As some of you may know – well over 50% of mortgages these days are taken care of by a broker and, well, why not? We are in the industry that can offer you the best package / rate / product to suit your needs. Some might argue that all brokers have access to all lenders / deals and so forth. So what sets us here at Blue Wave Property Strategies apart from the rest?
Well as all brokers do – we have access to over 30 lenders so we do all have lots of options, but some brokers may only use 3-4 of these lenders. Why is that you ask? The reason being, is that these particular banks pay a higher commission than others, making your mortgage a better deal for the broker. You might be thinking how dare they? Well yes I agree, instead of putting what is in their client’s best interest they are putting their own best interest first. The broker you want to look after you is the one who offers you 2-3 options that are most suitable to you no matter what percentage of commission they get paid. Commissions are the furtherest thing from my our minds when we are trying to get the best deal for our clients.
Then there is the hidden “Service Charge Fee” that some brokers may charge as well. This “fee” is where the broker charges you a set amount for the work involved in securing you the most suitable loan. The chosen bank pays the broker a commission on your loan once it settles – which is in a sense – your “Service Charge Fee”. So to charge this fee to their client on top of what the bank pays them in commission is definitely a broker who does not have their clients best interest at heart.
A lot can be said about a broker from their reputation and recommendation from others. This is what drives a great broker to do more and go that extra mile for their clients, helping them be the best they can. Not only just at the start to secure the loan, but for the life of the loan and future of the clients.
This comes from an experience I had at a car dealership on the weekend. After formalities and establishing the type of car we where after the salesman offered to search for other cars similar that his contacts may have and email them to me. He offered to go out of his way to help not only us find the best car, but he offered a great experience. Unfortunately, he could not say the same about his broker in the recent purchase of his home. He had many delays in getting the finance approved which put a spanner in the works with his builder and this in turn delayed the build itself. Then just before he moved into his new home his broker sent him an invoice for a $1,000 “Service Charge Fee” so you can imagine that this salesman will not be recommending that particular broker to anyone in a hurry!
So yes, each Broker is different and we all say we can help you but do your research first. Ask around and see if friends or family can recommend a great broker that they have had a positive experience with. Reputation, efficiency and follow through will show you to the right broker for you.
If you are looking at refinancing or purchasing a property, consider us us your broker – I can assure you will will always have your best interest at heart! Give Chris or Nikki a call at the office today! 07 5443 8773 or drop us an email HERE