Mortgage brokers work for you: MFAA

Mortgage brokers are there to help you find the most appropriate home loan – you just need to ask the right questions, according to the Mortgage and Finance Association of Australia (MFAA).

“Choosing a home loan can be a daunting task. Mortgage brokers help guide you through the market and find a home loan appropriate to your individual situation. Brokers are there to help demystify the process of selecting a loan,” said Phil Naylor, CEO of the MFAA.

“The first thing you should ask when sitting down with a broker is, ‘are you a member of the MFAA?’ All members of the Association have to abide by a strict accreditation process and Code of Conduct.

“Mortgage brokers can provide you with a lot of information and choice, guide you to avoid pitfalls, saving you time and headache and ultimately, help find the right loan for you,” said Mr Naylor.

The latest MFAA/BankWest Home Finance Index showed that consumers saw clear benefits from using a broker. Respondents listed the main benefits of using a broker:

* They do all the leg work for you (75.1% of respondents)
* They have a wider loan range (72%)
* They are experts in a range of mortgages from numerous lenders (71.1%)
* You can get the right loan for your circumstances (63.7%)

Mr Naylor concluded: “Couple the tips from our consumer education websites, Essentials of Borrowing, with the knowledge and experience of an MFAA broker and you’re set.”

To help consumers better understand all the factors that surround borrowing, the MFAA has set up the Essentials of Borrowing – an educational website that walks people through all they need to know about loans, including some case studies. Visit www.essentialsofborrowing.com.au

(source – MFAA. http://www.mfaa.com.au/default.asp?artid=2253&menuid=381)

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