Get the right mortgage for you even if you don't have enough time to compare.
If you're in the market for a home loan, you may figure that wandering into your local bank branch might be the easiest place to start. However, finding a mortgage broker in Sydney gives you the opportunity to compare many different home loan offerings available so you get a better deal.
You also get the benefit of having someone else to do most of the hard work of applying for a mortgage done for you. Read on to find out more about how you can select a professional mortgage broker in Sydney, what areas they service and other useful information when searching for one.
Sydney mortgage brokers comparison
|Broker||Details||Number of Lenders|
Choice Home Loans
Choice Home Loans has a wealth of expertise and knowledge in the home loans market. They have a wide range of lenders on their panel to help you get a home loan for a range of purposes. They work with some big lenders such as ANZ, CBA, Westpac, Citibank, St.George to help you find the right home loan.
eChoice Mortgage Broker
When you do business with eChoice you will be given your own home loan manager to help you select. With the help of eChoice's skilled mortgage professionals and the company's state-of-the-art technology you will be able to choose from a range of hundreds of Australian home loans.
1300 Home Loan
1300 Home Loan has a range of lenders and over 200 mortgage brokers available for potential borrowers, meaning they have a huge amount of experience and knowledge available to help find you the right loan.
Aussie Home Loans
Aussie is one of Australia's leading financial service providers. Having won AB+F Magazine's Mortgage Broker of the Year Award for the last seven years, Aussie is proud to serve the nation with its no-fuss approach to lending, with up to 19 home loan providers to choose from, as well as their own services.
What is a mortgage broker?
The job of a good mortgage broker is to work as the middleman between you and your bank. They help you search for and compare home loans that will be best suited to your individual needs. If you're a first home buyer, you may want to consider using these services.
Mortgage brokers have access to a wide range of mortgage products available from a selection of banks, credit unions, building societies and other non-bank lenders. This gives them plenty of flexibility to search for home loans with discounted interest rates or additional loan features to suit your own financial goals and preferences.
If you find that none of the loans displayed on finder.com.au are suitable for your situation, there is always the option of speak to a broker. They'll be able to help you further should need further help in narrowing down a suitable home loan option.
What areas of Sydney will have a mortgage broker service?
A mortgage broker should happily service all areas of Sydney, including:
The Eastern Suburbs
The eastern suburbs encompass the metro areas directly east and south-east of the Sydney CBD. This may include council areas of Woollahra, Randwick and Waverley, among others.
The Inner West
The Inner Western suburbs generally encompass the metro area directly west of the Sydney CBD. This includes suburbs located between the south shore of the Parramatta River and down to the shore of the Cooks River. This includes suburbs such as Balmain, Concord, Canada Bay, Enfield, Enmore, Drummoyne and Strathfield.
The Northern Beaches
The Northern Beaches encompass the coastal suburbs directly to the north of Sydney. This includes suburbs ranging between Sydney Harbour to the south, Middle Harbour to the west and Broken Bay to the north. This means suburbs such as Collaroy, Brookvale, Manly and Narrabeen.
The North Shore
The North Shore suburbs encompass the metro area directly north of the Sydney CBD. This includes suburbs ranging between the north shore of Sydney Harbour, across to Middle Harbour and over to Lane Cove River. Suburbs included in this area are Wahroonga, Neutral Bay, Waverton, North Sydney and Willoughby.
The Hills District
The Hills District encompasses the suburbs to the north-west of Sydney. This includes the council areas of the Hills Shire, but also some of Parramatta, Blacktown and Hornsby Shire. Castle Hill, Baulkham Hills, Pennant Hills and Rouse Hill are some of the suburbs here.
The Sutherland Shire
The Sutherland Shire encompasses the suburbs within the Sutherland Shire region. This extends from the south of Botany Bay across to the Georges River and includes Cronulla, Miranda, Sutherland, Sylvania and Woolooware.
The Forest District
The Forest District encompasses the suburbs to the north of the Sydney CBD. This mostly includes suburbs within the Warringah Council region such as Forestville, Frenchs Forest, Belrose and Killarney Heights.
Greater Western Sydney
Greater Western Sydney encompasses the suburbs to the west of the Sydney CBD. This includes suburbs within the Council areas of Auburn, Camden, Campbelltown, Bankstown, Blacktown, Blue Mountains, Fairfield, Hawkesbury, Holroyd, Liverpool, Parramatta, Penrith and Wollondilly Shire.
What you can use a broker for:
- Enquire about a specific bank and their products and services
- Know if it's more economical for you to rent or to buy a house
- Working with your vendor
- Finding a loan to access the equity in your home to buy a vehicle or car
- Enquire about the impact of your credit file on your home loan application
- Enquire about a lender's policy
- Discussing your personal and financial situation in regards to your home loan situation
- Enquiring about the early repayment fees on the loan they've recommended for you
- Finding a home loan for vacant land
- Purchasing property overseas if you intend to have the loan issued in Australia
- Non-resident home loans
- General advice about stamp duty
What you can't use a broker for:
- Asking for a home loan top-up (approach your lender)
- Investment and financial advice (including tax matters)
- Finding the right credit card for you
- Finding your lost credit file
- Increasing your borrowing power
- Clear your bad credit
- Advice about negative gearing
- Legal advice
- Personal stamp duty matters
When a mortgage broker secures a loan for you, they're paid a commission through the lender or bank. The commission comes out of the loan interest that is paid to the lender.
A good firm will pay their brokers the same rate, no matter which loan they settle for you.
Legally your mortgage broker is required to disclose all commissions and bonuses that are issued to them. If you have any questions or doubts about your broker, be sure to ask for transparency.Back to top
- Saves you time and effort
- Shopping around is done for you
- Huge choice of home loans
- May uncover deals you may have missed
- You don't pay a fee for broker service
- Can help you avoid hidden bank fees and charges
- Can negotiate on your behalf for better deals
- Can locate banks more likely to approve your application
- Brokers are in business to make money
- Some can be biased towards certain lenders
- They each have a limited panel of lenders, so you may miss out on lenders not in this panel
Where are mortgage brokers located across Sydney?
You should find that there are mortgage brokers located everywhere in Sydney. Regardless of where their primary office location might be, the majority of brokers will drive out to see you at a time and place that suits you – no matter where in Sydney you might be.
Where can I find a comprehensive list of mortgage brokers?
There are so many mortgage brokers in Sydney that it would take up most of this page to list them all. You can log onto the MFAA website and then click on the link that says 'Find An MFAA Member'. Then it's as easy as typing in your postcode into the postcode search box and calling up some of the MFAA-accredited brokers it lists.
Will a mortgage broker charge me a fee?
The majority of mortgage brokers won't charge a fee for their services. You should find most are paid commissions by whichever bank or lender they introduce the loan to. If you do happen to find a broker who charges a fee, ask what that fee is for. You may find some specialty brokers may charge for working with difficult, unusual or complicated loans. This may be true of non-conforming loan specialists and commercial loan specialists, however. Always check that the reason you're given for being charged a fee is valid.
Will my broker work with my vendor to organise the loan side of things?
A good mortgage broker will be willing to work your vendor, solicitor, conveyancer or any other adviser that you have. Before you commit to a broker, remember to ask them if they're willing to work with your team.
Can my broker help me access my equity for my car or vehicle?
If you intend to access the equity in your property its best to speak to your lender first. If your lender can't help you if making the situation difficult, then a mortgage broker would be the next person to speak to. Read more about refinancing your home loan to purchase a car here.
Can my broker help me increase my borrowing power?
Unfortunately your broker can't increase your borrowing power. Your borrowing power is determined by factors such as your credit history, character, income, assets and liabilities. However, you broker may be able to give you advice on how you can increase your borrowing power.
I have a bad credit - can a broker still help me?
A good broker service will have bad credit lenders in their database. This means that if you situation happens to come under 'bad credit', they should be able to assist you with finding a loan. You can find out more about bad credit home loans here.
I'm unhappy with the way my mortgage broker has handled my enquiry. What can I do?
You can submit an official complaint through the broker's internal resolution centre. If you're unhappy with how things are resolved, you can escalate the issue with the Financial Services Ombudsman, who are an independent body who attempt to resolve issues between consumers and financial services. It's required that you attempt to resolve the issue with the broker first before it can be escalated.
How long will a loan take to be approved with a mortgage broker?
The time frames for loan approvals and on through to settlement can vary enormously based on multiple different factors. A more complex home loan application may take longer to assess than a simpler one. You will also find that a construction loan takes longer to move through the process than a loan for a regular purchase or refinance.
Here is a guideline to average time frames for the loan application process:
|Day 2||Loan application process|
|Day 3-6||Conditional approval|
|Day 6-10||Valuation process|
|Day 8-12||Unconditional approval|
|Day 12-20||Mortgage documents issued|
|Day 22-30||Loan settlement process|
|Day 30-31||Settlement – congratulations!|
Click on your state or territory in the map below to find your local broker.Back to top