Is the mortgage broker an accredited mortgage consultant (AMC) with the MIAA?
Apart from being accredited as a mortgage specialist because of their high level of training and strong track record, an AMC also belongs to an MIAA member company, which means they are must adhere to the MIAAs strict Code of Practice and are covered by the Mortgage Industry Ombudsman Scheme. • Which lenders and which loan products do they offer? Generally, good brokers should have at least 15 lenders on their panel which means they can find a loan suited to your specific needs. • How does the mortgage broker get paid? A mortgage broker should disclose the commission they will receive on the loan before submitting the application on your behalf. Generally there should be no fees paid to the mortgage broker by the borrower unless some other service is being provided. • How does the mortgage broker determine suitable loan options for you? Ask your broker to outline why they have recommended one loan over another. This may relate to the amount of deposit you have, level of documentation,
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