6 questions to ask your mortgage broker

Australians often call on mortgage brokers to help navigate the complexities of finding the right home loan. As an online mortgage broker, UNO helps buyers and refinancers find the best home loan for their situation. Here are six questions you should ask your mortgage broker so they can find the right deal for you.

Australians often call on mortgage brokers to help navigate the complexities of finding the right home loan. As an online mortgage broker, UNO helps buyers and refinancers find a great home loan for their situation. Here are six questions you should ask your mortgage broker so they can find the right deal for you. The fun begins when you unlock the front door and step inside the amazing new place you now call home. But first, you have to jump through some pretty adult hoops to finance your dream. This is where your mortgage broker comes in handy. Your broker can help alleviate the rigours of the home loan process – as long as we find the right one. As a digital mortgage broker, UNO enables you to reap the benefits of a traditional broker without having to leave your home or office. Everything can be done online or over the phone. With a combination of brokers and our specialised mortgage broking technology, we help customers start on a great rate, and stay on a great rate for the life of their loan. No matter which broker you have your eye on however, the following six questions will help as a guide to stimulate the kind of conversations you should be having.

Question #1: Why should I use a broker?

During the September 2018 quarter mortgage brokers settled an unprecedented 59.1 per cent of all residential home loans. The question is, why do so many Australians use one?

  • They can help pair a customer with a home loan product and lender to best meet their needs
  • They can be a valuable source of education and advice for consumers who need to navigate the often-overwhelming complexities of the home loan process
  • They have the potential to introduce customers to more affordable products in some circumstances, on account of their understanding of the options; they can also empower customers to bargain more confidently with lenders
  • If you don’t have the time to do the extensive research required to properly assess the variety of home loan products available to you, a mortgage broker can do this for you (within the panel of products they sell). Ask your broker what they can do for you. Ideally you want choice and access to competitive rates. At UNO we have 30 lenders on our panel, including the big 4, with super competitive rates currently starting from 2.19%(1) (2.61% comparison rate)(2).

Question #2: How much experience do you have?

The Australian Securities and Investments Commission (ASIC) stipulates brokers need to have a Certificate IV in Finance and Mortgage Broking to meet the minimum requirements to operate legally in Australia. Brokers are required to operate under their own Australian Credit Licence (ACL) or as Credit Representative under another entity’s ACL too. It’s always worth checking that your broker has these qualifications before you proceed.

Question #3: How much can I borrow?

The big question plaguing home buyers tends to be, ‘how much can I borrow?’ As a starting point, UNO’s borrowing power calculator will give you a good indication of the approximate amount you can expect to borrow. To use it, you’ll need to know your intended purchase price, how much of a deposit you’ll have (in Australia, you’ll usually be required to save 5 – 20% of the house price, depending on your borrowing requirements), how close you are to buying, whether you intend to live in the property or use it as an investment – and your income. For more info, read: Guide on Home Loan depositOnce you speak to us, however, we’ll be able to give you a much more accurate indication of your borrowing capacity. Brokers act as the go-between for you and the lender. Lenders will need to know your living expenses, debts, credit score and whether you have dependents. A broker can factor all these things into the right loan. A broker can also explain home loan terms you’ll need to know, such as LVR, which is the initialis for Loan-to-Value Ratio and refers to the percentage of the total loan amount you seek to borrow. They can also explain things like Lenders Mortgage Insurance (LMI) and principal and interest repayments (P&I).

Question #4: What will the true cost of my home loan be?

A great way to utilise the knowledge and experience of a broker is to get them to work out the true cost of your home loan. Based on whether you’re paying principal and interest or interest only, how much of a deposit you have and the length of your loan term, your broker will be able to work out how much you’ll actually pay to the bank over the life of the loan. By maximising your deposit amount and minimising your loan term, you stand to significantly reduce the overall cost of your loan. However, there is much more to answering what the true cost of your home loan will be. Upfront fees such as valuation fees, conveyancing and legal fees need to be added to the total cost. Ongoing fees such as those you can incur for using a redraw facility, monthly service fees and annual fees can be costly. And exit fees such as fixed rate break costs can amount to thousands of dollars. While it’s impossible to forecast the entire cost of your home Ioan to the cent – and let’s not forget how life circumstances and changes can affect your ability to pay your loan too – by contacting a broker they can can help clarify the big picture details. UNO’s state of the art technology delivers results tailored for your personal needs and our team of expert brokers can use this information to help you decide which loan is best for your circumstances from our panel of lenders.

Question #5: What features should my home loan have?

Much like cars, computers and TVs, home loans are stacked with features. Depending on your personal circumstances, some of the features of your home loan will affect the total cost more than others. Things to ask your broker about include the ability to make extra repayments, the use of a redraw facility and/or an offset account: what they mean and which ones are best for you. Different personal scenarios and situations will affect the features you require. You might also anticipate some changes to your situation – children, downsizing or renovations – and others that might surprise you, such as illness and job loss. A broker will help you rank the features in order of most important to least important to you.

Question #6: How can I prepare to work with my broker?

After you’ve set up an account with UNO, a broker can give you a call and go over your details. They will then let you know what you’ll need to supply to progress with your loan application. It’s a good idea to have the following documents ready to share with your broker:

  • ID, payslips
  • Transaction history
  • Tax returns
  • Employment history
  • Proof of funds for a deposit With these things in hand, you’ll be well equipped to start the home loan process and well on your way to getting those shiny new keys to the door. Ok, so are you ready to get started? Here’s some quick links to get you on your way.
  • Check my borrowing power
  • Find me a home loan
  • Book in a quick call with our customer care teamIt’s important to note that the information we give here is general in nature – no matter how helpful or relatable you find our articles. Even if it seems like we’re writing about you, it’s not personal or financial advice. That’s why you should always ask a professional before making any life-changing decisions. It’s important to note that the information we give here is general in nature – no matter how helpful or relatable you find our articles. Even if it seems like we’re writing about you, it’s not personal or financial advice. That’s why you should always ask a professional before making any life-changing decisions.Book a call in with UNO

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TESTIMONIALS

What our customers are saying

Sam Rezai
October 2, 2024
I have gone through 6 different mortgage brokers prior to meeting Andrew Wyers. He is the most patient mortgage broker I’ve encountered and also the most knowledgable about the bank’s lending process and products available. It took me 1 year to find a house I was happy with and Andrew was always there to assist with any issues or questions I had; he always return my phone call, even on the weekends or when his away on holidays. The loan process was smooth and I had no complications. The process with Andrew was again nice and easy, he took the time to find and put together the right package that was suited to my situation. I have recommended Andrew to my family & friends and everyone have been grateful and completely satisfied with his service.
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S Wilko
September 23, 2024
I had not dealt with Scott or UNO before finding them on the internet. Even as an Australian citizen living and working overseas, I knew obtaining a loan would be difficult. However, Scott went above and beyond what I expected from a mortgage broker. I genuinely don’t think you could find another company that works as hard as they did to get my home loan approved. I cannot recommend them highly enough. Everyone I dealt with at UNO were extremely professional and helpful. If you are looking for a broker, you would be mad not to give them a go. Thanks to Scott Wilkinson, Dalby Bajwa, Jena Lasquite and Andrew Pacini. Shaun.
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Shan Liao
September 3, 2024
I had an outstanding experience with Tian Liu. He was incredibly professional and attentive, going above and beyond to meet my needs. His expertise and dedication made the entire process smooth and stress-free. Tian's deep knowledge of the market and commitment to finding the best solutions for his clients truly sets him apart. He was always available to answer my questions and provided invaluable guidance throughout. I highly recommend Tian Liu to anyone in need of a reliable and skilled broker!"
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Nathanael Chin
September 3, 2024
Tian Liu provided exceptional service throughout the entire process. His professionalism and keen attention to detail were evident from the start. Tian consistently kept us informed and offered insightful advice that made us feel confident in our decisions. He truly cares about his clients and works tirelessly to ensure the best possible outcome. We couldn't be happier with his assistance and highly recommend Tian to anyone looking for a trustworthy and knowledgeable broker.
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Patrick Winters
August 14, 2024
For the past three years, it has been an absolute pleasure to work with Mike Parsons. He has consistently helped us navigate commercial property loans with skill and efficiency. Mike’s timely and professional responses to our inquiries have been invaluable. We have built a strong, reliable relationship with him and eagerly anticipate continuing our collaboration in the future. We highly recommend his services.
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Lee Robibaro
August 6, 2024
I am so thankful and grateful to have Scott Wilkinson as my broker. He not only looked after me every step from start to finish he gave me confidence and I was able to trust him and his expertise. My children and I are now happy in our new home and very appreciative of Scott's help. I will definitely be only having Scott as my broker from here onward as there is no mucking around and straightforward answers. Thanks again
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Steve Mav
August 6, 2024
Scott and the whole team at uno have been amazing. Super responsive and helped us achieve a result that we couldn’t have possibly achieved on our own.
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Thien Pham
August 5, 2024
Scott, Dalby and Jena were awesome to work with for my recent Home Loan, they are responsive and knowledgeable - which helped ensure a smooth purchase from pre-approvals to settlement. This is the second property I've purchased with UNO as my mortgage broker and would definitely recommend their services. Thanks again to the UNO Team for the awesome support.
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Scott Hutchinson
August 5, 2024
I am writing this summary in support of recommending Mike Parsons as a Mortgage Broker. At the time of writing this, I have known Mike for 4 years and he has executed 4 mortgages deals for me (including 2 refinances) over that time. Mike has provided me incredible service as a mortgage broker as follows : - Works painstakingly on getting the scenarios together to provide you options that optimize your position. - Works inordinate hours on the detail necessary to support the scenarios. - Mike keeps you updated on the status and progress of the applications and also helps you work through answering questions and any complexities that may arise. -In my cases, given the complexities and timings of my situations , these application processes would take many weeks to finalize . Mike never gave anything other than utter commitment and focus to getting the job done. Mike acts as a true business partner throughout this whole broker /mortgage journey. I simply would only go to Mike for any future dealings on getting a loan from a bank (and as will my kids in the future !) . There is no way a bank (I have seen anyway) would provide this kind of time nor service to a customer. You can rest assured that once Mike has done the deal, you have ended up with the most optimized position taking into account all the variables/scenarios in play. Scott Hutchinson
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Jason Seam
August 5, 2024
I've worked with Scott Wilkinson for my last 2 properties and he's been excellent. He sourced multiple options and didn't push a specific bank, tailoring his recommendations to me based on my requirements. I was specifically requesting a "medico loan" and Scott could navigate that extra requirement with expertise. When I was initially working with Scott, I was also trialling 2 other brokers and neither of those 2 had the same breadth of lenders, or could provide the same deals. I've referred multiple buyers to Scott and his team; one of them said to me after working with him, "how'd you find this guy, he's so good compared to all the other broker's I've worked with!" I'm going into my next purchase with Scott as my broker partner again. I recommend him to everyone
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Tina Anderson
July 29, 2024
My experience with Mortgage Broker - Scott Wilkinson, and his team - exceeded my expectations! I couldn’t be happier after settlement - in this current financial climate. He listened to what my requirements were in a loan and then devised a suitable plan for me moving forward. Which was something I didn’t think was possible to achieve. I strongly believe that Scott’s qualifications and previous experience in the Finance Sector - sets him apart from other Mortgage Brokers as he has more insight into the industry and the needs of the customer. Scott was professional, provided solid options, was timely with communication and gave great advice. I will definitely be using Scott’s services in the future and I highly recommend him to anyone as a Mortgage Broker.
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Marlon Baena
July 22, 2024
Karis dedication to assisting with our home loan, even while I was on holidays, truly exemplifies a commitment to excellent service. It's the small things that often make a big difference, and it seems Karis attention to detail and clear communication were key to our smooth home purchase. I highly recommend using UNO and Karis for your home loan needs.
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