We are living in interesting times, and in interesting times, the best way to protect yourself in a volatile environment is to find an expert to help guide you. If you are reassessing your finances, then expert advice comes via a Lending Broker.

The question is – how do you choose the Broker that is right for you? Following are 5 things to consider when choosing the right broker for you:

1, FIND A BROKER YOU CAN PARTNER WITH

Firstly – This relationship is a partnership. You need to be sure you can trust your broker, and your broker in turn needs you to disclose your complete financial picture in order to make sure that they are making the right choices for you. A reputable broker will have a credit licence number, and will provide a Credit Guide for you to read that outlines their services, their responsibilities, and the Lenders they deal with before you sit down to do business.

2, CHECK THEIR CREDENTIALS

Most brokers are also members of the Mortgage & Finance Association of Australia and Finance Brokers Association of Australia. These are Professional Bodies with Strict guidelines, who provide regular training and support to brokers to ensure they are as up to date as possible.

3, ENGAGE A BROKER WHO UNDERSTANDS YOUR CIRCUMSTANCES

Once you have established your Broker’s credentials, you need to be able to communicate. Your Broker should take the time, or provide the means for you to give them all the information they need to get a good understanding of your situation, and what you want to do. Be patient! It seems like a lot of questions, but a Broker who deals with a wide panel of Lenders will know if there are lending policies or special deals that will best suit your unique circumstances. There may be opportunities to maximise available credit that you haven’t considered, or even heard of.

4, IS YOUR BROKER OFFERING YOU SUPPORT TO ACHIEVE FINANCIAL INDEPENDENCE?

Your Broker should not pressure you in any way, and should be happy to answer any questions, and to explain anything you don’t understand. Ask once, and then ask again if you don’t quite grasp it the first time. A good Broker is there to provide the support for you to achieve financial independence and will want you to be sure about your decision before you sign any contracts with Lenders.
Your Broker should be fearless – and ready to ask hard questions about your finances. There may be times they have to say no, or they may suggest a different or more modest option to the one you hoped for. Remember – an essential part of managing your loans and staying on top of your financial situation is to ensure that you can sustain the commitment you are signing up for.

5, A GOOD BROKER IS LIKE A GOOD DOCTOR

And Lastly – a good Broker is like a good doctor. Recommendations can be an excellent starting point, but it may take you a while to find the right person for you. Once you have found them, however, most people find that it’s a relationship that lasts a financial lifetime.

The team at OzLoans Finance are ready to take your enquiry and to answer any questions you have about our financial needs. Feel free to get in touch today so together we can start you on the next step in your financial journey.