The best mortgage brokers in Wollongong

A good mortgage broker could be the key to your success, whether your goal is to buy, invest, refinance or review. Photo: File.

For most of us, buying a property is one of the largest purchase decisions made in a lifetime. Whether you are entering, climbing or scaling down the property ladder, everyone is likely to have one thing in common; the need to finance a portion of their transaction with a loan.

Home loans are complex. With an almost infinite number of options out there, researching the mortgage market is more complicated now then ever. With everyone from multinationals to credit unions offering mortgage products, finding the right provider can be overwhelming.

As banks continue to diminish in-person service offerings, many borrowers seek alternate pathways to a mortgage solution, and mortgage brokers are consistently in the most popular category.

Unlike their counterparts, mortgage brokers work for their clients, which means they make mortgage recommendations based on client needs rather than bank or shareholder interest. From loan health checks to expanding a property portfolio, brokers are also a key component of their client’s professional’s services suite in the long run.

To help you find a great broker, we’ve provided some helpful hints below.

What makes a great mortgage broker?

Great mortgage brokers are loan sourcing experts. They mastermind competitive options on your terms and provide valuable insight into the subtle differences across lender credit policies. They make the finance process smoother and more affordable in the long run. Here are some aspects to consider while evaluating your mortgage broker:

• Highly qualified. The best mortgage brokers are equipped with the right credentials. At the very minimum your broker should hold a certificate IV or diploma in Finance and Mortgage Broking. Most important is a broker’s reputation, past client experiences and public reviews. Look for satisfied clients, servicing consistency, and referrals and recommendations from family, colleagues, or friends.
• Transparent. Most brokers earn their income via commissions paid by the bank or lender, not the borrower. Since commission rates vary across lenders, some brokers could favour a provider with an offering outside of the borrower’s best interests. The best brokers offer full transparency, so be sure to enquire how your broker is paid.
• Large footprint. In such a complex industry, the depth and breadth of a brokerage matters. This advantage comes from strength in numbers; a greater employee headcount often yields greater talent diversity, boarder market exposure and intel on lenders’ interest rates and discount policies. By transacting high volumes with a diverse panel of lenders, larger firms may unlock additional opportunities for borrowers through lender priority service channels. Should complex lending circumstances require workshopping, these firms can leverage varied levels of team experience and expertise.
• Independent and local. While professional connections are important, some run deeper than affiliation. It may come as a surprise to know that some firms are wholly or partially owned by real estate agencies. Brokers closely aligned or working with real estate agencies can potentially present conflicts of interest that jeopardise confidentiality, skew recommendations, or limit borrowing options. It’s also worth considering a broker from your local area. With such a complex process ahead, the ability to meet and discuss your options face-to-face can be a huge benefit to your undestanding.
• Industry links. The most reputable mortgage brokers are affiliated with Australia’s leading industry bodies. Check for memberships with the Mortgage and Finance Association of Australia (MFAA) or the Finance Broker Association of Australia (FBAA).

The best mortgage brokers in Wollongong

Region Illawarra’s editorial team has compiled a comprehensive list of the most recommended businesses according to you.

To be listed in our Best in Wollongong series, each business needs to have maintained a minimum average of 4/5 stars on Google and Facebook, and have plenty of positive reviews.

For helpful services related to your property purchase, check out our articles on the best real estate agents and best property managers that Wollongong has to offer.

Your experience with mortgage brokers in Wollongong

Thanks to our commenters who have provided insightful feedback. If you believe we have got it wrong, please let us know.

Have you had experience with any of the mortgage brokers listed above? If so, share your feedback in the comments below.