What to expect when meeting with a mortgage broker

So you’re teeing up your first meeting with a mortgage broker, or a home loan expert as we like to call them at Finspo.

It’s an exciting time — an entire meeting dedicated to talking about YOU and YOUR property goals.

On one hand, you’re thinking “I’m SUCH an adult.”

Buuuut on the other hand, it can be scary and unknown.

Maybe you’ll get laughed outta there by a fancy person in a suit when you admit you have no idea what terms like “Lenders Mortgage Insurance” or “Principal and Interest repayments” mean.

But here’s the truth: a mortgage broker’s sole purpose is to support YOU through the home buying process. Yep, they’re the middle person between you and a lender — identifying your needs, comparing loans, explaining your options, chatting to lenders, taking care of the admin — sounding less daunting now?

Plus, a good broker has been around the block a few times (and they’ll be able to guide you if you’re totally new to this).

So now you know they’re not scary…

What can you expect from your first meeting with your mortgage broker?
How should you prepare for a mortgage broker meeting?
What will a mortgage broker want to know?

Let’s take a closer look.

Getting ready to chat with a mortgage broker

Let’s be clear. When we say “getting ready to speak to a mortgage broker” you technically don’t have to prepare a thing. Think of it more like a casual (and exciting) chat.

In saying that, it’s helpful to have a few things in mind so you can get the most out of your conversation. Things like…

Your important details

This includes basic details that you know back to front (like your address and date of birth). But it can also include financial details like money coming in and out. You don’t have to get too specific at this stage, just a rough idea of your income and main expenses.

Brainstorm your goals

It helps to have an initial idea of what YOU want to get out of your future property. This’ll give you (and your broker) a starting point.

So, here are some questions you can ask yourself (and your partner if you’re in it together) to get the ball rolling…

Do I want to live in this property? Or buy it as an investment?
Where do I want to live (and for how long)?
What are my goals outside of property?
What are my non-negotiables in a property?

Prepare some questions

There’s no obligation to prepare questions, of course.

But we think it’s a great way to get the most out of your chat (and ensure they have your best interests at heart).

When you meet with a Finspo expert, there’s no such thing as a silly question.

But if you’re still scratching your head wondering “what do I ask a broker?” Here’s a list of our favourites…

Will you offer a range of different lenders and options?

The answer should be yes… because more choices can lead to better outcomes. This is one of the key benefits of working with a mortgage broker vs a bank directly.

How many lenders do you work with?

A reliable mortgage broker should have a few up their sleeve. At Finspo, we have over 30!

Where to from here? (AKA what are the steps to buying a property)

A mortgage broker should understand where you’re at in your property journey and explain the home buying process from start to finish.

Who else should I talk to when purchasing a property?

Conveyancer. Buyer’s advocate. Building inspector. These are all people you can have on your side — a broker can explain what they do, when to call on them and how they fit into your squad.

Can you tell me about any current incentives or government grants?

Remember, a broker must act in your best interests. And that includes staying up to date on the latest incentives and grants (like the First Home Super Saver Scheme, for example).

How do you decide which loan is best for my circumstances?

The way they approach this question should be a combination of listening to your needs, applying their market intel and sourcing the best rate to suit your situation.

How much do you recommend I save up?

The answer to this will depend on your individual circumstances, but a broker should do the calculations for you and give you a goal to work towards. They should also explain strategies that might get you there faster, like incentives and pledges.

If I go ahead, what information do I need to give you?

A mortgage broker should walk you through what they’ll need at certain times, which allows them to validate the information discussed and get to work for you. These will be documents that confirm your income, your savings, your expenses and who you are (like ID and sometimes a credit report).

Do you charge a fee?

Some brokers charge you a fee. But not Finspo (we get paid out of the lenders’ pockets instead — and no we don’t play favourites).

Ok, so you don’t charge a fee. Does that mean I pay more for my home loan?

Absolutely not. In fact, a good broker can often negotiate on your behalf to get you an even better deal than you would have on your own.

Your first meeting with a broker — what to expect

So, what happens when you meet a broker?

We can’t speak on behalf of all mortgage brokers, but when you complete your quick-start application online and book in a time with a Finspo expert, you’ll be met over Zoom with a friendly face and zero judgement.

When you meet with a friendly Finspo broker, here’s what you can expect…

A conversation about your circumstances, wants, needs and goals

Remember how we said to brainstorm your goals earlier? This is where it’ll come in super handy as it’ll lay the foundations for your property journey.

Some financial questions

This includes money coming in, money going out and your money on hand. But hey, we won’t go tooooo deep at this stage.

A request for a table tennis match

Oh, sorry, that’s just Luke.

What happens after your first meeting with a broker?

First of all, make sure you leave the meeting feeling good knowing you’ve started the conversation that a lot of people often find daunting.

Then, what happens next is entirely up to YOU.

With Finspo, you can move as fast or slow as you like. There should be no pressure or obligation to sort your home loan out straight away (and definitely no relentless phone calls).

Sure, some people may choose to get the ball rolling asap. Yet others might not be ready right away, but leave with greater clarity surrounding their goals and options.

Both are great outcomes to us!

If you’re sitting in the first camp and are ready to get started, then the next step after your meeting would be to…