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How Mortgage Brokers Work

A mortgage broker offers loans from a panel of financial institutions, including banks and non-banks.

In Australia now, there are literally hundreds of lenders with many, many more options than was traditionally available in the past. Competition for additional customers is fierce and new home loan products are available every day.

Using a mortgage broker is now an essential part of scouring the market for the right home loan. In simple terms, brokers evaluate your situation against the 20 or 30 lenders on their panel for the best deal.

How can a mortgage broker service be free?

Brokers usually run their own businesses. Lenders work with mortgage brokers because they effectively give the lender a bigger "shop front" without carrying a traditional employee or "bricks and mortar" overhead. Some lenders like Citibank, ING, Macquarie Bank and HSBC have few or no branches and partly rely on mortgage brokers to represent their products. The lender pays the broker fees or commissions for your business.

Just as if you were dealing with a bank manager or lender, these fees do not change the interest rate you pay on a home loan.

To be sure you are being recommended to the right lender, just ask your broker to show you all the lenders on their panel, and what your loan options would be, against each lender's criteria.

X Inc Finance.
Mortgage Brokers Australia.

More Information

The home loan market is very competitive. There are literally thousands of home loan options to choose from and the fastest way to get to the best decision for you is to get assistance.  Make an appointment or talk to a local mortgage broker before making a final decision.  If you have any questions about your loans or how brokers work, please call at any time on 13 XINC (13 9462) or contact us via email and we will return your call within 2 business hours.

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