Refinancing

A mortgage broker is a professional who acts as an intermediary between individuals or businesses seeking finance and potential lenders (like banks, credit unions, or other financial institutions). Their primary role is to help borrowers find the best mortgage options suited to their needs by comparing various loan products from different lenders.

1. The broker works with the borrower to understand their financial situation, credit history, and the type of property they want to buy, then helps identify the most appropriate mortgage products.

2. The broker has access to multiple lenders and loan products, so they shop around to find the best rates, terms, and conditions for the borrower. They can provide options that a borrower may not easily find on their own.

3. Brokers assist borrowers in gathering the necessary documentation, such as income verification, credit reports, tax returns, etc., to apply for a mortgage.

4. The broker submits the borrower’s mortgage application to lenders on their behalf, facilitating the loan process.

5. The broker may negotiate on the borrower’s behalf to secure favorable loan terms, such as lower interest rates or reduced fees.

Access to over 40 Lenders: Brokers have relationships with many lenders and can help borrowers access loan products & interest rates they may not find independently.

Expertise: Brokers understand the mortgage market and can help navigate complicated lending scenarios & loan processes.

Time-Saving: Brokers save borrowers time by comparing loan options and handling all the paperwork.

In essence, a mortgage broker simplifies the mortgage process, helps find competitive loan options, and ensures a smoother experience for the borrower.

1. Best interest duty (BID) requires mortgage brokers to act in the best interests of their clients when providing credit assistance. Best interest duty only applies to mortgage brokers, not banks! So unlike when you go directly to a bank, your broker is required by law to act in your best interests.

2. Mortgage brokers provide access to banks, credit unions, specialist lenders & private lenders giving you access to a broader range of loan products and interest rates. Brokers can shop around to find the best deals for your financial situation, saving you time and money.

3. Brokers are experts in the mortgage industry and can help explain the different types of loans, interest rates, and terms available. They can also guide you through the entire application process.
They are skilled at navigating complex paperwork, ensuring that you meet all the requirements for approval.

4. A mortgage broker can take the time to understand your unique financial situation (e.g. income, credit score, deposit) and recommend the most suitable loan options. They can also assist if you have a less-than-ideal credit history or non-standard income, finding lenders that specialize in those situations.

5. Brokers handle much of the legwork for you. They can gather documentation, submit applications to multiple lenders, and negotiate terms on your behalf. They save you the hassle of contacting multiple lenders to compare rates and products.

6. A mortgage broker may have access to lenders who are more flexible in their lending criteria, potentially improving your chances of getting approved, especially if your financial profile doesn’t meet the rigid requirements of a traditional bank.

7. The lender pays the mortgage broker, not the borrower so you get access to the expertise & personalised service of a mortgage broker without having to pay for it. A win-win!

If you go directly to the bank, you'll never know if there is a better deal available through another lender. Choosing a home loan is one of the biggest financial decisions of your life! A mortgage broker builds a relationship with you, a bank treats you like another number. It's a no-brainer!

Our service is complimentary as we are paid lender commissions.

Mortgage brokers are paid an upfront commission by the lender after your loan settles, calculated as a small percentage of the loan amount, minus any balance in offset. The upfront commission remunerates the broker for their time & expertise in matching your needs with potential lenders, conducting credit analysis & preparing your loan application. Your broker liaises with your lender & settlement team to ensure your loan settles smoothly.

Brokers also receive a monthly trailing commission, based on a small percentage of the loan balance, minus any balance in offset. Trailing commission rewards a broker for providing continued support & expertise throughout the life of your loan. We provide every client with an Annual Home Loan Health Check, which includes negotiating better rates without refinancing where possible.

All of this information is documented in your Statement of Credit Assistance, which you will receive before proceeding with a loan application.