Does your broker do these 5 things? - Charlotte Strong, Finance Prospects

Listen

Do you feel like your broker fully understands your personal situation and future goals? Have they been open and trusting enough for you to be able to divulge your whole personal and financial situation? Buying a home and getting into thousands (or even millions) of dollars of debt is one of the biggest decisions you could ever make. You need to surround yourself with the best people throughout the process. Your broker should be your biggest advocate and adviser on financial and borrowing matters.

Given you choices

The whole point of going to a broker is to hopefully get the best deal in the market for your circumstances. Your broker should be able to give you options and advise the pros and cons of each. At the end of the day, brokers should be advisors but the end decision should be up to you and one you feel comfortable with. Bear in mind that each person’s circumstances are unique and lender requirements can be very rigid. If your broker is only able to give you one option, they should be able to explain exactly why and what changes to your current circumstances would result in a more diverse offering.

Keep you up to date

In this day and age, communication is instantaneous and constant. You’ve signed the forms, chosen your loan and lender and provided all of your documents. Do you know if your file has been submitted to the lender? Have you been given a timeframe for what happens next? Has your broker been true to their word and provided an update when they said they would?

Said yes

Some brokers are only paid commission. While everyone needs to meet their rent/mortgage repayments, school fees, living expenses etc., does this risk your file being put in the too hard basket? For example, could it be a more complex scenario that a broker doesn’t want to put the time into for little return. Or could it be a scenario that is beyond the capability/skill/knowledge of the broker you have chosen. Due to the nature of their income, they may feel unable or are unwilling to ask for help and risk losing the income your loan will generate them. We see all too often clients being told no because their circumstances require a little more hard work, research and focus than the average, no is the easy option. A good broker isn’t doing it for the commission, they do it because they love people and they care about getting them to the next stage in life. No matter how big or small the loan amount.

Made contact with you after your loan has settled

Most brokers will call you after 2 years. Usually at the point where their commission won’t be clawed back and are looking to see if you would like a review of your loan. A great broker will keep in contact with you to see how things are going, make sure you are happy and find out what your hopes and dreams are for the future and help you make it a reality.

There are some amazing brokers out there, don’t settle for sub-standard service.