Check your broker is genuine: MIAA
The Mortgage Industry Association of Australia (MIAA) has warned home loan borrowers to check the bona fides of any mortgage professional they deal with. The MIAA says borrowers at any stage of the mortgage process need to be more discerning with the decisions they make and the mortgage professional they use.
MIAA chief executive Phil Naylor says there have been instances where mortgage brokers and lenders claim to be an MIAA member, when in fact they are not. Dealing with a broker who does not have their best interests at heart or is not adequately qualified can have a devastating impact on a borrower's finances, he says. “People should check our website or call their nearest MIAA state office for clarification of any mortgage professional's membership status,” Naylor said.
Dealing with a broker who is a member of the MIAA offers borrowers a level of consumer protection. Members have some level of industry training, are committed to a code of practice and are subject to an internal disciplinary tribunal which has the power to censure, suspend and expel members on the basis of misconduct. Borrowers who do use an MIAA member also have access to the Mortgage Industry Ombudsman Service as a last resort.
Read Infochoice's 12 steps to choosing a mortgage broker.