Domain Commercial Real Estate

Do you need a mortgage broker?

October 16, 2017

The broker will assess your financial situation as part of a ‘needs analysis’, and match your requirements to a wide range of loans from banks and other financial institutions; managing the process right through to settlement.

Here are some reasons you might consider using a broker:

  • Brokers will offer loans from lenders they are ‘accredited’ with, known as their ‘panel of lenders’. These lenders may include the large banks, plus specialist ‘non-bank’ lenders and mortgage managers.
  • A broker will search for a deal that meets the customer’s needs, from their panel of lenders. This provides access to a large range of loan options without the customer having to do any of the leg work.
  • A broker has access to loan rates at his fingertips, as well as fees and charges so a clear loan comparison can be made.
  • Brokers also have good relationship with lenders so can usually negotiate a very competitive rate. Lenders receive a significant amount of business through the broker channel so it’s in their best interest to work closely with brokers.
  • The broker’s experience in the mortgage industry will help you make informed decisions and allow you to feel confident throughout the process.
  • The best news is that generally you won’t need to pay your broker: the broker gets an upfront commission from the lender on the loans they settle as well as a trailing commission. 

 

Bear in mind that not all brokers have the same level of qualification or experience.

The Mortgage & Finance Association of Australia (MFFA) sets the highest industry standards and its members are required to adhere to a range of Code Practices, laws and regulations.

To find an accredited, reputable broker, contact the Mortgage & Finance Association of Australia.

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Allhomes acknowledges the Ngunnawal people, traditional custodians of the lands where Allhomes is situated. We wish to acknowledge and respect their continuing culture and the contribution they make to the life of Canberra and the region. We also acknowledge all other First Nations Peoples on whose lands we work.
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