It’s important to go into what is most likely one of the largest purchases of your life with clarity and confidence. One of the things that can help with that is approaching your mortgage consultant with the right questions. This will both give you the confidence that you’re doing your due diligence, and also ensure that you are properly informed throughout the process.

Here are some questions that we recommend discussing with a mortgage expert. The brokers on our team will endeavour to share this information during your meetings.

• How many lenders are on your panel?
• Are there any lenders that you don’t have access to?
• How long have you been a mortgage broker for?
• Are you experienced in the area that I’m looking to buy in?
• Do you work with me for the entire process, from running an assessment of credit history and borrowing capacity, right through to the settlement?
• Do you charge any brokerage fees for your time?
• What is your process of identifying the right loan for me?
• What are the features that made you decide to recommend this loan to me?
• What fees will I have to pay when taking out this loan?
• What features come with this loan? Can you show me how they work?
• How can I set up my bank accounts and finances and share that information to make my application easier and more successful?
• Can you show me a couple more options, including one with the lowest cost?
• What is the current interest rate on this loan and do you think it’s possible to get a better rate?
• Does this loan allow me to make extra repayments, pay out the loan early, or refinance without incurring big fees?
• What is my anticipated timeline to receiving the funds and settling?
• Can you provide a checklist of the information and process I need to complete?

Our mortgage brokers won’t directly charge you a fee. However, there are always some fees charged by the lender, as well as additional services you’ll have to pay for. You’ll be able to read a more detailed breakdown of potential fees on the Finder website.

Some of the most common fees you’ll encounter are application fees charged by the lender, valuation fees to check the value of the property you’ve chosen, stamp duty charged by the government, and legal fees including conveyancing and preparation of legal documents.

Many lenders also have loan products that charge ongoing fees such as monthly service fees or redraw fees, and if you’re paying out your loan, you’ll be required to pay a discharge fee. It’s possible to avoid some of these fees, based on the product terms or whether the lender will waive the fee.

Our mortgage specialists are not employed by any banks or lenders, so our recommendations are not influenced by any conflicts of interest. Indeed, even though we are paid on commission, we only receive our commission if we successfully place you with a loan that works for you.

Mortgage brokers are also held to a best interest duty. This duty on mortgage brokers is a legal requirement that states that everything we recommend must prioritise your financial interests and have positive outcomes for you. Banks and lending institutions operating in the mortgage industry are not held to this.

Usually, a licensed mortgage broker receives an upfront commission from the lender when you take out a loan. They also receive a recurring commission each year you are still repaying the loan.

Since mortgage brokers only get paid when you successfully sign up for a loan, it’s in their best interest to make sure that you choose a competitive option that is tailored to your particular financial circumstances.

A property loan is a long-term commitment, so a good mortgage broker will help you choose a loan with your long-term goals in mind. We only recommend options that are in your long-term best interests.