HOW MORTGAGE / FINANCE BROKERS HELP THE INDUSTRY
The Royal Commission Into Banking had received much publicity during the past year and now that the report has been published, it is up to the various banks and government of the day to implement what is necessary.
Certainly from a Finance/Mortgage Broker’s point of view, the main issue was the recommendation of charging a fee for service.
In my opinion, this proposed fee for service is of no benefit to the consumer/client. If the consumer shopped around themselves for a home loan, they would have an “enquiry” on their credit file each time they applied. This could raise concerns with a potential lender as they would see that the applicant has been “shopping” around and this may have an adverse impact on the application.
This would limit the opportunity for the consumer to obtain the best
suited loan product that meets their financial requirements.
Banks only sell their own products and do not do comparisons with any of their competitors. This would be a bad outcome for the consumer.
An experienced Finance/ Mortgage Broker works for the client and ensures that the consumer fully understands what the requirements are. Plus, the finance/mortgage broker sits with the client and completes a detailed scrutiny of the applicant’s income, living expenses and other financial liabilities. The broker then analyses and processes the submission searching for the best-matched loan product for the client and their unique financial requirements and needs.
Your personal experienced Finance/ Mortgage Broker is always available to assist from start to the
completion of the transaction. Ongoing support is also available through to post settlement. With a Mortgage Broker, you will not be hand-balled from one bank officer to another. And you will not need to chase multiple bank employees for answers to your questions.
In addition, your Finance/ Mortgage Broker is available to you generally on a 7-day a week basis (clients can be seen after hours too, as opposed to a bank, which only sees customers during business hours.) In short, your Finance/Mortgage Broker takes the stress out of the equation for the you in the loan process because you will never be in the dark.
Paul and his fellow professionals have been integral members of the finance community addressing needs of their clients that banks cannot. Contact us today to find out how we can help you in your unique situation.