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Finding the right home loan can be a complex and time-consuming task, especially for first home buyers. Many borrowers navigate the daunting number of options by using a mortgage broker to source their loans – over half of all residential mortgages are now written by brokers in Australia.


What Is A Mortgage Broker?

Mortgage brokers are intermediaries who stand between the borrower and a panel of lenders; their job is to understand the borrower’s financial situation and goals (brokers have a duty of care not to recommend a loan that will cause the borrower “undue hardship"). They match the borrower to a suitable loan, and package the loan to the recommended lender.

How Does A Mortgage Broker Get Paid?

A mortgage broker is paid a commission by the lender, and under legislation – the National Consumer Credit Protection Act – the estimated commission is disclosed prior to any application being made on behalf of the borrower.

Why Use A Mortgage Broker?

  • Rates: mortgage brokers know where to find the best interest rates. Interest rates aren’t everything but the difference in a 25-year, $500,000 standard variable loan at 4.7 per cent, and the same loan at 5.7 per cent, is $294 each month.
  • Fees: You don’t have to pay for the services of a broker. They are paid commissions by the lender once your loan settles.
  • Expertise: brokers work in this market every day, so they can ensure their client is taking on a loan that suits them and their goals. From a basic variable rate loan, to a 100% offset account mortgage – and all the points in between – brokers work with you to not only find the right loan, but keep you out of the wrong one.
  • Selection: most borrowers start with their current bank or lender, and perhaps research one or two other loan providers. A mortgage broker has hundreds of loans they can show you and most have software that can search the loans by your own criteria.
  • Time: it’s time-consuming work to create a short list, hit the phone and make appointments with loan managers. Brokers take the leg work out of the process, create a short list with the pros and cons of each loan, and then initiate the application from their office and manage the process through to settlement.
  • Paperwork: one of the frustrating aspects of applying for a mortgage (for first-timers and experienced borrowers alike) is completing all the forms correctly so they are not returned for re-submission. Because they are experts, brokers understand the pitfalls of the application process and know how to speed it along.
  • Refinance: brokers are very useful when refinancing an existing mortgage. Refinancing can be complex and even experienced property owners often use brokers to do it.
  • Advice: along with loan selection and applications, brokers can offer advice and experience. For instance, too many unsuccessful mortgage applications can hurt your credit rating: brokers generally know where your application is likely to have the best chance of approval to avoid this problem.

Are You Eligible for the First Home Owners Grant?

​Click HERE to check if you are eligible for the First Home Owners Grant in your state/territory.

Free Mortgage Calculators

Check out all our free Mortgage Calculators HERE.

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