48 min
How to Find the Best Mortgage Broker for You The Elephant In The Room Property Podcast | Inside Australian Real Estate
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- Investing
Choosing the wrong broker can lead to higher costs and missed opportunities. It’s crucial to find someone who doesn’t just process loans but also offers solid advice and guidance. With so many options, it’s tough to figure out who’s genuinely good and who’s just looking to close a deal.
So in this episode, we break down how to find the perfect mortgage broker for you. We kick off by explaining the differences between a financial planner and a mortgage broker, helping you make the right choice. Then, we discuss what makes a broker "good" – is it their reputation, awards, or payment structure? We also look into how industry awards can be misleading and how to find genuine quality.
The mortgage industry is evolving, with online platforms and AI-driven portals challenging traditional brokers. Could these digital solutions replace traditional brokers? We explore current trends, future possibilities, and big bank moves to cut brokers out of deals. We also emphasise the importance of consulting a broker even after a loan rejection to explore other options.
By the end of this episode, you’ll have a clear idea of what makes a good mortgage broker and how to avoid the drawbacks of working with the wrong one. Tune in for tips on spotting red flags, questions to avoid asking your broker, and key considerations for your mortgage discussions. Let’s get started!
Episode Highlights:
00:00 - Introduction
03:49 - What’s the difference between a financial planner and a mortgage broker?
07:42 - How to define a “good” broker
12:44 - Can awards and badges mislead consumers in the mortgage broking world?
15:43 - How are awards typically awarded in the mortgage broking industry?
18:53 - How are brokers remunerated?
25:25 - Can online solutions and AI render traditional mortgage brokers redundant?
29:34 - The importance of talking to a broker after a loan rejection to explore other options
31:33 - Some red flags to watch out for when dealing with ‘shady’ mortgage brokers
37:51 - What questions should homebuyers avoid asking their mortgage broker?
40:31 - Chris’ take on the “rate lock” from CommBank for mortgage brokers
45:56 - Key considerations borrowers should prioritise in mortgage discussions with a broker
Resources:
Visit our website https://www.theelephantintheroom.com.au If you have any questions or would like to be featured on our show, contact us at: The Elephant in the Room Property Podcast questions@theelephantintheroom.com.au Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au Work with Veronica: https://www.veronicamorgan.com.au Looking for a Mortgage Broker? https://www.blusk.au Work with Chris: hello@blusk.au Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word and join us for more insightful discussions in real estate. Your journey starts now!
Subscribe on YouTube: https://www.youtube.com/@theelephantintheroom-podcast Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719 Subscribe on Spotify: https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXjP0?si=26cde394fa854765 See omnystudio.com/listener for privacy information.
Choosing the wrong broker can lead to higher costs and missed opportunities. It’s crucial to find someone who doesn’t just process loans but also offers solid advice and guidance. With so many options, it’s tough to figure out who’s genuinely good and who’s just looking to close a deal.
So in this episode, we break down how to find the perfect mortgage broker for you. We kick off by explaining the differences between a financial planner and a mortgage broker, helping you make the right choice. Then, we discuss what makes a broker "good" – is it their reputation, awards, or payment structure? We also look into how industry awards can be misleading and how to find genuine quality.
The mortgage industry is evolving, with online platforms and AI-driven portals challenging traditional brokers. Could these digital solutions replace traditional brokers? We explore current trends, future possibilities, and big bank moves to cut brokers out of deals. We also emphasise the importance of consulting a broker even after a loan rejection to explore other options.
By the end of this episode, you’ll have a clear idea of what makes a good mortgage broker and how to avoid the drawbacks of working with the wrong one. Tune in for tips on spotting red flags, questions to avoid asking your broker, and key considerations for your mortgage discussions. Let’s get started!
Episode Highlights:
00:00 - Introduction
03:49 - What’s the difference between a financial planner and a mortgage broker?
07:42 - How to define a “good” broker
12:44 - Can awards and badges mislead consumers in the mortgage broking world?
15:43 - How are awards typically awarded in the mortgage broking industry?
18:53 - How are brokers remunerated?
25:25 - Can online solutions and AI render traditional mortgage brokers redundant?
29:34 - The importance of talking to a broker after a loan rejection to explore other options
31:33 - Some red flags to watch out for when dealing with ‘shady’ mortgage brokers
37:51 - What questions should homebuyers avoid asking their mortgage broker?
40:31 - Chris’ take on the “rate lock” from CommBank for mortgage brokers
45:56 - Key considerations borrowers should prioritise in mortgage discussions with a broker
Resources:
Visit our website https://www.theelephantintheroom.com.au If you have any questions or would like to be featured on our show, contact us at: The Elephant in the Room Property Podcast questions@theelephantintheroom.com.au Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au Work with Veronica: https://www.veronicamorgan.com.au Looking for a Mortgage Broker? https://www.blusk.au Work with Chris: hello@blusk.au Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word and join us for more insightful discussions in real estate. Your journey starts now!
Subscribe on YouTube: https://www.youtube.com/@theelephantintheroom-podcast Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719 Subscribe on Spotify: https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXjP0?si=26cde394fa854765 See omnystudio.com/listener for privacy information.
48 min