What to Consider Before Hiring a Mortgage Broker, Melbourne

Hiring a mortgage broker has become the go-to for anyone looking to buy a house. These agents are the perfect bridge between potential home owners and financial institutions. Not only do they save you a lot of time by doing all the paperwork and administration, they also know exactly how to get you the best possible terms from financial institutions.

Throughout the loaning process, they’ll be able to guide and advice you while carrying your best interests at heart. Unfortunately, not all agents handle their clients with care. Many mortgage brokers aren’t as responsive or organized as others. To avoid becoming frustrated and stressed, you should consider a few key factors before hiring one.

More About a Mortgage Broker

A mortgage broker is the perfect professional to contact when you are looking for the right kind of home loan provider. Brokers are basically the middle man that connects home buyers with financial institutions. Without the buyer having to approach different loaning companies to be approved, the broker will do all the dirty work on their behalf.

After asking a few questions, a mortgage broker will be able to gather the right kind of information and paperwork from a potential new home owner. With this information, the mortgage broker will be able to approach a few different financial institutions to request loans on behalf of the applicant. This will ensure that the loanee will receive the best possible loaning agreement.

Additionally, they create a much easier process in that they communicate with both the client and the financial institution. This takes a lot of stress from the client’s shoulders because the mortgage broker will ensure that the best loaning terms are reached and that the agreement is closed. Giving potential buyers peace of mind.  

Depending on the broker you hire, clients can expect to pay 1-3% of the total loan amount to the broker.

Factors to Consider

Before hiring a mortgage broker to handle your affairs, you should look at the following traits that your top choice should definitely have:


Since these agents will be acting as a middle man, it’s important that they are able to communicate freely with both you and the different financial institutions. They should be able to relay a message with honesty and complete transparency.

Furthermore, they should be responsive to any inquiries you might have. Nothing can be more frustrating than an agent that doesn’t reply within at least 24 hours. When they have excellent communication skills, the entire process will be much faster too. For more on the topic visit here: https://www.derwentfinance.com.au/mortgage-broker-melbourne/.


To be able to reach your own real estate dreams, you are going to need advice from someone who is knowledgeable in the industry. Mortgage brokers will be able to advise you on the best loan products available on the market. When you have your first meeting with an agent you want to hire, you can ask them a few basic (or complex) questions and gently test their knowledge.

You are also allowed to ask them about their experience and what approach they’ll suggest you take in buying a house. Chances are that an experienced broker has many insights to housing costs as well as interest rates and different loan products.

 Knowledgeable and experienced agents will be able to answer all your questions with insight and speed.


Since brokers are paid 1-3% of the loan amount that’s secured, it’s important that they are completely transparent about their fees and different costs. Some brokers charge finder’s fees or initial service fees that all lenders should be aware of. Make sure that you ask a potential agent about any fees involved in their service, this will avoid you getting a surprise on the invoice.

Learn more about how these agents calculate their costs and how they get paid in this informative article.


This might sound like a ridiculous trait to add onto the list, but it’s important that a mortgage broker is professional, friendly, and respectful. When they have a pleasant personality, you will feel much more at ease entrusting them with your finances. You want someone on your team who are dedicated to find you the best deals and treat you with respect. It will be a horrible experience, if your mortgage broker is rude and insensitive when speaking to you.

Avoid investing time in brokers that only want to seal the first deal they get their hands on in order to receive their commission. Experienced, loyal, and decent agents will have the necessary respect and patience to answer all your questions as well as get you in contact with the right financial institution.


It’s important that you find a mortgage broker that looks towards your better future. They should be inquisitive about your future goals to ensure that you’ll be able to afford the monthly rates and interests that lenders will have to offer. Ensuring that you have enough money left to spend on other expenses once the loan has been approved.  

Perhaps you aren’t in right financial standing at the moment and no lender wants to approve your home loan. Well, a qualified and experienced broker will be able to give you valuable tips and advice on how you can be approved in the future.

Find an agent that are able to give you valuable advice on how you can improve your credit score if it isn’t on par at the moment.

If this is your first rodeo in buying a house, then you can definitely benefit from the knowledge and experience of a broker. Even if you do want to approach loaners on your own accord, you can still consider speaking to a mortgage broker as it will still be worth your while. Always remember that the proof is in the pudding, some brokers might promise finding a better deal than you could, and then they end up underdelivering.

Hiring a competent, friendly, knowledgeable, personable, and communicative mortgage broker can be a great asset to you.