TOP 10 HOME LOAN PROTECTION TIPS

1. Never sign a contract without knowing and understanding all terms of the loan. If you are unsure of anything, you should seek independent legal advice.
2. Never allow yourself to be pressured into a home loan. Reputable mortgage brokers strive to make consumers aware of and be comfortable with their home loan options.
3. Beware of door-to-door and telephone solicitations.
4. Never sign a blank form for any home loan package and be sure to get copies of all documents bearing your signature. You should always receive a copy of your mortgage documents for yourself.
5. Request an accounting of all fees associated with the transaction. Question any fees you do not understand. All fees and home loan details should be noted in the Finance Broking Contract (NSW). Your mortgage broker should supply you with a copy of the contract. (See What To Expect from my Mortgage Broker )
6. Search the MortgageBroker.com.au directory for a Mortgage Broker that you are comfortable with. Look at their experience and qualifications. All Mortgage Brokers listed on this site are members of the MFAA, have a minimum Certificate IV/Diploma in Mortgage Broking OR minimum of 5 years industry experience.
7. Make sure that you can afford the proposed monthly payments. Do not agree to payments that you cannot comfortably make. Remember, everyone that goes bankrupt was approved for the home loan at some stage!
8. Educate yourself. Take some time to browse through the information provided in the Consumer Zone area of this website. We have endeavored to provide all necessary information for you to have a basic understanding of the mortgage industry, products and your rights as a consumer.
9. Your Mortgage Broker is NOT qualified to give you legal, taxation or financial advice (unless they have additional qualifications). If your circumstances require specialised advice, seek it from a professional.
10. Exercise your rights!!! If you feel you have not been treated fairly, do something about it. Read information provided by the COSL regarding complaints, and follow the instructions provided. Use the feedback area of MortgageBroker.com.au. We have included this feature to give you the ability to make a difference.
Information is brought to you by http://www.MortgageBroker.com.au . Instilling Public Confidence