Why it’s important you work with a reputable broker

Taking out a home loan is a life changing event and you do not want it to be for the wrong reasons. When you work with a mortgage broker your future dreams are in the hands of someone else so it is important that it is someone you can trust. Which is why working with a reputable broker should be a top priority.

There has been a recent crackdown on mortgage broking fraud which has led to the banning of eight brokers in the past three months, with some being convicted of criminal offences. Often they will use fake pay slips, dodgy tax assessments and fictious documents in order for an application to be approved. They get extra commission while the borrower may be stuck with repayments they cannot afford.

It is uncommon to encounter a dodgy broker but a strong indication that they have other intentions is if they ever try tempt or encourage you to take out a loan for more than your income can justify. If you sense this is what they are trying to achieve then then do not proceed and report it to ASIC.

Even though it is only a very small percentage of brokers who get too greedy it is worth the peace of mind knowing you are working with a reputable broker. By finding someone you can trust who also has your best interests in mind, you should have a smooth settlement process and an exciting future.

Finance Detective is a well renowned brokerage and has won many awards for our quality customer service. If you would like to work with a broker you can trust please call (08) 9289 7777 or email info@nullrdfinance.com.au .