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Date Published : Monday, March 31, 2008
Despite the affects of the recent credit crunch hitting Australian markets and homeowners, more people than ever before are flocking to mortgage brokers in order to secure a home loan deal.
Independent of any of the major banks or global corporations, mortgage brokers often offer deals to consumers who are refused credit or do not have substantial funds to take out home loans.
And, as a result of the current high interest rates and pressures on the wallets of Australians across the country, the mortgage broker sector is booming.
In December 2007, despite two interest rate rises in the three months previous, new business in the mortgage broker market soared by 24 per cent, compared to the previous month, figures released by the Market Intelligence Strategy Centre revealed.
While not as well known as the major banks, mortgage brokers, like doctors and dentists, are experts in their field. As subject matter experts, they know the mortgage market inside and out and are able to provide consumers with expert advice regarding the options available to them.
However, consumers should always check that the mortgage broker that they are using is a member of the Mortgage Industry Association of Australia. This body regulates and applies stringent standards to its members and has a defined complaints process.
Consumers should also always check what fees are being charged by the broker and for what services, before entering in to any agreement for a home loan product.
Compare loan deals.
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