The secrets to finding a great Finance Broker

Dino Pacella | May 10, 2018

I have a dream that all consumers will attain a clear understanding of the real value finance and mortgage brokers offer.

There aren’t any guarantees when it comes to selecting experts in helping you navigate life’s journey, like finding the right construction company to help build your dream house, what about a recruiter to help ramage through the employment jungle to find you your dream job and this might not be in the expert category but even finding the right partner in life definitely isn’t guaranteed these days (just look at the divorce rate) - but you need to give yourself the best chance of ending up with the right expert for you.

Finding a good finance broker is a lot like finding a good doctor. You need to spend a little time first to find out if you like them, trust them and get along with them. A lot of what makes the human element of the relationship work is the chemistry, and only you can decide whether it works or not.

Here are my five secrets in helping find the right finance broker for you

1 - Ask Around and Use Social Media.

A large portion of a broker’s business comes from word of mouth and recommendations. Talk to family, work colleagues and friends to find out about their broker experiences. Use the internet and social media platforms to find out more about the broker and their business.

2 - Use My Broker Barometer

As you would do searching for a good builder, after you’ve completed your initial research and ended up with a few brokers at the top of your list, complete my three question broker barometer to help you gain a further understanding of your potential new broker.

i) What’s their expertise, their specialty? Is it first home buyers, investors, debt consolidation, commercial finance, asset finance etc...

ii) What banks/lenders do they like using and why?

iii) What’s their number one tip on helping you pay off your loan quicker?

3 - Are They Invested In You

Is the broker understanding your full financial situation and completing a thorough needs analysis, identifying areas where they can provide solutions to help make your life easier by potentially helping save you time and/or money.

Are they a solutions provider outside of just the loan application?

Do they know good settlement agents who they regularly refer their clients to?

4 - Do Your Due Diligence

Ask the broker about their qualifications, what’s been their latest success and why, are they a member of one of the two industry bodies (Mortgage and Finance Association of Australia, MFAA or Finance Brokers Association of Australia, FBAA).

5 - Lastly, Go With Your Gut

After asking around, testing the waters and checking out as many recommendations as possible, in the end, your intuition is everything, so listen to it. There needs to be a rapport between you and your broker. They should be able to satisfy any questions or concerns you have.

Ultimately, it all comes down to reputation and experience, the more loans they write using a wide variety of lenders across multiple products allows them to stay up to date with the lender's processes and policies, as well as market knowledge which can assist in the quality of application submitted and potentially the end result.

“Brokers don’t sell products, they help make dreams come true”

Regards

Dino Pacella

Disclaimer: This content has been prepared for general information purposes only, all views expressed are my own and is not (and cannot be construed or relied upon as) personal advice, as it does not take into account your personal, financial situation or market conditions.