The role of a finance broker is to deal with the lenders on behalf of their client, to arrange a suitable loan for a fee (which is usually paid by the Lender). Mortgage brokers, are finance brokers who specialize in home loans.  

According to the Mortgage and Finance Industry of Australia, brokers are now the number one choice for consumers who are seeking a home loan or to refinance their existing loan.  

The last two decades have seen a substantial change in the Finance market, with many non-bank organizations entering the market and offering a greater choice of financial services with less restrictions than the banks would typically offer.  

Today’s consumers no longer believe that all mortgage products are much the same. They want a better home loan and they are getting it, from mortgage brokers.  

Product complexity combined with banking jargon and benefits phrased in different ways, have made it almost impossible for the average consumer to understand.  

The broker however has been trained and qualified to understand the jargon and be able to explain in simple language, what the different loan products are and assist you in finding the right product that suits your current financial needs and goals.  

Brokers will work with their clients to determine their specific borrowing needs and repayment ability, and select a range of options that match these specific needs and desired outcomes. The broker will see the process through from application to settlement.  

Some benefits of using a broker include:  

  • They do all the legwork for you 
  • You will only need to complete one application   
  • They have access to a wider range of lenders and loans 
  • They have experience and knowledge with all of the different lender’s products