What we do
Brokers work with clients to determine their borrowing needs and ability, select a loan suited to their circumstances and manage the process through to settlement.
Some benefits of using a broker:
- They do all the legwork for you
- Access to a wider range of loans
- Experts in a wide range of loans
- More flexible
TYPES OF BROKING
Brokers can specialise in areas such as:
- Residential Loans/Mortgages
- Reverse Mortgages/Equity Release
- Equipment Leasing
- Chattel Finance
- Car and personal loans
- Business Loans
- Debtor Finance
- Commercial Property Finance
PANEL OF LENDERS
Brokers can only offer loans from the lenders they are accredited with. They call this their panel of lenders. Lenders will normally range from the large banks through to specialist non-bank lenders and mortgage managers. The size of a panel of lenders will vary from broker to broker. You can ask to view your broker’s panel.
HOW BROKERS ARE PAID
Residential brokers are remunerated by the lender and receive an upfront commission and a trailing commission on the loans they settle. It is not standard industry practice for a residential broker to charge a customer for their service due to this arrangement. The normal practice for commercial, equipment and general finance brokers is that they enter into a mandate or agreement with the commercial or business borrower which provides for a fee to be paid by the borrower to the broker for sourcing their required finance.
WHY USE AN MFAA MEMBER
MFAA members must adhere to the industry Code of Practice which requires high professional standards, fair business practices, ethical behaviour and compliance with both the letter and the spirit of the relevant laws and regulations – all in the interest of you, the borrower.
MFAA sets the highest standards in the industry for its members:
- Industry experience
- Education standards
- Ongoing education to maintain accreditation
- Probity checks
- Professional indemnity insurance
- Membership of an external dispute resolution service