home loans, loan refinancing Australia wide

home > loan guide > using a mortgage broker

Using a mortgage broker

Instead of you trailing from lender to lender, making endless phone calls or trawling the internet, a mortgage broker can do it all for you. If you chose the go-it-alone route, you might be lucky to compare three or four different products. Mortgage brokers can compare hundreds! 

A good mortgage broker will also help you to understand the various deals that are on offer, explaining all the features and details that might make a big difference to your repayments. And what’s more, your mortgage broker will lodge your application (in many cases electronically, saving time) and chase it through with the lender – so you don't have to! Your broker is the single point of contact for you throughout the process.

While using a mortgage broker can result in substantial savings in time and money for borrowers, choosing the right mortgage broker is the key.

Checklist for choosing a broker

Our checklist can help you make this important decision. Your mortgage broker should be:

• A full-time mortgage specialist.
• A member of the Mortgage and Finance Association of Australia (MFAA).
• Part of a reputable company network with Head Office support and professional training.
• Free of charge.
• Happy to disclose fees and commissions.
• Covered by professional indemnity insurance.
• Have access to a broad panel of financial institutions (20+).
• Have specialist software to compare home loan products, qualify borrowing power, and electronically submit loan applications to lenders.
• Have a detailed customer charter setting out how they work.

More in this section: Using a mortgage broker Glossary Fixed or variable? Split loans Basic home loan Honeymoon loans No deposit home loans Redraw facility 100% offset account Line of credit Professional packages Low doc loans Bridging loans Reverse mortgages Family products Aged care accommodation bond finance