At Conscious Financial we understand how finance is a powerful tool to build wealth and comfort. We build a conscious strategy beyond just taking out a mortgage; it’s a life strategy.
Mortgage Brokers
What Does a mortgage broker do?
We cover all your bases, do all the legwork for you and answer all your questions. We save you time, hassle and money. And ultimately we give you choice. As your mortgage broker, we have greater access to a wider variety of financial products and lenders.
Here are some of the tasks we carry out:
We determine your borrowing capacity so you know what property you can afford to buy.
Search the loan market for the most suitable finance products for your needs.
Progress through every step of your buying journey smoothly— from pre-approval, to formal approval, settlement and beyond.
Access a variety of different lenders.
Compare all available products and understand the differences and the benefits of each product that meets your needs and borrowing criteria.
Select a finance product and then assist you with your loan application.
Help you with other needs like car loans or insurance.
Submit a successful application the first time—we know what each lender requires, what documents you need and what it takes to get your application approved.
Check that your interest rate is still competitive in the future, on any kind of loan.
How Do MORTGAGE BROKERS GET PAID?
As mortgage brokers we do not charge you for a consultation, or our time researching your financial situation and borrowing needs. That’s because the lender pays us a commission each time we successfully help you to apply for a loan.
For example, if we helped you secure a home loan with ANZ, then ANZ would pay us an “upfront commission” when the loan settles, and an ongoing “trail commission” for each month that you stay in that loan.
Using a mortgage broker does not cost you more. Lenders will still charge you the same fees if you go to them direct, because they have bank branch overheads to cover. The amount the lender pays us does not impact your rate, or come out of your money. By using our services, you’re not paying any more interest, or higher fees.
We are completely impartial. Most lender commissions are much the same, so there is no incentive for us to push one lender over another.
What’s the difference between a bank and a mortgage broker?
A bank only has access to their own loan products and interest rates. Mortgage brokers have access to a wide variety of lenders with competitive rates—including the “Big 4” Australian banks, second tier lenders, and credit unions. That means a mortgage broker can find you the most suitable loan product for your needs—without the hassle of you going to multiple banks.
With a mortgage broker you get personalised, ongoing service from someone you know and trust. We’re here to help you for the long term. Bank branch staff may know their own products well enough, but they also change regularly and dealing with a different person every time you have a question can be very inconvenient.
HOW DO mortgage broker ENSURE YOU ARE safe?
Every time your mortgage broker recommends a loan product to you, we need to be able to prove to the regulators that it is ‘not unsuitable’ for your needs and goals. That also means we must carry out careful research into your financial situation and ensure you can afford to repay any loan we recommend. If a broker fails to follow this process, we risk losing their license and their business, so you can feel confident that a broker is always acting in your best interests.
HOW ARE mortgage broker REGULATED?
Responsible lending laws ensure brokers have as much responsibility as lenders to keep the borrower’s best interests front of mind when providing credit advice. Across Australia, brokers are governed by the National Consumer Credit Protection Act 2009 (NCCP). Brokers must also have a credit license authorised by ASIC, or act as a Credit Representative under a license holder, and must undergo ongoing training and development.
Mortgage brokers are also regulated and supervised by the Australian Securities and Investments Commission (ASIC), an independent government organisation which works to keep Australia’s financial markets fair and transparent.