Mortgage brokers in Melbourne
Find a qualified mortgage broker in Melbourne and start your home loan journey with confidence.
Key takeaways
- A local mortgage broker can help you compare home loans and choose a suitable option, letting you enter the Melbourne property market faster.
- Brokers also help with the application process and are very popular with first home buyers.
- But not every mortgage broker is equally good. As with any professional service provider, you need to find a good one.
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What does a mortgage broker do?
A mortgage broker meets with you and gets an understanding of your property goals and financial circumstances.
The process usually works like this.
- Figure out your goals and needs. This will look a little different if you're a first home buyer racing towards settlement or a refinancer.
- Determine your borrowing power. This is an estimate of how much you can borrow. If you're refinancing the broker will help figure out your equity.
- Compare mortgages from multiple lenders. Brokers have a panel of lenders and will present you options from multiple lenders.
- Assist you in the application process. You choose the loan and lender. Then the broker will help you gather up the paperwork and complete the application process.
- Follow up. Your broker will stay in touch as your application progresses. A good broker may follow up with you in after you've had your home loan for a few years and help you negotiate a lower rate or suggest refinance options.
Learn more about the mortgage broking process
How can I find a good broker in my area of Melbourne?
There are many mortgage brokers working across Melbourne. Mortgage Choice lists brokers in its network within Melbourne and nearby areas, and that's just one broker network.
It's important to find a good broker. And at the end of the day a big part of this comes down to gut feel and whether you feel the broker is helpful and communicative.
But there's a few steps you can take to make sure your broker is a good one.
- Check they are accredited. Check that your broker has an Australian Credit Licence or is an Australian Credit Representative. They are also required to be a member of either the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA).
- Do they have a good lending panel? Brokers can't compare loans from all lenders (there are hundreds of options, so it would be impossible to represent them all). But most will have a large range of different types of lenders. As a guide, you want at least 25 to 30 lenders to make sure you find the one that best suits you.
- What level of service do they offer? The broker should do the hard work for you. But the more you know about the mortgage industry, the easier it is to know when your broker is really doing their best to help you.
- Is the broker experienced? Chances are your broker has an online presence and previous customers who have left reviews of their experience. Read up on your broker's experience and ask friends for referrals.
- Meet in person. At the end of the day a face to face meeting is the best way to get to know a broker. And if you're not convinced then that's fine. Simply look for another broker. They work for you and you're under no obligation to stick with the first one you meet.
How does a mortgage broker get paid?
Instead of receiving payments from borrowers, mortgage brokers are paid commissions from lenders.
Whichever bank or lender you choose via your broker will pay the commission.
According to the MFAA, mortgage broker commissions have three components:
- The upfront commission, which ranges from 0.65% to 0.70% of the loan amount.
- The trail commission, which is paid on an ongoing annual basis and is around 0.15%.
- There is also a clawback component. If a borrower refinances or exits a loan in the first two years of the loan term the broker will have to pay back some of the commission.
More resources on Finder
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Hello, can you help or give advise as to how I get seniors finance or a reverse mortgage loan. thanks paul
Hi Paul,
I hope all is well with you today. Thanks for contacting Finder.
You may reach out to lenders offering reverse mortgages to discuss your options and chances of approval before you send anything final for your application. You can use our comparison table to help find the lender that suits you. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Alternatively, you can speak to a mortgage broker who can take your personal circumstance into account and offer you a range of borrowing options.
To improve your chances of getting approved for a loan, please ensure that you meet the eligibility criteria and requirements of the loan option or lender and make sure to read the details, as well as the relevant Product Disclosure Statements / Terms & Conditions of the loan option before making a decision and consider whether the product or option is right for you.
I hope this helps.
Cheers,
Judith