building confidence among buyers that they are getting the right mortgage.
Darcy Mildren wrote on Google, “We have had Meiken’s financial services for all of our investment and homeowner loans. The service, communication and helpful information she provides has always been 100%.”
Choice Finance Specialists
Choice Finance Specialists works hard to compare loans and guide clients to the best option, whether for a first home, new home or investment. The team saves clients time and energy in sourcing a loan and helps with the application process.
Kelly Mitchell wrote on Google, “Olympia has been with me every step of the way through understanding and assessing my borrowing capacity, to applying for loans and going above and beyond to get them across the line for my unique circumstances in such a prompt timeframe.”
MAKE Finance Group
MAKE Finance Group, a family owned local business in Albury-Wodonga, is a team of specialist mortgage brokers. The group holds an ASIC Australian Credit Licence, belongs to the Finance Brokers Association of Australia and supports clients to navigate the loan system with independent advice.
On Google, Angela Larkin wrote, “MAKE was extremely helpful throughout the process of securing finance for my recent property purchase. They explained the ins and outs of our options and made sure we ended up with a great deal.”
MRM Mortgage Brokers
With more than 100 different loan products from over 20 different lenders, MRM Mortgage Brokers cater to everyone buying in the property market, sourcing the best loan possible. MRM Mortgage Brokers provides high-quality customer service, education and advice.
On Google, Bianca Edwards wrote, “Peter from MRM Mortgage Broker made the process of buying our first home so easy. He explained the process thoroughly, kept us up to date with information and was great to work with.”
If you’re looking for more information on financial support, you might like our articles on the best financial planners, best tax accountants, and the best conveyancing lawyers that Canberra has to offer.
Your experience with mortgage brokers in Albury
Thanks to our commenters who have provided insightful feedback. If you believe we have got it wrong, please let us know.
Have you had any experience with any of the mortgage brokers listed above? If so, share your feedback in the comments below.
Frequently Asked Questions
What do mortgage brokers do?
Mortgage brokers act as an intermediary between borrowers and lenders, to find the best loan possible for clients of all types. They save buyers time from having to research and compare all the loan products in what can be a complicated marketplace. They also can explain complicated loan matters and support you to apply for and secure a loan.
How much do mortgage brokers charge?
Many mortgage brokers do not charge borrowers for their services. This is because they’re paid a commission by lenders. It’s important to understand that different lenders pay different commissions. You’ll want to ensure your mortgage broker isn’t steering you to a lender only on the basis of the highest commission. Discuss this openly with your broker. Some mortgage brokers do charge, however. It’s best to shop around and ask potential brokers to be precise in writing about any fees they charge.
Is it better to use a mortgage broker or a bank?
A mortgage broker has access to a wide range of loan products and is free to compare them and recommend the one that best suits your needs. A bank only sells their own loan products and is not free to recommend others. This doesn’t mean banks don’t have quality products, however. It’s best to talk to your bank as well as a mortgage broker when looking for a loan.
What are the benefits of using a mortgage broker?
Mortgage brokers can save you time, effort and even stress. This includes time in researching the many types of loans in the marketplace. It also includes time in applying for loans since many brokers will help you with paperwork and explain processes to you. A quality mortgage broker can also save you time by dealing with your solicitor, valuers and even builders. Having one point of contact can streamline matters.
How do I choose the best mortgage broker?
Research a few mortgage brokers online. In doing so, check their experience and qualifications. Check to see if they’re a member of a professional industry body. Membership indicates that the mortgage broker follows ethical practices and adheres to strict codes of conduct. You can also check online reviews and ask your mortgage broker for references. It’s best to have an initial meeting with a mortgage broker before signing up with them. This way you can be sure you’ll get along with your broker and have confidence in them.
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