13 Jun 2021

What Do I Do If a Mortgage Broker Gives Me the Runaround?

What is a term deposit?

Many Australians use the services of a mortgage broker to navigate the home loan application process. They have access to tools and several financial products that allow them to find the best loan and home loan interest rates for each client. It gets tricky when you hire a broker who is exclusive to a set of products or lenders. You have to fit their mold as opposed to them fitting to your needs. 

If you hire a broker who is exclusive to a lender or set of products, you might feel as if you’re getting the runaround.  Brokers receive a commission from the lender per successful loan. If they can’t find you something that suits your needs from their inventory, they may pull away. Some brokers overpromise and underdeliver. If you’re in this situation, contact the broker and express your concerns.

You’re allowed to switch brokers. They rarely request a signed document, so if you didn’t sign anything, you have the freedom to find another broker. If the broker established a loan for you, contact the lender and cancel it.

Next, it’s time to gear up for the loan application process with a different broker or on your own. Either way, Mortgage House is available to you.

Mortgage Broker Conclusion

Mortgage House works with mortgage brokers who represent clients. We also work with clients directly. It’s up to you how you want to get through the application. Our loan specialists communicate with their loan applicants regularly. You can rest assured that you’ll be kept up to date on all progress.


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