How to Choose the Best Finance Broker in Australia

A finance broker helps you choose the right loan to suit your requirements, but how do you choose the best finance broker in Australia to help you make that financial decision? A finance broker helps you navigate the loan maze to make the right decision for your financial needs and get the best deals on the market without much hassle. Brokers can gain access to a wide range of financial products via a panel of lenders whom they are well acquainted with and act as the intermediaries between lenders and borrowers. Below is how to choose the best finance broker in Australia.

1. Referrals

employeesBegin by asking friends, family members, and colleagues to recommend someone they have worked with in the past and had a good experience with. Have a list of at least three brokers and place an appointment if possible.

2. Interview

Once you have a list of possible brokers, place an appointment, and meet them face to face. Having a face-to-face meeting will help you determine whether they are the right fit for you. In your interview session, find out how long they have been in business, the lenders on their panel, as well as the types of loans that they lend.

3. Expertise and Experience

Every day, new companies keep coming up, each claiming to offer the best service. However, you can never take their word for it. Ensure that they are qualified and have extensive experience in the industry. Reading their testimonials from previous clients dealt with, or speaking to them directly can give you an insight into their services and relationships with borrowers. Moreover, you should only deal with finance brokers accredited under the National Consumer Credit Protection Act, belong to FBAA (Finance Brokers Association of Australia) and/ or the MFAA (Mortgage and Finance Association of Australia), and the COSL (Credit Ombudsman Service Limited).

4. Knowledge

brokerA good broker stays up to date with the latest information in the industry and adheres to the strictest standards. He or she will also adhere to deadlines and is punctual and well organized. Look for a finance broker with great product knowledge, great interpersonal skills, confidence, and patience. Moreover, he or she should be reliable and have good knowledge of computer application software to enhance his or her decision-making abilities and problem-solving capacity. Selecting the wrong broker can be costly. However, selecting the right one can make all the difference between getting the best product for your needs and living a life full or regrets thereafter.