Before engaging the services of a broker you should ask for some information about the way his/her business is conducted.
- Find out if they belong to a reputable industry association.
- Ask if they are independent or if they only deal with a certain lender or lenders.
- Check that they have professional indemnity insurance.
- Find out if they are a lender as well as a broker, as this may affect their recommendations.
- Check that they offer a wide range of loans from a variety of independent lenders.
- Make sure that they disclose all fees and commissions prior to signing you up and ask how these commissions will be paid. Some lenders pay the broker the commission and you pay nothing while others may require you to pay the commission if you pay the loan out within a certain time or refinance the loan. Always read the loan conditions carefully before signing anything.
- Ask them to justify their recommendations.
- Ask to see a copy of the application and any financial details they send to the lender on your behalf.
Any commission for the introduction of credit business or business financed by the credit contract must be disclosed to the borrower. The lender must disclose to you the amount of commission and the names of the people paying and receiving the commission.
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Information on accessibility for the Office of Consumer and Business Affairs website can be viewed at: http://www.ocba.sa.gov.au/accessibility.html
Information on copyright for the Office of Consumer and Business Affairs website is provided on behalf of South Australia Central http://www.sacentral.sa.gov.au/site/page.cfm?u=60
Disclaimer
Information on the disclaimer for the Office of Consumer and Business Affairs website is provided on behalf of South Australia Central http://www.sacentral.sa.gov.au/site/page.cfm?u=61
Privacy
The South Australian Office of Consumer and Business Affairs (OCBA) is committed to protecting your privacy and the confidentiality of your personal information, consistent with the South Australian Government's Information Privacy Principles. If you would like to view the full privacy statement please visit: http://www.ocba.sa.gov.au/privacy.html
Webmaster
If you wish to provide feedback on the Office of Consumer and Business Affairs website please contact the Webmaster via email mailto:webmaster@agd.sa.gov.au
Accessibility
Information on accessibility for the Office of Consumer and Business Affairs website can be viewed at: http://www.ocba.sa.gov.au/accessibility.html
