Mortgage brokers in Melbourne

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Upfront consultation fee	Lenders on panel
Promoted LendUs	$0	30	Borrowers can get an upfront cashback of up to 0.1% of their home loan and an ongoing monthly cashback of up to 0.05% when they take out a loan through a LendUs broker.	Go to site More info Compare product selection Compare	loading
Loan Market	$0	60	Loan Market has more than 600 mortgage brokers on hand to help you find the right home loan	Enquire now More info Compare product selection Compare	loading
Aussie	$0	25	Aussie is a mortgage brand which has been helping Australian borrowers for more than 30 years and currently has more than 250 brokers nationwide.	Go to site More info Compare product selection Compare	loading
Rateseeker	$0	30	An online mortgage broker which compares interest rates from more than 30 lenders.	Enquire now More info Compare product selection Compare	loading
Finsure	$0	35	Finsure has a large panel of lenders and offers flexible mortgage solutions for borrowers.	More info Compare product selection Compare	loading

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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.

1. 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.
2. 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.
3. Compare mortgages from multiple lenders. Brokers have a panel of lenders and will present you options from multiple lenders.
4. 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.
5. 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 206 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.

Written by

Richard Whitten

Senior Money Editor

Richard Whitten is Finder’s Senior Money Editor, with over eight years of experience in home loans, property, credit cards and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard started his career in education and textbook publishing in South Korea. He holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communications from Deakin University. See full bio

Richard's expertise

Richard has written 687 Finder guides across topics including:

• Home loans
• Credit cards
• Personal finance
• Money-saving tips