Frequently Asked Questions

Mortgage Broking

 

• Why should I use a Mortgage Broker?
• Are you a member of the MFAA (mortgage broking Finance Association of Australia)?
• What industry experience and qualifications do brokers generally have?
• What does your service cost?
• How does Quest Home Loans get paid?

If you can't find what you are looking for, contact us and we will be delighted to assist you in any way that we can.

Why should I use a Mortgage Broker?

Mortgage Brokers give their customers choice, convenience and expertise by offering extensive lender and product options. We guide you through the complex home loan process. A Mortgage Broker will be able to save you time and more than likely money by suggesting products that are superior in the lending industry and by making sure that all of your needs have been considered.

Are you a member of the MFAA (mortgage broking Finance Association of Australia)?

Yes, all of Quest Home Loans brokers are members of the MFAA. In line with MFAA policy, our brokers are also members of an ASIC approved External Dispute Resolution service, ours is COSL (Credit Ombudsman Service Limited), and hold Professional Indemnity insurance. MFAA members must adhere to the industry Code of Practice which required 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.

What industry experience and qualifications do brokers generally have?

The MFAA now requires Mortgage Brokers to have completed a Certificate IV in Financial Services (Finance/Mortgage Broking). The proposed finance and mortgage broking licensing legislation due to be introduced next year also require this minimum educational standard. The MFAA also requires ongoing education to maintain membership and accreditation with the lenders.

What does your service cost?

Working with a Quest Home Loans consultant will cost you nothing. We don’t directly charge you for our services and the only fees you will pay are the ones associated with your loan, such as application fees, legals, establishment fees etc. These fees are determined by the lender and form part of your loan contract.

How does Quest Home Loans get paid?

Quest Home Loans are paid a commission directly from the lender after the loan settles. This commission is fully disclosed to you and forms part of the National Broking Contract between you and your Mortgage Broker. This commission usually comes in two parts, a lump sum of around 0.65% of the loan amount paid after settlement, and an ongoing “trailing” commission of around 0.25% of the loan, paid by the lender.