Australia: Mortgage Brokers
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In Australia, finding a Mortgage Broker is becoming the first step when seeking a home loan. For the past 15 years, Mortgage Brokers have become an alternative to Bank financing in Australia, writing about 30% of Australia's Mortgages. Mortgage Brokers look at borrowers requirements and then match them to a lender that has the best deal on a loan product that matches as closely as possible those requirements. Normally this service is free to the borrower as the lender pays a commission to the Mortgage Broker. Australian Banks, Credit Unions, non-bank lenders and Building Societies all use Mortgage Brokers to market their loans, as it is cheaper than maintaining their own staff and facilities.
The main reason that Mortgage Brokers have become so popular in Australia is because they simplify the task of finding the best loan. Often they will have computer programs to search through hundreds of competing loan products from dozens of lenders in just a few seconds. This saves borrowers a significant amount of time and effort.
Mortgage Brokers have a great understanding the loan process and the criteria used by the different lending institutions, thus making for a much smoother and faster loan application process, while guaranteeing you a better deal.

FINDING A MORTGAGE BROKER IN AUSTRALIA

Always do a some research to find the best broker, and only use a mortgage broker who is a member of the Mortgage Industry Association of Australia (MIAA) or the Finance Brokers Association of Australia (FBAA) as they have certain professional standards they must adhere to. Home Loan Club is a unique organization that acts as the middleman with access to multiple brokers, maximizing the number and types of loans to select from. As with all financial services and major purchases, you should obtain quotes from at least 3 different sources before committing yourself. In this way you can feel confident that you have obtained the best possible deal.
When you're ready to apply for a home loan, you should have the following information available before meeting with the Mortgage Broker:

1) Income information, especially the exact amount of money you (and your spouse) reported last year.

2) Employment information, including how long you have been on your current job and, if you have been there less than a year, information about your previous position.

3)Explanations for any time you did not work for 90 days or more

4)Your social security number(s).

5)An estimate of how much money you have available for a down payment. You may have some up-front expenses such as the cost of an appraisal and surveyor, so take these amounts into account when you determine what you will need to purhcase a home.

6) If you have had a bankruptcy, you will need a copy of your bankruptcy discharge. It's a good idea to have all of your documents available in case there are any accounts in dispute.