Competition in the mortgage industry has increased significantly over the last few years. Banks and Lenders now offer literally hundreds of home loan products and while the options are great for consumers, they can be confusing. A Professional Mortgage Broker will help you evaluate your situation against the 20 or 30 lenders on their panel and help you to find the loan that meets your requirements. A good mortgage broker will also negotiate on your behalf and help you with the co-ordination of your paperwork and make sure you settle on time. If you would like to talk to a mortgage broker about home loan options that are in your best interest, call us on 02 49 400684 or email us the form on this page and we will return your contact within 2 business hours.
How can a Mortgage Broker Service be Free?
Most mortgage brokers can offer a free service for residential home loans. We offer this service to consumers at no cost and instead receive a fee from the lender you place your home loan with. All lenders on the broker’s panel pay these fees so it doesn’t matter which one you choose to go with. Lenders work in this way because it gives them a bigger ‘shop front’ and allows them to reach a wider market without the costs of paying a traditional employee or opening up numerous branches. Some lenders like Citibank, ING, Bank West and Heritage have few or no branches and partly rely on mortgage brokers to represent their products.
Other lenders like CBA, Westpac, ANZ, NAB and St George have their own branch networks, but simply extend their access to customers through the mortgage broker network.
Simply put, the lender will pay the mortgage brokers fees and commissions. You do not pay any fees and the lender does not charge you more or increase your interest rate because you are using a broker. Rather, you are likely to get a better deal because the broker knows the lenders’ products, and has an established relationship with the lender that allows them to negotiate on your behalf.
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.