7 Fatal Mistakes When Choosing a Finance Strategist and Mortgage Broker

Whether you are buying a new property or refinancing your loan, the right lending advice will help you work towards an improved financial position overall. However, you will need to set up the lending properly from the beginning, to ensure long-term positive implications!

Here are some common considerations people must make when choosing their finance strategist and mortgage broker.


  • Select based on experience and market knowledge

How long has your broker been working in the industry, and what is their experience working with clients like you? Inexperience can lead to the wrong loan structures and issues with your financial situation at a later date, so it is imperative to ensure you see a broker with experience, dealing with clients in a similar situation.

  • Integrity and honesty

Sometimes mortgage brokers get a bad rap, but they are not all the same. Do your research and ask friends or family for recommendations. Is your broker open, honest and transparent in their dealings?

  • Depth of product knowledge

A home loan isn’t just about the interest rate, but also products, features and alignment with your overall strategy. Is your broker up to date with the latest product solutions?

  • Lender partnerships

Is your broker accredited with the big four and credit unions, as well as smaller institutions? Having access to hundreds of options is important to ensure the right option is selected for you and your personal circumstances.

  • Provision ongoing support and guidance

Are they there to support you, from initial discussions up to the settlement of your home loan? A good broker should continue to give you support for the rest of your life.

  • Acting in your best interests

Has your broker discussed with you your personal requirements, desires and outcomes, and have they advised on the best possible solution to achieve your financial goals in the short, medium and long term?

  • Qualifications or ongoing training

Your mortgage broker should be authorised to give credit advice and be a member of the Mortgage and Finance Association of Australia or Finance Brokers Association of Australia.