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Fiji Island Financial Monetary Authority
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Mortgage Adviser

A broker will usually condition a mortgage on a prior meeting with an adviser, although most people will naturally want to consult with an adviser to get a full understanding of the options available to them. Advisers can also give good referrals to brokers. It is important for you to under our regulations for advisers, so you know what you should expect to get proper service for your money.

Basic information

The mortgage adviser must inform his client of all terms of service. They must explain the charge, mortgage range, where they are getting your mortgage from both online and formal offices. This information must be presented both verbally in the first conversation and in writing.

Mortgage Range

It is your right to see the entire list of brokers, banks and vendors that your adviser works with. The list of brokers that your adviser works with, will give you a good indication of range of service.

Advisory Fees, what they expect

As already mentioned above, a mortgage adviser must inform you of all fees and form of payment. Fees and payment methods could include the following:

  • One time flat fee for the entire service process.
  • Hourly rate with explanation of how hours are calculated.
  • Taking a percentage of the total of your borrowed mortgage. Example of a percentage fee would be if you take a mortgage of 1 million USD and the adviser charges 1%, you will pay your advisory a fee of $10,000.
  • Some advisers will work out a deal to be paid directly from the mortgage lender broker, bank.

Obligations of brokers and advisers.

The Mortgage Broker

The broker must run a comprehensive check in order to ascertain that the one taking the mortgage can afford the mortgage both at the present time and in the future. They will look carefully at your personal and household income, outgoing expenses, study the interest rate trend and see how a spike in the rate will affect your situation down the line.

Contact information:
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Fiji Island Financial Monetary Authority

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