
4 questions you should ask before using a broker or lender
Buying a property or refinancing your loan is one of the biggest financial decisions you will make. So how do you decide which broker or lender to work with? Below are four vital questions to ask your broker or lender prior to an appointment.
How long have you been a broker?
Experience counts when picking a broker. The way a loan is structured may be the difference of thousands of dollars down the track. An experienced broker has likely come across your scenario before and will have a stronger chance of getting an approval. I know we have helped clients get loans approved with their existing bank where even their own branch could not assist.
What type of clients do you specialise in?
Some brokers work in specific specialities. If you have a more complex scenario, or a specific structure and set up, it may be best to seek a broker who specialises in this field. This may include lending through a trust or getting loans approved with poor credit history.
How many lenders have you used in the past 6 months?
Brokers generally have a selection of 20+ lenders to submit your loan to but are they using them all? Some may wear the hat of a broker but then only send loans to one or two lenders. Are you really getting the best deal on the market? A broker should be working with a minimum of 8+ lenders consistently.
What will you look for when picking a lender for me?
The rate is certainly important but there are so many other variables in deciding a lender. This question will allow you to see how much detail and research your broker will be going into in finding a lender who fits your needs.
So why do we do what we do? Birdie Wealth’s vision is to provide clients with peace of mind in their financial decisions and throughout their life.
If you want to reassess your current financial position or structure, call Birdie Wealth on (02) 8214 8885.
