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Having the right finance product and provider can make all the difference when buying property.
At Morpheus Property, we've seen both the good and ugly in finance transactions. As such, we've compiled a checklist below to help you select an appropriate broker to meet your needs.
Of course, we can also put you in touch with a broker we highly recommend - Feel free to call us on 1300 911 576.
Get to know who you're dealing with
Before you meet a broker, start with their website. Ensure that the website is clear and has relevant information. If their website has cheap loan offers and sales pitches, Buyer Beware.
Give them a call
When they call to make the appointment ensure you feel comfortable with them and don’t hesitate to ask a few questions like:
- What is your experience?
- Who are your previous customers? (Do they sound similar to you?)
- What other kinds of loans have you done?
Their answers should be clear and straightforward displaying a sound knowledge of finance and be genuinely interested in your personal circumstances?
Do they take the time to understand your personal position?
A good broker will take the time to understand your personal and financial situation, both now and your goals for the future. They should have a broad range of Experts in their Network, people such as Lawyers, Accountants, investors, business people including a working knowledge of self employed people and the asset and finance structuring put in place by accountants.
If you are a first home buyer, they should know the entitlements under the Federal Governments First Home Buyers Scheme.
Test their knowledge of Financial Products
They should have a strong working knowledge of their lender panel’s financial products for all financial circumstances and understand their lender’s set up and exit fees, stamp duties and other statutory fees.
It is also ideal if you can go with Broker that can access a range of finance products including residential, commercial and business loans including motor vehicle and equipment financing. This won’t always exist in the one Broker, however you should deal with a reputable Broker that can refer you to someone who can deal with a variety of finance deals and circumstances.
Do they have Specialised Finance software?
Good brokers use specialised software to access all the loans on offer from their panel of lenders, and they should be happy to work through the options with you. There are literally hundreds of finance products in the market today with changes occurring daily. If they aren’t using this type of technology to stay abreast of the options then they will struggle to present you with the best possible finance deal.
Do they speak Plain English?
Lawyers and Accountants are renowned for jargon. Often used to intimidate and confuse, don’t let a broker baffle you with jargon.
A professional broker will explain even the most complex finance transaction in plain English. They should have an ability to ‘structure’ loans to suit your specific requirements.
They will need to work closely with your other advisors when setting up a deal. A good broker will have no hesitation talking with your other advisors to ensure that your deal is done to suit your circumstances.
Is the service free and customer focused?
Unless the deal is particularly complex you generally won’t pay a finance broker for the service of finding a run of the mill residential home loan. They should also offer to review your circumstances on an annual basis.
You are entitled to outstanding customer service before and after your loan has settled. While you are waiting for finance approval, the broker should keep you informed in a timely manner.
Are they known in the business community?
Are they well-networked and known within their business and local community, for example community groups, real estate agents, lawyers and accountants? Who do they know and who knows them?
The finance market is very competitive. There are hundreds of options to choose from and talking to a finance broker is essential if you are going to successfully get across the depth and breadth of finance options available.
If you don’t currently know a finance broker, Morpheus Property can introduce you to a finance broker with proven results for residential, commercial and business loans including motor vehicle and equipment financing.
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