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.
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.
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.
What extra services will the best mortgage brokers offer?
The best mortgage brokers will offer a service above and beyond other brokers. This could include:
- Visiting to your home or office at a convenient time
- Taking the time to explain options and clarify doubts
- Helping apply for exemptions and grants
- Openly disclosing commissions
- Preventing you from committing common mistakes
- Offering updates at every step of the way
- Offering 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.
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.