The easiest way to find the best mortgage broker for you
The best mortgage brokers can turn the task of finding a home loan into a rewarding experience. They'll listen to your requirements, help you decide what features you'd like, and source a number of home loans which would suit you. At all times they'll be available to meet or chat with you about your loan requirements or any questions you have along the way.
Once you've chosen a loan, the best mortgage brokers will make the application process as smooth as possible, helping you complete the application and then lodging the documents on your behalf.
Like any business, mortgage brokers can be range from being experienced, having a large panel of lenders and having great customer service skills, to the opposite. Read on to find out how you can easily find a broker in your local area which will be the best for you. You can also compare national broker networks below.
Mortgage broker comparison
The table below shows a range of mortgage brokers you can enquire with. Click the 'Enquire' button to read a review about a mortgage broker and lodge an enquiry to receive a call back. The call back will be obligation free and won't be recorded on your credit file.
|Broker||Details||No. of Lenders|
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.
What is a mortgage broker?
A mortgage broker can work as an individual or as part of a mortgage brokerage company. In either case, the role of a mortgage broker is to help clients narrow down suitable loans after making them aware of their options. Not all mortgage brokers have access to the same number of products, and this is simply because not all lenders make it to the lists of all brokers.
Most mortgage brokers don’t charge fees from their customers; they receive payment in the form of fees or commission from lenders. As a result, if a lender isn’t on a broker’s list, the broker might not recommend its products owing to what the broker might consider insufficient commission.
Once a broker informs you of your alternatives, he or she can negotiate with lenders on your behalf, and this can get you a better interest rate. With access to information you provide, your broker can even complete your home loan application.
In 2008, mortgage brokers initiated around 35 percent of all mortgage loans in Australia. By March 2012, this figure increased to 43 percent. This only goes to show that the number of people turning to mortgage brokers is on the rise.
What extra services will the best mortgage brokers offer?
You can use the services of a mortgage broker in different scenarios. These could include wanting to buy your first home, wanting to invest in property, looking for refinancing options, or wanting to make use of equity you’ve built in your home. In any such scenario, while a mortgage broker can help you find and compare your options, you can also expect a good mortgage provider to walk that extra mile. As a result, you can expect the following from your mortgage broker.
How to select the best mortgage broker for you
In looking for a suitable mortgage broker know that you can find mortgage brokers who specialise in different areas. If you're looking for a home loan you should look for a broker who specialises in home loans, because brokers who deal in commercial property might not have a comprehensive lender panel for residential home loans. If you suffer from poor credit you can find a mortgage broker who specialises in finding home loans for people with poor credit files.
If you want to ensure that you’re working with a good mortgage broker it is important that you ask a few questions at the very beginning. These include the following:
- How many lenders do you have on your panel?
- Do you have professional indemnity insurance, as required by the MFAA?
- How long can the loan approval process take?
- What is the interest rate?
- What fees does the loan attract?
Mortgage brokers require accreditation from lenders before they start offering their products, and this is another reason why not all brokers have access to the same products. Since no mortgage broker across the country could possibly have access to every single home loan, it’s natural to expect variations when it comes to products they offer. There should be no compromise on the level of service, and this is what you can expect from every good mortgage broker:
It’s important that you don’t end up making a hasty decision when looking for a home loan, and if you don’t feel comfortable with one mortgage broker, you can always seek advice from another. Don’t overdo it with applying for loans, though, as this can have an adverse effect on your creditworthiness.
Compare mortgage brokers today
Working with a good mortgage broker enables you to compare home loans offered by different lending institutions. Your broker starts by informing you of your options in accordance with your specific needs, and you then move on to compare aspects like interest rates, fees, and features. Mortgage brokers negotiate with lenders on behalf of their clients, so this is an aspect you don’t have to worry about either. Last, but not least, your mortgage broker also helps you complete all required paperwork.
What you have to bear in mind is that not all mortgage brokers are as good as each other, and some maybe unsuited to your purpose. This requires that you compare a few before you choose any one. Use finder.com.au to compare mortgage brokers in Australia, and take your first step towards applying for a home loan.