Mortgage brokers are there to help you find the most appropriate home loan - you just need to ask the right questions, according to the Mortgage and Finance Association of Australia (MFAA).

“Choosing a home loan can be a daunting task. Mortgage brokers help guide you through the market and find a home loan appropriate to your individual situation. Brokers are there to help demystify the process of selecting a loan,” said Phil Naylor, CEO of the MFAA.

“The first thing you should ask when sitting down with a broker is, ‘are you a member of the MFAA?’ All members of the Association have to abide by a strict accreditation process and Code of Conduct.

“Mortgage brokers can provide you with a lot of information and choice, guide you to avoid pitfalls, saving you time and headache and ultimately, help find the right loan for you,” said Mr Naylor.

The latest MFAA/BankWest Home Finance Index showed that consumers saw clear benefits from using a broker. Respondents listed the main benefits of using a broker:

They do all the leg work for you (75.1% of respondents)
They have a wider loan range (72%)
They are experts in a range of mortgages from numerous lenders (71.1%)
You can get the right loan for your circumstances (63.7%)

Mr Naylor concluded: “Couple the tips from our consumer education websites, Essentials of Borrowing, with the knowledge and experience of an MFAA broker and you’re set.”