Why you should work with a mortgage broker and how to find the best broker for your needs.

When you’re on the hunt for a mortgage or home loan, it’s more than just a numbers game. Sure, a low interest rate is great, but what really counts is finding a loan that fits your life, both now and in the future. That’s why working with a Mortgage Broker or Lending Adviser can make all the difference. A good Adviser will help you navigate the options, and choose a loan that not only meets your current needs but also supports your long-term financial goals. 

So let’s dive in. Here’s why you should work with a Mortgage Broker, and how to find the best Adviser to support you through the lending process.

Benefits: why you should work with a Mortgage Broker or Lending Adviser.

There are so many benefits of working with a Mortgage Broker or Lending Adviser – specifically one that’s not aligned to a particular bank or institution.

Mortgage Brokers give advice, banks recommend products.

The focus of a Mortgage Broker or Lending Adviser is to provide advice (i.e. not just sell ‘products’). Because they’re not beholden to a single bank and they’re not limited to a specific institution’s products, you get access to a much broader selection of loans, from various lenders.

All of this means your Broker is free to hunt down the best home loan for your needs and circumstances, based solely on what works for you. 

Access competitive rates and flexible options.

With access to multiple lenders, Mortgage Brokers can often negotiate and secure more competitive interest rates and flexible loan features. 

Mortgage Brokers often have access to a wide-variety of loan options, including those from smaller or specialised lenders that may not be available through major banks. This can be particularly beneficial if you have unique borrowing needs or a complex financial situation.

Get dedicated support with your loan application.

Applying for a loan can be a long and time-consuming process. Lots of i-dotting and t-crossing. 

One of the greatest benefits of partnering with a Mortgage Adviser is that they manage much of the loan application process for you. From filling in paperwork to liaising with your solicitor, a good Broker does an incredible amount of heavy lifting that would otherwise fall to… well… you.

Get personalised service and ongoing support.

Mortgage Brokers tend to offer a more personalised service, taking the time to understand your full financial picture. They also provide ongoing support, helping you adjust your loan as your financial needs evolve over time.

At Kearney Group, for example, we work in Integrated Advice Teams. This means we deeply understand your household budget and cashflow, longer-term financial strategy and tax position before making lending recommendations.

How to find the best Mortgage Broker or Lending Adviser?

Look beyond the big institutions.

Remember that time when you went to your bank and they recommended a loan from their competition because it was better suited to your needs? Nope. Me neither. Never happened.

That’s why we always recommend working with a Mortgage Broker or Lending Adviser who’s not aligned to a particular institution. They’ll have broad access to the suite of products from a range of lenders. And this means you’re more likely to find a loan that works well for your needs (not just the ones that work well for company sales targets).

Better yet, look for a Mortgage Broker who is part of a broader financial advice firm where you can tap into the expertise of other professionals if you need. Sometimes lending is complex – tax, structure and long-term forecasts can all make a profound impact on your lifestyle and financial wellbeing.

At Kearney Group Strategic Lending, for example, you’ve got access to experts from our Business Advisory and Private Wealth teams, allowing you to tap into truly integrated advice and recommendations that reflect your whole-person needs.

Shortlist and reference check potential Mortgage Brokers.

Before appointing a specific Mortgage Broker, be sure to shortlist a few options and do reference checks.

Shortlist

Start by shortlisting a few Mortgage Brokers that have been recommended by trusted sources, like friends or family. If you don’t know anyone who has worked with a Broker in the past, reach out to those affiliated with reputable professional associations like the MFAA or FBAA. 

Are you a first home owner? Maybe you’re looking for a commercial property? It can also be helpful to look for Brokers experienced with clients that have similar needs to yours.

Reference check

Next, get googling. Take some time to look through online reviews and feedback, set up an introduction call and don’t be scared to ask your shortlisted Brokers for a couple of clients you can speak to. 

Taking the time to reference check a potential Broker can give you insight into their service quality and communication style, and help to reveal potential red flags. 

Asking lots of questions that help you reveal the Broker’s:

• Philosophy and approach
• Educational background, qualifications and industry experience
• Service offering, breadth of advice and ongoing support
• Referral partners and relationships with other advice professionals
• List of lenders and institutions they’re able to work with
• Communication style

Trust and comfort are key, so choose someone who listens to your needs and makes you feel confident in the process.

Tell your Mortgage Broker about your broader life goals.

A skilled Lending Adviser or Mortgage Broker should take the time to understand your needs and plans for your future, and hunt down products that consider the context in your life – not just the size of your bank account.

You might want to buy a new car, go on an annual holiday, or send your kids to school in a few years. So before you sign on the dotted line, you need to be confident that the loan you’ve selected won’t compromise your ability to manage future expenses.

Some off-the-shelf products that look good on the surface (low interest rates, for example) might actually end up derailing your plans. And, if your Broker doesn’t actually take the time to know what your plans for “future-you” actually are, then that’s a very real prospect.

So make your first point of business finding a professional that’s interested in your longer-term goals.

Pick a Lending Adviser that will manage the process for you.

One of the great benefits of working with a Broker is that they should manage much of the loan application process for you.

Look for someone who offers end-to-end support – from conducting a full scan of the market at the outset to find the best loan for your needs, to filling in and lodging your paperwork on your behalf, to liaising with your lender and solicitor at settlement. 

Lending can be a long and arduous process. So it’s great to have an Adviser who will manage the day-to-day with you and be on hand if things get a bit murky. 

From stress to smooth sailing.

At the end of the day, teaming up with the right Mortgage Broker or Lending Adviser can turn a stressful process into smooth sailing. With their help, you’ll navigate the options and find a loan that fits not just your immediate needs but also your future goals. So, take your time to find an Adviser who’s genuinely interested in your financial journey and who’ll be there to guide you every step of the way.

By making a thoughtful choice now, you’re setting yourself up for success and peace of mind for many years to come.