For anyone that has ever tried to find a home loan themselves, the answer would be crystal clear to these adventurous investors. We take our hats off to anyone who has made this attempt. There is, out there, at any one time, hundreds of products available for you to choose from, and to the novice investor, it would be daunting. Even to the astute investor, the products available can be quite overwhelming, and a mortgage broker that knows what they are doing will be able to narrow down what would be suitable for you, and what would not.

So the matter here is - mortgage brokers are around to give you good advice about your CHOICES.

So without further ado, we would like to share with you our experiences, in finding the one fantastic mortgage broker, who can really make a difference to your property portfolio:

1. Referrals only
How do you usually find a good doctor? Through recommendation. How do you find a good accountant? Also usually through recommendation. To find a good mortgage broker, the same principle applies. Take the advice from someone you trust, who is in the same, or was in the same situation as you. If you have a fantastic accountant who works with property, chances are they would know of an equally fantastic mortgage broker. Ask, and you shall find!

2. License and registrations
The boring but important criteria is that they must be licensed and registered with ASIC, or be working under someone that is licensed. You do not want to be working with a professional that is not licensed as chances are, if something goes wrong, you will not be protected.   

3. Upfront disclosure of any fees and costs
Mortgage brokers receive payment for the service they provide through a commission from the lenders, when a loan has been processed. At this point in time, the bulk of the income that the broker receives comes from the commissions paid by the banks, and the broker usually does not charge the borrower for any of their services.
We have seen that this is starting to change, however, as more brokers are changing the services that they offer, and consequently charging a fee for that service. Any fees payable by the client should be discussed and agreed upon upfront, before any service is provided.

4. Access to large panel of lenders
A well established and successful broker will make sure that they have access to a large panel of lenders. They do not limit themselves to a small group of lenders, as any limitations means that the products available for recommendation to you, the client, is also limited. You do not want to work with a mortgage broker that is biased.There are plenty of mortgage brokers out there who have aligned themselves with a small group of lenders, or even one key lender only. So when you do find one that offers you choice from a large panel of lenders, keep them close.
They should not only hold accreditation with a large panel of lenders, but they should also be familiar with the lending criteria and processes of numerous financial institutions.

5. Member of a professional association
A good accountant is usually a member of a professional association, such as Chartered Accountants (CA) or Certified Practicising Accountant (CPA). By becoming a member of a professional association, the member is required to adhere to a professional code of conduct, and any deviation from the code can lead to discipline and loss of the accreditation. Similarly, a good mortgage broker should also be a member of a professional industry association. The main professional organisation in the mortgage broking industry is the MFAA. From our experience, many are also members of the FBAA.

6. The interview process
A competent mortgage broker should be thorough in their review of your financial affairs. They should always take the time to understand your overall investment strategy, and then find a loan that is suitable for you.

This is really important, and is the difference between a good broker and a fantastic broker.

If they do not take the time to understand your needs, chances are, the product that they recommend will not be the best one for you.  
A fantastic broker will always ask the right questions, in order to find the right answers and the right products for you.
Typical questions include:
a) Do you have plans to pay off your home loan faster than the agreed loan term? 
b) Do you want to invest in property in the future?
c) Do you want to be able to access the equity in your home when the time is right?
d) Do you ever see yourself being in a situation where your repayments would need to be reduced?

7. Hello? Is anyone out there?
In our property investment experience, one of the biggest downfalls of some mortgage brokers is their lack of communication. When you are looking to buy a property and exchange or settlement is close at hand, the last thing that you need is a mortgage broker that is unreachable, or does not let you know the progress of the loan.
It is our criteria that the mortgage broker is one that communicates freely, and efficiently, and keeps you in the loop at all times. This takes one less worry off your mind, during a time when it can be extremely stressful.

8. A fantastic mortgage broker is proactive
They nuture their relationship with you, and sees you as a client for life. They constantly provide helpful information (such as interest rate cuts) and keeps in contact throughout the term of the loan. This way you know that the broker has your best interest at heart, and you know that you will always have the loan that is most suited to your needs.    
And if you are one of the fortunate few who are able to find more than one fantastic mortgage broker, choose the one that invests in property themselves!