Blog

Everything you need to prepare for your first mortgage broker meeting

November 6, 2024

So, you’re gearing up for your first ever mortgage broker meeting. But as the big day gets closer, you’re not sure whether to feel excited or nervous. 

We’re here to assure you, there’s nothing to worry about. A mortgage broker meeting is basically just a conversation about you and your home-buying goals. We’re not here to judge you, or bamboozle you with crazy jargon like “amortisation”.

As mortgage brokers, it’s our job to support you through the home buying process. Like your own personal cheer squad.

We’ll help you sort through your loan options, and figure out what your best path to home ownership is. We’ve also got the fine print and admin covered, so you can be confident and stress-free every step of the way.

Your first mortgage broker meeting: A checklist

At Connected Finance, we ask our clients to submit any required documents before our first meeting. We have an easy digital client centre system in place, so you don’t have to run around photocopying, printing and stapling. 

Filling out our client centre will help us to gain a better understanding of your current financial position and property goals. The documents we collect at this stage are:

• • Official identification: You must provide a copy of a valid driver’s licence. If yours are expired, then now’s the time to reapply for one.

• Financial documents: 

• • Two most recent payslips to show income consistency.
  • An income summary.
  • Your tax returns from the past two years.
  • For business owners, recent profit and loss statements and company financials.
  • Account summary of the home loan you are looking at refinancing (if applicable).

By submitting these documents before your first mortgage broker meeting, it ensures we have all the necessary information ahead of time. This allows us to present you with the best lender options, and figures tailored to you during your appointment.

We recommend leaving yourself plenty of time to gather all of the documents on this list (and the next one). If you leave things to the last minute, there’s no room for error – you’d be surprised at how tricky finding some of these can be!

What documents will your mortgage broker need after your first meeting?

Once your mortgage broker meeting is done and dusted, there are still a few more documents we need to collect. 

• Details of current financials:

• • • Loan statements for any active loans, including personal loans, car loans, or other debts.
    • Credit card statements, even if the balance is zero, because lenders consider your total credit limit, not just your balance.
    • Bank statements from the past 3-6 months showing your savings patterns, income deposits, and typical monthly expenses.
    • Account summaries for HECS, and any “buy now, pay later” accounts like AfterPay, Zip, Klarna, etc.

• Updated financials (if applicable):

• • • Rental statements, if you’re currently renting, can show your payment history.
    • Recent Pay Slips, if copies held are now expired or you received a promotion or salary increase.

• Further identification documents (If applicable):

• • • Passport: Even if you initially provided a driver’s licence, bringing a passport adds a second layer of identification that may be requested by certain lenders.
    • Medicare card OR birth certificate: Some lenders require three forms of identification.
    • Marriage certificate: If your ID is showing your maiden name but you are purchasing or refinancing in your married name.
    • Citizenship & visa documents: If you weren’t not born in Australia, lenders will want to verify your citizenship or residency status.

• Any other necessary documents:

• • Loan closure letters from any recently closed loans.
  • Employment contracts to further verify your financial stability.

We don’t typically schedule any more meetings after the first one, unless you or your broker specifically requests one.

Other ways to prepare for your first mortgage broker meeting

You can get ready for your first mortgage broker meeting by doing more than just gathering documents. It’s important to understand your own goals – your non-negotiables and your nice-to-haves – in relation to your purchase, so you can make the right decision.

To figure out your goals, ask yourself questions like:

• Do I want to live in this property, or buy it as an investment?
• Where do I want to live and for how long?
• What are my goals beyond property ownership?

What questions should I ask at my first mortgage broker meeting?

Before your first mortgage broker meeting wraps up, you’re going to hear these words: do you have any questions for me? Those seven little words have been known to make even the most confident of first-home buyers freeze. 

Rather than stammering out a reply about emailing in if you think of anything, it’s best to have a list of questions ready to go. Don’t get us wrong, we don’t mind if you don’t ask us questions; but as for yourself, there’s nothing worse than leaving your meeting and thinking of a burning question on the ride home.

To give you a head start on that list of questions, we’ve written our own:

• What’s my max borrowing capacity?
• What are the features included in the loan? Eg: redraw, offset
• What fees are included in the loan?
• How long is the home loan application process?
• What bank is best suited to my scenario?
• What are the next steps involved?

Frequently Asked Questions

If you’re still feeling intimidated by your first mortgage broker meeting, that’s totally okay. To get an even clearer picture of what will happen at your meeting, we’ve answered first-home buyers’ most frequently asked questions.

How long will my mortgage broker meeting take?

Your first mortgage broker meeting may take between 45 to 60 minutes. This gives you and your broker enough time to review your financial situation, discuss your property goals, and go over the loan options that may be available to you.

What if I don’t understand the terms?

If you don’t understand the terms, don’t worry; your mortgage broker is there to explain everything in simple language. Mortgage terms can feel confusing, especially if it’s your first time, so we’re used to breaking down the jargon and answering any questions, big or small.

If anything isn’t clear, just ask! We want you to feel comfortable and informed, and we’re always happy to explain terms like “LVR” (Loan-to-Value Ratio), “fixed vs. variable rate,” and “offset account” in ways that make sense to you.

What kind of guidance will my broker provide?

Your mortgage broker will provide comprehensive guidance not only in your first meeting, but also throughout the entire home loan process, making it easier and less stressful. Here’s what you can expect:

• • Understanding your needs: We’ll listen to your property goals and financial situation, helping you identify loan features that align with your needs (e.g., fixed vs. variable rates, offset accounts).
  • Comparing loan options: We’ll research and present various loan options from different lenders, comparing interest rates, fees, and benefits to find options that best suit you.

• Identifying rebates and schemes: We’ll review all available state and federal rebates and schemes available to home buyers, and identify which ones may be suitable for you.
• Preparing your application: We’ll help you organise your documents, complete the application forms, and meet any requirements lenders may have. Their expertise can help avoid common application mistakes.
• Acting as a liaison: We communicate with lenders on your behalf, addressing questions, negotiating terms, and handling any back-and-forth. This saves you time and ensures a smooth process.
• Providing ongoing support: Even after securing a loan, brokers often remain available to answer any future questions, advice on refinancing, or discuss new options if your financial situation changes.

In short, your broker is there to support and guide you, making sure you feel informed and confident at every step of your journey.

It’s time to schedule your first mortgage broker meeting

Now that the process of attending your first mortgage broker meeting has been demystified, it’s time to lock yours in. Get in touch with us here to set up a meeting.