Finance with AFA Mortgage Solutions
A financial services division, specialising in the provision of products and services required by both Vendors and Purchasers. Key amongst these is a mortgage broking service, headed by Kerry McKenzie at AFA Mortgage Solutions.
Kerry has been working in the finance sector since 1984, spending many years working for one of the nation’s largest lending institutions. Since then Kerry has now turned her focus to assisting consumers in obtaining the best finance deal from the many lenders in our market place.
What does a Mortgage Broker do?
A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses.
Traditionally, banks and other lending institutions have sold their own products. As markets for mortgages have become more competitive, the role of the mortgage broker has grown. Today in most developed mortgage markets, mortgage brokers are the largest sellers of mortgage products for lenders.
Typically, a mortgage broker will:
- assess the borrower’s circumstances – this may include assessment of credit history and affordability
- assess the market to find a mortgage that fits the client’s needs
- apply for a lenders agreement in principle
- gather all required documents
- complete a lender application form
- explain the legal disclosures
- submit all material to the lender
- uphold their duty by saving clients as much money as possible by offering best advice for the client’s circumstances
What does it cost?
The mortgage broker’s role is to find a bank or direct lender that an individual seeks with a specific loan the individual is seeking.
In Australia, mortgage brokers are regulated to ensure compliance with banking and finance laws which offers the consumer a high level of protection.
The majority of mortgage brokers do not charge their clients fees as they are paid by the lender for introducing the loan. A standard up-front commission is on average 0.66% of the loan amount with an ongoing trail commission which is on average 0.18% of the loan amount per annum.
Although mortgage brokers are paid commissions by the lenders this does not alter the final rate or fees paid by the customer. Mortgage brokers do not have the ability to charge the customer a higher or lower rate in return obtaining higher or lower commission.
What do you do next?
Stop by and see Kerry at AFA Mortgage Solutions! You can either call in at the Darwin office or make an appointment by phone or email.
AFA Mortgage Solutions; Kerry McKenzie
If you’re looking to get a clearer picture of what finance options you have available, feel free to contact:
Kerry McKenzie, Principal of AFA Mortgage Solutions
Phone: 08 89 234 100 Mobile: 417 867 627 Email: Kerry.McKenzie@afanet.com.au.
Address: Ground Floor, William Forster Chambers Building, 26 Harry Chan Avenue, Darwin NT 0800
Kerry McKenzie is a Credit Representative (Credit Representative Number 399212) of Custom Equity Group Pty Ltd (Australian Credit Licence Number 383666)