Mortgage Brokers help you Compare Interest Rates in Australia

Find a Mortgage Broker and Compare Home Loan Rates

Using a mortgage broker in your search for the right home loans can save you a lot of time, stress and money – but who is there to help with the search for the right mortgage broker?

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First Name

Last Name

Email

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Loan Purpose

New Home Loan
First Home Buyer
Refinancing – Home Loan
Refinancing – Investment Loan
Renovation Loan
Property Investment

Loan Amount

Not Sure
$101,000 – $300,000
$301,000 – $500,000
$501,000 – $1,000,000
$1,000,000+

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Full Time
Part Time
Self Employed
Unemployed

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Yes

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What is a mortgage broker?

A mortgage broker does not offer you their own products as a bank, building society or credit union would. Instead mortgage brokers work on your behalf throughout the home loan selection and application process to help you verify your eligibility, explain the mortgage documents, work through settlement with your lender and make the process as easy as possible.

While a mortgage broker does not work for banks and financial institutions in Australia, they do work with them to provide you with a wide selection of choices. As a result you can more easily identify the most affordable home loan for you now, and into the future. Having such choice can also be beneficial if you have a poor credit history, because while your options may be limited when you approach a single lender, with the choices of a mortgage broker you can more easily find a solution.

A mortgage broker is also a dedicated member of the financial services industry and can often organise meetings after hours or in your home, to suit your needs. Plus mortgage brokers will not charge you for their services.

What services do they offer?

In conducting a search for the right home or investment loan, a mortgage broker will be able to help you if:

• You are a first home buyer and want an affordable mortgage with a low interest rate and repayments. A mortgage broker can also help you apply for the grants and exemptions you are entitled to.
• You want to refinance with your current lender, as they can negotiate a better deal.
• You are looking for an investment loan with a low interest rate and easy to manage features.
• You want to access the equity which has accumulated in your home for a renovation, an investment, a holiday or just everyday living expenses.
• You want to find out how to pay off your mortgage faster through refinancing, loan features or lower interest charges.

How to search for a local broker

To help in your search for a local mortgage broker who will listen to your needs and take the time to match you perfectly to a home loan, we have compiled a directory which allows you to search by city or state to find a broker in a location most convenient for you.

Navigating through our Mortgage Broker Finder system you can find out more about the median house prices of the area in which you are looking to buy, you can learn about the demographics of the area and choose from an extensive list of the top brokers in that area too. You can then submit an enquiry through Home Loan Finder, with details of your home loan needs and your chosen broker can come to your home, office or local cafe to help you select the right loan for you, negotiate the lowest interest rate with your chosen lender, meet any non-conforming loan needs, confirm your preapproval and compile the application for you.

The Australian mortgage brokering industry

In the 1980s the Australian finance industry was deregulated, which allowed for much healthier competition between lenders on interest rates, fees and home loan features. However, with such competition and choice, Australians soon realised they couldn’t compare all of these loans on their own and so the mortgage brokering industry developed and grew. Today almost 37% of all home loans are organised through mortgage brokers or mortgage managers.

So what is the difference between a mortgage broker and a mortgage manager? Following are the three main players in the Australian finance industry you need to know about:

• Traditional lenders – A traditional lender is a bank, credit union or building society, and these groups are known as Authorised Deposit-Taking Institutions (ADI) as they use their own funds from savings and investment deposits, to fund their home loan products. You can apply for a loan directly from the lender, or through a mortgage broker. Once your loan is approved and settled, the lender administers your loan for the entire term.
• Non-traditional lenders – Also known as non-bank lenders or non-conforming lenders, non-traditional lenders obtain their funds from investors, financiers or trust funds. Non-traditional lenders may package their loans to be distributed by a mortgage manager or a mortgage broker. A non-traditional lender can often be more flexible in their lending criteria.
• Mortgage brokers – A mortgage broker is an intermediary between you and the lenders, dealing with both traditional and non-bank lenders. Mortgage brokers offer you a selection of loans as they are not affiliated with one particular lender, and they will also continue to monitor your home loan and your usage after settlement to ensure the product is still working for you. Plus, from 1 July 2010 all mortgage brokers operating in Australia must be registered with ASIC to ensure adequate regulations and monitoring, and maintain licensing obligations.
• Mortgage managers – Also acting as an intermediary between you and a lender, a mortgage manager will actually provide, administer and manage your home loan from the time of application, throughout the life of your loan. A mortgage manager is paid through the loan application fees, but your repayments are made directly to your lender.

How to choose the right broker

Mortgage brokers are not just offering their advice and administration skills, they are experts in the home loan and finance fields and therefore in your comparisons of mortgage brokers you want to make sure you are working with the most informed and experienced broker, and one who has all of the necessary licenses and qualifications.

Therefore, when you are comparing mortgage brokers make sure to look for:

• A broker registered with ASIC. Not only are mortgage brokers required to register with ASIC to operate in Australia, ASIC also enforces a required level of experience and education, and require that mortgage brokers undergo continued training. Members must adhere to a code of practice, ethical behaviour, professionalism, transparency and full disclosure.
• Broker memberships. There are a number of other industry associations your mortgage broker can be a part of, to help them stay in touch with the industry and update their skills. You can look for a broker who is a member of the MFAA or the FBAA as this shows a dedication to their work and a transparency in their skills and experience.
• Current information and technology. Your mortgage broker should be using specialised software to enter and assess all of the information you are telling them in your appointment. This will allow the broker to identify a loan which is best for you, and then explain your options, the loan features and costs.
• Customer service. You should expect nothing less of your mortgage broker than you would any other service provider, so take note of how your enquiry is handled, whether you were kept on hold, and the manner and attitude of the broker. Also make sure your broker provides you with the paperwork they say they will, when they said they would, and if they say they will call you, make sure they do, rather than you having to follow them up.

Finally, in most states in Australia it is a requirement by law that your mortgage broker provide you with a Finance Broking Contract. To help you ensure your broker is doing their job correctly and keeping you informed, you should expect a contract which includes:

• The loan amount you need.
• The term of the loan – for example 20 years or 30 years.
• The maximum repayment you will need to make, including all loan fees.
• The maximum interest rate, including the revert rate if there is a honeymoon period.
• The deadline for finance to be obtained.
• An acknowledgment that your broker’s recommendations were drawn from a range of lenders, but not necessarily from all lenders who offer the type of lending required.
• The name and address of the mortgage broker.
• The mortgage broker’s ACN.
• The name and address of principals, if the broker is trading under a business name.
• The commission which you have to pay to the broker, as well as when and how this payment is to be made.
• A statement of financial or other benefits which will be received from a source other than yourself.
• A disclosure of whether the broker can recommend or determine loan conditions, and the effect of these conditions.
• Any financial benefits payable to third parties.
• Details of interests or relationships which could influence your broker’s recommendation.

Now that you know what you are looking for in the perfect mortgage broker you are ready to start your search, so start your comparisons of mortgage broker by your state or city now.

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