A mortgage broker is there as a friend to you and your family, looking out for your best interests when it comes to finance whether it be for a home loan, car loan or a personal loan. It is a mortgage broker’s job to do the leg work for you and find the most suitable product for your long and short term goals taking all these things into consideration but in saying that it is up to you to be able to provide your broker with a clear idea and understanding where you are currently at and what you are wanting to achieve. As part of looking out for your best interests, any finance broker will generally provide their services free of charge to you unless in the off case where the situation and the purchase might be on the complex side. Any fees payable for service will be outlined prior to proceeding with any authorisation to be signed off by yourself.

Find below some steps involved in the process of dealing with a finance broker:

  1. Start your relationship with a relaxed conversation via phone call, meeting or email at a time that is most suited to yourself to get a basic idea around and understanding of your current circumstances.
  2. A Fact Find document will be requested to be completed by yourself covering off on your situation as a whole and giving your mortgage broker a broad understanding of your current situation, needs as well as short and long term goals.
  3. Once reviewed your current situation, has the ability to compare a range of home loan products from a wide choice of lenders most suitable to your situation and provide you with the most suitable product to fit your greater picture and in most cases be able to negotiate sharper rates than what is on offer.
  4. Cover off on all the costs associated with a loan and provide a breakdown of what your monthly repayments will look like for the specific loan amount.
  5. Once you are happy with a desired option/loan product provided will be able to lodge the application and keep up to date on the home loan application progress updating you where necessary.
  6. If you are a First Home Buyer (FHBer) your mortgage broker will be able to assist you with lodging a First Home Owners Grant (FHOG) application.
  7. Will be able to answer any question you may have as well as explaining the home loan application process as well as outlining the home buying process from start to finish.
  8. Your finance broker is there to work for you with the lenders, and will request from you the documents needed for the lender to be able to proceed and in turn once you have returned them to your mortgage broker they will then pass on to the lender and their assessment team.
  9. You will be kept updated with any queries/questions the lender may have along the way as well as keep you updated with how the progress of the home loan application is going ensuring you don’t have to worry about a thing.

Some of the documents your finance broker may need to request from you in the initial stages of researching the most suitable product for you are:

  • Copy of completed Fact Find document outlining your situation
  • Most recent pay slip or employment contract
  • Most recent copy of tax returns or tax assessment notice


If you would like a free review of your situation or have a question regarding anything specific within this article or anything else at all please don’t hesitate to click here to get in touch with one of our friendly staff who can talk further about should there be any questions/queries you may have.



Original information contained in this article from the Adelaide Broker website, click here to view.


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