Do you need a mortgage broker or a financial planner?

When taking the plunge into the world of home loans and property investment, the challenge often lies in knowing which expert to approach for help. Finance brokers and financial planners, although similar in their professional outlook, cater to different financial endeavours. 

Mortgage Brokers

Brokers that deal in home loans must be qualified and licensed loan advisers with in-depth knowledge of home loans and options suitable for a range of different financial situations. They negotiate with lenders to arrange loans and help manage the process through to settlement. 

Options relating to loans and refinancing can only be recommended by qualified brokers.

Financial Planners

In contrast, financial planners assist with anticipating and managing long-standing financial outlook. They help sort through and select options for investment and insurance, with attention paid to retirement planning, estate planning and investment analysis. 

Planners take care of more of the long-term, wealth-creation strategy, as well as super and life insurance, and other sorts of wealth protection insurances.

A financial planner’s work is wide reaching and important to your long-term financial health and stability. 

There are some situations where it would be best to include both types of financial professional. For instance, if your broker is helping you refinance your loans in order to undertake a financial investment, a financial planner can step in to help you to assess the best investment option for you. 

So, the expert you need depends on your situation. For loans, see a finance broker; for investment advice, ask a financial planner. Of course, your broker can always refer you to a planner if you need one.