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

You can get in touch with a licensed local broker in the table below by leaving a few details.

Mortgage broker comparison

Rates last updated August 22nd, 2019
Details Features
Aussie Home Loans
Aussie Home Loans
Aussie is one of Australia's leading financial service providers, having won The Adviser’s Top Mortgage Broker award for the last 3 years. They charge no appointment fees and can meet at a time and place which suits you.
Up to 22 lenders Enquire Now More info
Finsure has loan offers from over 35 lenders, including major brands, and will work to find a home loan that suits your property needs.
Over 35 lenders Enquire Now More info
eChoice Mortgage Brokers
eChoice Mortgage Brokers
When you do business with eChoice you will be given your own home loan manager to help you select a loan. 25 lenders Enquire Now More info
Pepper Money
Pepper Money
Pepper specialises in providing fair home loans to those who are credit impaired - from small defaults all the way up to discharged bankruptcies.
Credit impaired home loans Enquire Now More info

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

Image: Shutterstock

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