Essential Questions to Ask Your Mortgage Broker in Australia for 2024 | EP 17

Do mortgage brokers cost more than going directly to a bank? Are mortgage brokers only beneficial for first-time home buyers? Will a mortgage broker only recommend the lender that offers them the highest commission? In this episode, we dive into the world of mortgage brokers, debunking common myths and providing essential questions to ask before buying property in Australia. 🔔 If you liked this episode, make sure you’ve subscribed to our channel for more in-depth discussions on property trends, Australian real estate, and actions for buyers looking to break into the property market. Hit that notification bell! 🌟 Follow us on all socials for updates, BTS and engaging discussions on property trends and market analysis. https://linktr.ee/propertynow_co 📢 If you found this video valuable, give it a thumbs up and share it with your friends, family, and anyone interested in property trends and Australian real estate.00:00:00 - Intro 00:01:18 - Meet the team 00:07:00 - Mortgage myths 00:07:57 - Mortgage brokers only for first home buyers? 00:09:40 - Mortgage advice VS financial advise? 00:11:40 - Brokers cost more then banks? 00:12:55 - How do brokers get paid? 00:14:02 - What are the fees? 00:14:33 - General commission rates. 00:15:00 - Trailing commission. 00:15:38 - Claawback fee. 00:17:34 - Less fees directly through banks? 00:18:25 - Importance of relationships. 00:20:07 - Lower rates for clients. 00:21:05 - How to find brokers. 00:22:30 - Brokers take longer? 00:25:22 - Break 00:25:32 - Linking bank accounts 00:26:57 - Do I need to show all bank accounts? 00:27:13 - Barefoot investor 00:28:43 - What info do brokers need? 00:29:37 - Spending benchmark 00:30:40 - Red flags 00:31:32 - Afterpay 00:32:30 - Clearing credit card debt 00:33:30 - Credit checks? 00:34:20 - Bad credit 00:34:30 - Banks have what?? 00:37:30 - Credit report security 00:39:10 -What should I ask a broker? 00:42:50 - Increasing borrowing capacity 00:44:40 - All brokers the same? 00:47:37 - Outro Hosted on Acast. See acast.com/privacy for more information.