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Where’s the best place to get mortgage advice?

House prices and interest rates have always been hot topics around the proverbial water cooler.

‘Now’s the perfect time to buy!’

‘There’s a property crash coming.’

‘Don’t go with this lender, they’re terrible.’

But now with increased social media posts tagged with #mortgage or #tiktokmademebuyit, increasing numbers of Australians (especially Gen Z’s) are taking action on their finances based on content they’ve consumed online.

If content creators are qualified – and actually know what they’re talking about – that’s great. Social media can be a good tool to help provide financial education to those who need it.

However, it’s important to keep in mind you can’t always trust the person or the message you’re viewing. Plus, the advice may not even be applicable to your country/state or personal situation.

Here are a few other things to keep in mind whilst you’re scrolling financial influencers.

 

Check their credentials

Is the content creator licensed to provide financial advice? Australia has pretty tight regulations around this, where social media influencers need to be suitably licensed before they can offer advice on financial products.

 

Be aware of cross promotion/ cross referral incentives

It’s tricky to determine the financial arrangements that may play out behind the tiles here, but we all know many content creators generate income by promoting products to their audiences. It’s no different with financial products.

Often you’ll see content creators get crafty with how they recommend things. Many have become pros at promoting a product (so they can generate income for themselves) without technically giving “financial advice” (so they’re not breaking any regulations).

 

Extreme viewspoints get the views

It’s human nature to be drawn in by a compelling story, one that presents a notion that a plan or strategy is achievable for everyone, will work in all cases and will save you thousands of dollars.

It’s not as exciting – or anywhere near as eye-catching on social media – to provide a balanced viewpoint, explain the intricates of a strategy, as well as be realistic about the timeframe for said strategy to work. And this perhaps why none of our posts will ever go viral… we’re also not very good at dance-offs!

 

Regardless of whether you’re looking to buy your first home or start an investment property portfolio, social media can be an entertaining and easily accessible source of information.

Just remember to check that any content you’re viewing on home loans or investment property loans comes from someone who is qualified and experienced.

Better yet, just get in touch with our team because we are qualified and experienced.

You can get started here.

 

 

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