First meeting with a broker

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Arranging an appointment with a mortgage broker can be quite nerve wracking, perhaps even intimidating. Arranging housing finance for the very first time can be a complex and confusing affair. There are many brokers to choose from and a lot to take in, but there are some clear steps that you can take with a view to getting the most out of the first meeting.

The best place to start preparing for your meeting is to gain an understanding of what you can reasonably expect at that first meeting. Be prepared to answer questions about your long, and medium term goals as well as questions about the borrowing amount required, your understanding of fees and your general understanding of the settlement process and what settlement period you are hoping for.

It may help to prepare for the meeting by thinking about some questions that you may want to ask. These questions may revolve around mechanical aspects of the loan such as rates, terms, repayments, fees and settlement or you may have questions about the market in general. While some of these questions are sure to arise naturally in the interview process, doing a little preparation will help you to get more detailed precise information from the broker.

Many brokers also conduct a needs analysis before the interview. So you may need to seek out information and documentation about your employment history, current salary, your assets, liabilities, existing commitments and living expenses.

Along with this information, you will also need to organise relevant documentation for the loan application. This documentation will include such items as identification documentation, bank statements, tax returns, any rental statements and current borrowing contracts.  If you’ve reached the purchase stage, you will also need to have your contract of sale and proof of deposit with you as well. Brokers must maintain confidentiality so you can supply this documentation certain that your privacy is legally protected.

You can further prepare for the initial interview by doing some homework on the broker. Most brokers provide a wealth of information through their web pages and social media platforms. A perusal of these pages will give you a good feel for the specific areas of expertise that the broker has and give you some ideas on what to ask during the meeting.

As a final preparatory step, you can check to see that the broker is an accredited broker with the Mortgage Finance Association of Australia. Accredited brokers are held to higher standards. Knowing that your broker is accredited mens that you can go into the meeting with a greater degree of confidence knowing that your broker has been properly educated and has an obligation to adhere to a professional code of practice as well as being authorised to access a wide range of products from a variety of lenders.

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The website provides general advice only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions.

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