How to find the best mortgage broker

Information verified correct on April 30th, 2017

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.

Rates last updated April 30th, 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 20 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
iConnect
iConnect
iConnect has hundreds of loans available through more than 40 lenders in Australia to choose from to find the home loan that is right for you. 40+ 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

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.

Handshake

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.

  • Visits to your home or office at a convenient time
  • Takes the time to explain options and clarify doubts
  • Helps in applying for exemptions and grants
  • Openly discloses favourite lenders and commissions
  • Prevents you from committing common mistakes
  • Offers updates at every step of the way
  • Offers ongoing support in the form of an annual loan review

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:

What to ask your mortgage broker
Title
  1. How many lenders do you have on your panel?
  2. Do you have professional indemnity insurance, as required by the MFAA?
  3. How long can the loan approval process take?
  4. What is the interest rate?
  5. 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:

  • Help in finding a good loan
  • Calculating exact borrowing and repayments
  • Explaining fees and charges
  • Explaining insurance options
  • Offering tips to save money
  • Answering all your questions

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.

Learn more about mortgage brokers

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2 Responses to How to find the best mortgage broker

  1. Default Gravatar
    Myra | June 29, 2015

    If brokers offer different product how do you know they are offering the right one.

    • Staff
      Jodie | June 30, 2015

      Hi Myra,

      Thank you for reaching out to finder.com.au, a financial comparison website.

      Each broker works with an array of lenders and then take your information and compare all the products offered by the lenders they work with to offer you a loan they feel best suits your specific needs. They will always take into account your borrowing needs and your financial situation and will give you an explanation as to why they have selected that particular product for you when they send through their proposal that offers the loan.

      You can view a list of the lenders each broker works with by clicking on their names above in the table which will take you to their specific finder.com.au review pages.

      Regards
      Jodie

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