Advice please

Gidday Badger,

I avoid recommending one of any over another as their experience and your requirements can vary wildly.Caveate Emptor – Just make sure you fully check out the folks you're interested in before you sign up for anything.

Although there's no central repository for accountants or mortgage brokers per se, there is one, of sorts, for financial planners. Part of the key with this sector is to look for and AFSR or AFSL number, which shows they are licensed (not to be confused with good or the best, but at least they are licensed).

If it's an AFSR number, you can search them here: http://www.search.asic.gov.au/fsr/far.html

If it's an AFSL number, you can search for them here: http://www.search.asic.gov.au/fsr/flb.html

It's not illegal to call yourself a financial planner, even though you may not have a license (yikes).

Important! Licensed means licensed, it does not mean good/better/best. Plenty of people have drivers licences and I'm sure you've seen some who probably shouldn't. Caveat Emptor.

This also applies to mortgage brokers and accountants. Each association will argue they are better than the other. Just work out what you want and how much you are willing to pay for it. (you always pay, just some are more upfront about it).

It's probably a good idea to get professional indemnity insurance certificates of currency from each firm so you are confident you can sue if things go wrong, which they do from time to time.

These are big decisions, so scratch the surface hard and make sure you get value for your money.

Just in case there is any confusion, I do not represent any mortgage broker including Mortgage Detectives, it's just a nickname given to me by one of my readers that has stuck.

Oh, one other thought (which is not intended as an endorsement), you could try a Borrowers Agent for advice on financing rather than a Mortgage Broker.

Borrowers Agents don't take commissions. They work strictly fee for service which means they do not have any conflict of interest whereas mortgage brokers have plenty which may override yours.

Borrowers Agents are finally starting to get attention and these guys are the largest (also the newest) ones I know of: http://www.vanillaloans.com.au. Again, bigger does not mean good/better/best and this is not intended to be an endorsement of any particular firm.

Hi Badger 101,

You need to chose your Mortgage Broker wisely, some brokers will push the products that will pay them a higher commission, however a Mortgage Broker should be offering you a choice of products and the banks that they deal with. When they make a recommendation to you, it should be based on your what you need or want in a loan. (Everyones needs and wants will vary) Mortgage Brokers are required to disclose to you what commissions they are going to be paid by each bank.

You should also look for a Mortgage Broker that is a member of an industry body such as the Mortgage Finance Association of Australia (MFAA) they should also be a member of an external dispute resolution scheme such as Credit Ombudsman Service Limited (COSL)

A Mortgage Broker shouldn't charge you a fee for their service, and they should be happy to work with you to find the right product that will meet your needs. They should also be happy to meet with you at a time and location that will fit in with you.

I hope this assists you.