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Credit services for Aussie Select, Aussie IQ and Aussie Optimizer products are provided by AHL Investments Pty Ltd ACN 105 265 861 Australian Credit Licence 246786 ("Aussie"), and its appointed credit representatives. 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 Optimizer products is provided by Perpetual Limited ABN 86 000 431 827 (Lender). Credit for Aussie IQ is provided by Macquarie Bank Limited ABN 46 008 583 542 AFSL and Australian Credit Licence 237502. Home loans issued by the Lender are serviced by Macquarie Securitisation Limited ABN 16 003 297 336, Australian Credit Licence 237863 (MSL).

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. ©2018 AHL Investments Pty Ltd ABN 27 105 265 861 Australian Credit Licence 246786.

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Aussie Home Loans is both a lender and a mortgage broker, and offers a range of services.

  • 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.
  • Over 1000 brokers who are able to help you in your local area.

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The Adviser’s number 1 placed mortgage broker 5 years running (2013-2017)

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
Yellow Brick Road
Yellow Brick Road
Yellow Brick Road has over 40 lenders on their panel, as well as their own competitive home loans. 40+ lenders Enquire Now More info
Mortgage Choice Home Loans
Mortgage Choice Home Loans
Mortgage Choice is one of Australia's largest independent broker services. They have over 28 lenders on their panel, including the big four banks. 28+ lenders Enquire Now More info
Finsure
Finsure
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

What is a mortgage broker?

mortgage-broker1A mortgage broker is a professional who compares and helps you apply for home loans on your behalf. A good mortgage broker will give you personalised service all the way through to settlement.

Many brokers are happy to work around your schedule, and will organise meetings after hours in your home. Plus most mortgage brokers will not charge you for their services — they are paid by the lender. While a mortgage broker does not work directly for banks or financial institutions, they do work with them to provide you with a wide selection of choices.

Brokers can also be tremendously helpful if you have a poor credit history, because while your options may be limited when you approach a single lender, the wide array of choices offered by a mortgage broker may be able to help you find a solution.

How can I benefit from a mortgage broker?

A mortgage broker can offer a range of home buying and home loan services which can help make the transition from renting to buying, or the transition between properties smoother and easier on your time. However mortgage brokers services are not for everyone and if you prefer to be in control of your choices and have access to the full range of Australian home loans on offer you may prefer to go direct. You can benefit by making your own comparisons by going directly to the bank because:

  • A mortgage broker is a middleman. A mortgage broker will liaise between you and the lender during the entire application process, so you are unlikely to even meet a lender representative because the paperwork can be processed through your mortgage broker. This means that you may not get a chance to find out about the sort of service you will receive from your lender, or get to know your bank manager if you need to ask a question or find out more.
  • A mortgage broker submits the loan on your behalf. A mortgage broker will provide you with a range of loan options, and will then complete the paperwork on your behalf and submit that paperwork to your lender. This means you have less involvement in the application process.
  • A mortgage broker means you don't spend time comparing loans. This can benefit you if you don't have the time to compare loans yourself, however mortgage brokers will not show you all of the loans on offer from Australian lenders. This means you won't learn how to compare loans yourself, as your broker will be doing this for you.

How do mortgage brokers get paid?

Mortgage brokers receive a commission from lenders. This compensation will vary depending on the lender as well as the size of the transaction.

Upfront commission

Upfront commission is the commission a broker receives for introducing the home loan customer to the lender. It is normally around 0.3-0.5% of the loan value. For example, for a $850,000 mortgage, a 0.3% commission would amount to approximately $2,550 in the broker’s pocket.

Trail commission

Trail commission is a recurring commission that is calculated based on the remaining loan amount each year, which is paid to them on a monthly basis. Some lenders offer an ongoing commission of 0.1-0.2% based on the remaining value of the home loan. This commission is paid for the broker providing ongoing service to the client.

Being paid a commission doesn't always mean, however, that the interest rates offered by brokers are higher than those offered directly by lenders. Banks generally see the value in paying commission to brokers because they introduce more customers than a bank's own branch network, and they handle the ongoing customer service after the loan is settled.

Some brokers do charge a fee for their services, but these brokers generally offer services above and beyond sourcing home loans. A mortgage broker who charges a fee might also put together a budget for you, help you identify areas in which to buy and might also be a licensed financial planner who can offer investment advice and build an ongoing strategy for your finances.

Who are some of the major home loan brokers in Australia?

There are a number of large mortgage broker networks across Australia, which means you're likely to find an experienced broker nearby, no matter where you live. Here are just a few:

Aussie Mortgage Brokers

Aussie was one of Australia's pioneering mortgage brokers. The company is a franchise brokerage, which means all franchisees are held to a high standard to ensure a consistent level of service. Aussie has access to more than 20 lenders.

More about Aussie Mortgage Brokers

Finsure

Finsure is a mortgage aggregator. This means it provides a lender panel and service to independent mortgage brokers. The company works with more than 1,000 brokers nationwide, and has access to more than 35 lenders.

More about Finsure

eChoice

eChoice is a digital brand that combines technology with a personal touch to meet its customers' unique home loan needs. It has access to 25 lenders and hundreds of different loan products.

More about eChoice

iConnect Financial

iConnect is a franchise brokerage arm of leading mortgage aggregator Connective. iConnect has access to more than 40 lenders, and provide individually tailored service to their clients.

More about iConnect Financial

mortgagehelp-

How do I compare to find the best mortgage brokers?

Ask for recommendations

Friends, family and colleagues can be great sources of recommendations. Many of the best brokers source the majority of their business from referrals. Ask around and see if anyone you know has had some experience with a good mortgage broker.

Do your research

Mortgage brokers may have access to hundreds of different loan products, but it doesn't hurt to spend a little time researching your options on your own as well. Remember, this is your mortgage and it will be with you for a couple of decades to come. Arming yourself with information will help both you and your broker.

Special deals might mean special conditions

If a mortgage broker recommends a special deal, always ask if there are any special conditions attached. For example, a super-cheap interest rate with one particular lender might be unbeatable in terms of rate, but the conditions could include penalty fees for extra repayments. Other special deals may include introductory offers that sound incredible, but which revert to a much higher interest rate once the introductory period is over. Always check if there are conditions attached to any special deals you're offered.

Keep notes

Start a folder and keep written notes of any contact you receive. Include details such as time, date, names and any offers you receive in writing from brokers. This can be invaluable later in case of a dispute.

Approach more than one broker

Always keep in mind that different mortgage brokers will often have different lenders on their list to recommend to you. This is because each broker must gain accreditations with each individual lender in order to offer you that bank's products. For this reason, not all brokers will have access to absolutely every lender available in the entire country. They may choose a selection of preferred lenders and banks that represent a broad cross-section of clients well and stick with those.

If you consider that not every broker may end up with access to every lender available, it could be a wise decision to make an appointment to talk with two or three different brokers. This may give you access to a wider selection of banks and lenders than you might otherwise have had.

Questions to ask your mortgage broker

1. What credentials do you have?

You will want your mortgage broker to have the relevant mandatory courses completed as well as other additional education to better guide their choices. You'll also want to ensure your broker is registered with the Australian Securities and Investment Commission (ASIC) either as a license holder or a credit representative. You can check ASIC's register here.

2. Are you a member of an industry association?

Mortgage brokers are required to be a member of an industry association, either the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA). The MFAA and FBAA set standards of practice and discipline for their members.

3. Are you a member of an external dispute resolution (EDR) scheme?

By law, mortgage brokers are required to belong to an EDR scheme, either the Credit and Investments Ombudsman (CIO) or the Financial Ombudsman Service (FOS). An EDR scheme provides consumers an avenue to resolve complaints should problems arise with a broker’s service.

4. How long have you been in the industry?

The length of time that the broker has been in the industry will reflect their experience, so you may want to opt for a broker with more years in the business.

5. Do you charge a fee?

While most mortgage brokers don’t charge their clients, some do, so you should pose the question to the broker at the start so you’re clear about all the costs involved.

6. How many lenders do you have in your network?

As a rule of thumb, most brokers have access to 20-30 lenders. You want to ensure that the broker has a diverse range of lenders in their panel, including banks and non-bank institutions.

7. How much commission do you make?

To understand the broker’s motivation, you should ask how their commission structure works. This may help you determine whether or not there is a conflict of interest at play.

8. Do you have any testimonials?

A successful mortgage broker who has developed positive broker client relationships will be happy to provide you with testimonials from past clients to vouch for their quality of service.

Questions to ask about the loan

1. What is the interest rate?

The answer to this question determines how much you'll repay on top of what you borrow. Interest accrues over the life of the loan, and with the average mortgage lasting 15 years you want to make sure your rate is affordable.

2. Is the rate permanent or just a promotion?

Lenders often give new borrowers an attractive low rate to win their business. This low rate is normally temporary, and sees you revert to the lenders standard rate when the promotional period is over. Find out whether the advertised interest rate is permanent, and if it isn't what's the lenders standard variable rate. There's no point getting a great rate for a year if you're going to pay over the odds for the remaining term.

3. Why have you selected this loan for me over other loans?

By law, mortgage brokers must choose a home loan for you that is "not unsuitable". This means the features, rates and fees should be a good match for your personal circumstances. Make sure you find out how your broker arrived at the decision to suggest a particular home loan for you, including which of your personal circumstances were taken into account.

4. How much of a deposit do I need?

Ask how much of a deposit the lender wants, and find out whether the size of the deposit affects the interest rate of the loan. Sometimes a lender will give you a better rate of interest if you put down a larger deposit. A smaller deposit may also mean that you have to pay a lenders mortgage insurance (LMI) premium.

5. Can I make extra repayments and/or repay my loan early?

The quickest way to repay your mortgage and save money in interest is to make overpayments whenever possible. Double check your lender is happy for you to do this without penalty. Some lenders charge an admin fee to process the additional payment. Whilst you're on the subject of overpayments you should also find out whether your monthly payments adjust in line with any additional payments you make.

6. What are the additional charges?

The most common charges you'll run into when getting a home loan are valuation fees, application fees, and legal fees. It's not unusual for lenders to run special promotions where you get free valuation or help with fees. Ask if there are any additional charges, and find out whether they can be paid upfront or have to be added to your loan.

7. What documents will I need to provide?

Normally lenders need to see three to four months' worth of bank statements, along with a couple of forms of I.D, and proof of your assets and liabilities. Ask whether your lender has any other requirements as this will speed up your application process. Read our home loan checklist for more information

8. How long does it take to process the loan?

In the property market a few days can make a big difference. Try to get an estimate of how long the application process will take, and don't try to settle on a property too early into the process. It's a good idea to get a pre-approval before you go hunting for the home of your dreams.

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How does a mortgage broker become accredited?

Mortgage brokers receive licensing by the Australian Securities and Investment Commission (ASIC). They can either hold an Australian Credit License (ACL) or be a Credit Representative under an individual or company's ACL. Credit Representatives have more restrictions in the services they are allowed to provide.

A broker must complete a minimum of a Certificate IV in Finance and Mortgage Broking. They also have to belong to a professional organisation, either the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA). Brokers also must hold professional indemnity insurance, and belong to an external dispute resolution (EDR) scheme.

How does a mortgage broker establish a lending panel?

While some brokers maintain direct accreditations with lenders, lenders often have volume and compliance standards that may be difficult for a broker to achieve on their own. As a result, many brokers use an aggregator or a “dealer wholesaler” to access major lenders and maintain their accreditation.

Who are aggregators?

Aggregators can be wholesale businesses or fully franchised brands such as Mortgage Choice or Aussie Home Loans. They provide brokers with access to a panel of lenders. Coupled with their lending panel, aggregators often provide brokers with additional services such as mortgage comparison and customer relationship management (CRM) software, mentoring, ongoing education and compliance support.

Does the aggregator charge a fee?

The aggregator will charge a fee for offering the broker access to their lender panel and additional services. This fee is normally a percentage of the upfront or trailing commission, or it could be a flat monthly or annual fee.

Some aggregators may also charge a joining administration fee.

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25 Responses

  1. Default Gravatar
    LeaApril 19, 2018

    I would like to find a financial advisor in my area Melbourne post code 3162

    • finder Customer Care
      NikkiApril 19, 2018Staff

      Hi Lea,

      Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?

      To speak to a mortgage broker in your area, scroll down to the page to find “I’m ready to find a mortgage broker” and on the Australian map click the city where you live. That will direct you to the mortgage brokers in your area. Choose the company/provider that you piques your interest most and click ENQUIRE NOW.

      Please note that we’re a product comparison website and we hold no affiliation with any company we feature on our site. We provide general information on products to assist you in your buying decision process hence we cannot recommend product / service that is rightfully fit for you.

      Hope this helps! Feel free to message us anytime should you have further questions.

      Cheers,
      Nikki

  2. Default Gravatar
    angelaMay 27, 2017

    I would like to get a new home loan in sydney australia for investment.currently i had already a unit in melbourne. any other enquiry please your contact number/email.
    thank you

    • finder Customer Care
      LouMay 29, 2017Staff

      Hi Angela,

      Thanks for your question.

      If you want to get in touch with a mortgage broker in your area, kindly click the “Enquire now” button above.

      Cheers,
      Anndy

  3. Default Gravatar
    MohammadOctober 27, 2016

    Which banks provide halal home loan?
    In some country HSBC and citi bank has halal loan. Do they have halal home loan in Australia?

    • Default Gravatar
      JodieOctober 27, 2016

      Hi Mohammad,

      Thank you for contacting finder.com.au we are a financial comparison website and general information service.

      There are lenders that will offer sharia-compliant home loans but these are specific specialist lenders, which we outline on our page regarding Islamic Home Loans here.

      Regards
      Jodie

  4. Default Gravatar
    SandyOctober 21, 2016

    Does A broker have to tell you if they plan to sell your loan in the future.
    Can they do so without giving you a chance to refinance with a company(bank) of our own choice.

    • finder Customer Care
      JenniferOctober 24, 2016Staff

      Hi Sandy,

      Thank you for contacting finder.com.au we are a financial comparison website and general information service and therefore can only offer general advice and information.

      A mortgage broker does not actually hold your loan once the loan documents have been signed the loan is held by the lender. Broker may sell their client book onto another broker however this only affects any residual commission that may be being earnt by the broker on the loan they assisted you in getting but won’t affect your actual loan.

      If you have any concerns please speak to your broker or lender direct or seek the advice of a financial advisor.

      Regards,
      Jennifer

  5. Default Gravatar
    EmilyAugust 6, 2016

    Hi, I’m planning to buy my first house that worth $520,000. I’m able to pay 20% deposit. I don’t have any debt or credit card debt. However, I’m earning $37,000 p.a. permanent part time. how do I take out the 80% of the home loan. Thanks

    • finder Customer Care
      MayAugust 8, 2016Staff

      Hi Emily,

      Thank you for your inquiry.

      Generally, your approval for an 80% Loan-to-Value Ratio (LVR) would entirely depend on the assessment of the lender of the financial factors concerning your ability to repay, income, assets, debts and credit rating. Your capacity of paying a 20% of the property’s value may be a good indicator that the lender may approve you for a loan, but please keep in mind that all other factors will be accounted for.

      If you want to get information on how to calculate your Loan-to-Value Ratio and your high LVR home loan options, please feel free to visit this page. For any professional advice concerning your other home loan options, speaking to a mortgage broker (above) would greatly help.

      I hope this has helped.

      Cheers,
      May

  6. Default Gravatar
    dpJune 24, 2016

    Hi, I am 72 years old, have a full time job and I get finance assistante from centrelink. My question is can I apply for investment home loan ? If yes then who is the mortgage broker or bank I should go. Thanks.

    • finder Customer Care
      MarcJune 24, 2016Staff

      Hi Dp,
      thanks for the question.

      I’m unable to say whether or not you could apply for an investment home loan as each lender has their own unique lending criteria which they’ll use to evaluate your application. I would recommend either contacting a number of lenders to find out their eligibility criteria or alternatively contacting a mortgage broker and finding out which lenders they think you will be approved with.

      I hope this helps,
      Marc.

  7. Default Gravatar
    March 2, 2016

    Can I get a loan for building on my land I own. On centrelink and banks are not willing

    • finder Customer Care
      BelindaMarch 3, 2016Staff

      Hi Sarah,

      Thanks for getting in touch.

      We have a page about home loans for Centrelink recipients where you can see which benefits are accepted by lenders and you can enquire with a mortgage broker.

      You can compare several construction and owner-builder home loans on this page but unfortunately most lenders restrict the loan amount to 60% of the total land value and construction cost. If you don’t have a stable income source or sufficient savings, it may prove difficult to qualify.

      Feel free to read our tips about how owner builders can increase their chance of getting approved for a loan.

      Thanks,
      Belinda

  8. Default Gravatar
    JacDecember 9, 2015

    Hi, we currently live in WA but plan to buy our first home in Tasmania – hopefully in the next 6-12 months. Should we be looking at finding a mortgage broker here, or in Tas? Or does it not really matter?

    Thanks :)

    • finder Customer Care
      BelindaDecember 10, 2015Staff

      Hi Jac and Noah,

      Thanks for your inquiry.

      finder.com.au is an online comparison service so we are not licensed to provide you with specific personal advice regarding where you should consult the services of a mortgage broker.

      If you intend to purchase a property in TAS, then I believe you may benefit from using a broker that has expert knowledge of the property market in that location. Additionally, a broker in TAS would be aware of relevant fees and legislation related to your property purchase as these are commonly governed on a state level.

      Thanks,
      Belinda

  9. Default Gravatar
    DanielJune 28, 2015

    First time home buyer:

    I would like to apply for a home loan for rural property in SA, no more than 1 hour from Adelaide. What are the required deposit percentage and what is the max acreage I can apply for and be financed?

    Thanks.

    • finder Customer Care
      BelindaJune 29, 2015Staff

      Hi Daniel,

      Thanks for your enquiry.

      The required deposit percentage and the amount of land you can finance will depend on the lender or issuing provider of the loan. Generally, lenders will prefer that your property is under 10ha and banks will be conservative in their lending for properties greater than 200ha in size. Ideally, you’ll need a 20% deposit of the property value but again, this will depend on the lender.

      On this page you can read more about rural or construction home loans and fill out a form to speak with a specialist from Building Loans Australia about your financing needs.

      Kind regards,
      Belinda

  10. Default Gravatar
    merleMay 31, 2015

    We own our home and want to make renovations and improvements. Can we get some kind of home loan to do this or do we have to get a personal loan. Thanks, Merle

    • Default Gravatar
      DavidJune 4, 2015

      Hi Merle.

      If you’ve owned your home for an extended period of time e.g more than 5-10 or more years, its likely you have equity in the property. I’m assuming you don’t have a redraw facility or if you do the amount available is minimal. I’d suggest a refinance of your home to release the available equity. Hope that helps.

      David.

    • finder Customer Care
      BelindaJune 1, 2015Staff

      Hi Merle,

      Thanks for your enquiry.

      Depending on the nature of your renovation, you may want to consider a line of credit loan or a construction loan.

      You can find details about these types of loans on this page.

      Thanks,
      Belinda

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