1st Mistake to avoid is choosing a finance broker who doesn’t take the time and effort to educate you on the process of arranging finance for your particular loan. Beware of a broker who immediately suggests you move your existing loan to another bank. They could be after a higher commission payment and this tactic may not be in your best interest. There are times when it is a legitimate strategy but if the broker cannot clearly describe to you in layman’s terms why he is doing this then ask the broker to explain the decision. If they can’t clearly explain why I strongly suggest you don’t utilise their service.
2nd Mistake to avoid any broker who is not familiar with the finance structure that is best suited to your present and future goals, as this is a specialty area. They probably just don’t have the experience necessary to be advising on your lending requirements. Loans, if correctly structured have the potential to greatly improve your future financial circumstances. Done wrong it can set you back years and cost you a lot of money. When it comes to having the correct loan structures in place for your present and future goals only deal with a broker that specialises in this area. They know the traps to avoid and the best options for you.
3rd Mistake to avoid those brokers that only want to talk about the particular loan at hand and nothing else. A good broker experienced in all different facets of lending and the various structures involved will want to review your whole situation taking a holistic approach to your unique circumstances. They should insist on annual structural reviews to keep you on track to achieving your goals.
4th Mistake to avoid choosing a broker who is a poor communicator! Make sure the broker you talk to has a clearly defined service guarantee for you. Do they give you updates at a minimum of every 48 hours in regards to the progress or lack thereof when arranging your finance deal? Do they have the necessary skills to meet important deadlines like finance approval and settlement dates? Are they readily available by phone, email, SMS and other forms of communication such as Facebook? Do they offer a service guarantee? Are they available after hours if you have a question or experiencing high stress levels due to an unresolved issue whether real or perceived? Do they relieve you of stress or cause you to be anxious due to not returning your attempts at communication? Ask if they have testimonials that they can show you from previously satisfied clients. Every broker will claim to have the best advice and service but it is much more credible to let others sing your praise. Ask them to show you some testimonials and if they can’t ask them why not?
