How a mortgage broker can help when refinancing

How a mortgage broker could help you find the best refinancing deal.

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mortgage broker refinance If you're refinancing your mortgage to a new lender, a broker's expert knowledge could help you find a better deal and help you navigate the application process. A broker can:

  • Help you compare cheaper interest rates to work out how much you can save
  • Find mortgages that much your needs
  • Help you through the application process with the new loan
  • Advise you on how best to access your equity

Leave your details and a Sydney-based mortgage broker will get in touch with you.

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Applications are subject to approval. Conditions, fees and charges apply. Please note that you need to be an Australian citizen or permanent resident to apply.

Credit services for Aussie Select, Aussie Activate and Aussie Elevate products are provided by AHL Investments Pty Ltd ACN 105 265 861 (“Aussie”) and its appointed credit representatives, Australian Credit Licence 246786. Credit for Aussie Select products is provided by Residential Mortgage Group Pty Ltd ACN 152 378 133, Australian Credit Licence 414133 (“RMG”). RMG is a wholly-owned subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian Credit Licence 234945. Credit for Aussie Activate products is provided by Pepper Finance Corporation Limited ACN 094 317 647 (“Pepper”). Pepper Group Limited ACN 094 317 665, Australian Credit Licence 286655 acts on behalf of Pepper. Credit services for Aussie Elevate products are provided by AHL Investments Pty Ltd ACN 105 265 861 Australian Credit Licence 246786 (“Aussie”) and its appointed credit representatives. Aussie is a trade mark of AHL Investments Pty Ltd ABN 27 105 265 861. Credit and any applicable offset accounts for Aussie Elevate are issued by Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL / Australian Credit Licence 237879.

Aussie is a trade mark of AHL Investments Pty Ltd. Aussie is a subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124. ©2019 AHL Investments Pty Ltd ABN 27 105 265 861 Australian Credit Licence 246786.

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An Aussie mortgage broker can find the right home loan for you.

  • FREE Suburb and Property Report with every appointment.
  • Access 3,000+ loans from over 20 lenders.
  • Get expert help with your loan application, including paperwork and eligibility.

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The Adviser’s number 1 placed mortgage broker 7 years running (2013-2019)

Compare more brokers in the table below

Updated December 13th, 2019
Name Product Upfront consultation fee Variable rates from Comparison rates from Lenders on panel Apply Now
Aussie
$0
2.99%
3.02%
22
Aussie is a long-established mortgage brand with over 1,000 brokers across the country.
eChoice
$0
3.03%
3.04%
25
eChoice has a network of brokers Australia-wide and convenient online service. They work with lenders large and small.

Compare up to 4 providers

How can a broker help you refinance?

A mortgage broker specialises in helping people find suitable home loans. Mortgage brokers have relationships with multiple banks and non-bank lenders, and while they don't work for these institutions, they work with them to offer you a range of home loan alternatives. These professionals know exactly what the borrowing process entails, including everything from comparing home loans to applying for them and the settlement process.

Want to do it yourself? Read our detailed guide to refinancing

How to compare mortgage brokers when refinancing

Check their qualifications

To start, look for ASIC registrations and Mortgage & Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA) membership. The former is a prerequisite for mortgage brokers to operate in Australia, and ASIC enforces a strict level of education and experience amongst the nation's mortgage brokers. MFAA or FBAA memberships show that the broker in question follows high standards in regard to legal requirements and that they offer thorough transparency in everything they do.

Check their lending panel

The number and quality of lenders on the panel of one mortgage broker is not the same as another's, so you will need to look into this. When you have narrowed your choice down to a few mortgage brokers, you can use feedback and online reviews from previous customers to make a decision.

Review the broker's commission structure

Brokers work for you but get paid by the lender on commission. They're free for borrowers but it’s important that you review the commission structure your mortgage broker uses, to ensure they are going to find the best deal for you.

Johanna consults a mortgage broker

mortgage broker

After researching different home loan products, Johanna felt overwhelmed by the amount of choice available. Unsure about the amount she could afford to borrow and the different rates and features on offer, Johanna decided to speak to a mortgage broker about her borrowing options.

The mortgage broker reviewed Johanna's personal and financial situation and helped Johanna estimate the amount she could borrow from a lender. The broker recommended that Johanna opt for a split-rate loan so that she could take advantage of the flexibility of a variable rate and the security of a fixed rate.

The broker also suggested that Johanna should select a mortgage that allowed her to make unlimited additional repayments, with a redraw facility and an offset account. She explained that these features would help Johanna repay the loan as soon as possible and reduce the amount of interest she'd have to pay over the lifetime of the loan.

Johanna felt relieved that her broker could negotiate for a competitive rate on her behalf and help her through the application process.

Learn more about mortgage brokers

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