1. What assortment of lending institutions do you as a Refinance Mortgage Loan Broker have on your lending panel?

Make sure that the individual you are dealing with is a Mortgage Loan Broker or Mortgage Planner who has access to a variety of lending institutions as opposed to a Mortgage Representative who only stands for one lending institution and that lender's range of products.

2. What's the best type of loan that would suit my cash flow cycle and financial arrangement? Make sure that the Mortgage Loan Broker or Mortgage Planner shows you how the specific type of home loan will sustain your financial structure and maximise the usage of your cash flow. It is imperative that the manner in which the loan repayments are needed to be made does not restrict the effective usage of your cash flow in reducing the amount of loan interest to be paid.

3. Is it advisable to focus on the home loan products with the lowest mortgage interest rates?

If the answer is a distinct yes, ask why and move forward with caution! Cheap home loan interest rates can have an advantage provided the home loan lender displays a track record of maintaining cheap interest charges and established funding! Home loan products that appear to offer a great deal may include high penalties, charges and costs, or may not give the flexibility of usage that you require in the future. To steer clear of taking out a loan you may later regret, regard with caution a proposal structured primarily on low interest rates.

4. What are the best home loan products to suit my immediate circumstances and goals, and how will they maintain any future plans I may have? Make sure the refinance mortgage brokers proposal contains no less than 3 mortgage products that have fair comparisons between them. Beware of a assessment that includes 1 product that seems to be far better-quality to the additional 2! Look for product features and product versatility that will allow you to amend the home loan product to meet your future objectives and plans.

5. Aside from the payments and charges associated with the new home loan, what further commissions and charges am I liable to incur? Finance Institutions, Service Providers and Government Departments often have charges associated with the lending procedure and on occasions these may represent a pricey surprise for the unwary. A valuable Refinance Mortgage Broker or Mortgage Planner will provide you with a Loan Costing Sheet detailing all costs, charges & fees associated with the proposed home loan process.

6. How do you get paid and what is your commission arrangement?

Asking for an explanation in writing of how your service provider gets compensated for their labor will assist identify and minimise conflicts of interest. If the suggested Lender's commission is by far the uppermost remuneration of all credit providers on the broker's lender panel, proceed with caution as this may signify a conflict of interest.

7. Do you provide your clients with a Mortgage Broking Agreement?

Not every Refinance Mortgage Brokers service is clear in what it will deliver as opposed to what it is that you require as an end product. Hence it is well suggested that a Mortgage Broking Agreement be drawn up between the parties outlining the scope of services/products to be supplied and payments associated with the work.

8. Do you carry out FREE Yearly Reviews and what further services do you offer?

Identify how eager the broker is to remain in contact with you and making sure that your home loan is meeting with your requirements. What extra services does the broker offer either directly or via referral that may well be of benefit to you and are there discounts on hand if you bundle these services with that of the loan?

9. Where may I turn if we have a disagreement that can't be sorted admirably? Do you have an External Dispute Resolution Service (EDRS)? Request the service provider to give details of the complaints procedure offered by their business, outlining who you might complain to and the EDRS they are an associate of? A valuable Refinance Mortgage Broker will provide you with a personalised Finance Services Guide at initial meeting which will outline all the facts of their complaints procedure as will their Mortgage Broking Agreement.

10. Are you an MFAA certified Refinance Mortgage Broker?

By dealing with a broker who is a certified MFAA associate, you are doing business with a broker that has satisfied minimum standards of education, experience and ethics to uphold their association status.