Find a mortgage broker

Applying for a home loan can be stressful even in ordinary circumstances. But if you’ve faced financial challenges or credit-related issues, applying for a home loan can be a painful experience. To try and avoid this stress, consider consulting a mortgage broker as they can help you identify suitable home loan choices and also negotiate with lenders.

A broker based in your neighbourhood may also know mortgage providers more familiar with local conditions such as the average wage people earn and how much they tend to borrow. The expertise and local connections offered by mortgage brokers may be difficult to find through any other single source.

A mortgage broker is a loan industry expert who helps everyday Aussies get a home loan. They offer a wealth of experience in dealing with lenders when applying for home loans and can be especially helpful to those facing difficulties in applying or whose applications have been rejected.

Further, mortgage brokers can help you decode the complex jargon used by lenders in the terms and conditions of a loan. In some cases, mortgage brokers may also negotiate with lenders and get you more competitive home loan interest rates.

Given their specialised knowledge, mortgage brokers may be able to assess your financial profile from a lender’s perspective. They may also advise you financially while helping you shortlist lenders and apply for home loans that are suitable for you. 

In terms of payment, mortgage brokers generally receive commissions from lenders and may not charge you for their services. Usually, you can count on a mortgage broker to assist you throughout the home loan process until the loan is approved and paid out to you. In some cases, you can continue asking the mortgage broker for financial advice, although this may be a paid service.

Even if you have applied for a home loan before, you may have to compare interest rates and loan terms again, as well as checking your eligibility with each lender. A mortgage broker, being a licensed expert, will likely have easier access to this information and may even offer you a more extensive range of options. This can save you a lot of time and hassle in selecting the right home loan lender. 

Consulting a mortgage broker may also reduce the risk to your credit rating incurred by applying for loans too frequently despite rejections. Making multiple home loan applications tends to impact your credit score negatively and makes being approved for a loan more difficult. A mortgage broker’s guidance may improve the chances of a lender approving your home loan application, and at a lower cost. As a result, you won’t need to submit repeated or multiple applications. 

People usually consult a mortgage broker if they have doubts about the home loan application process or aren’t sure about which lender to approach. Mortgage brokers bring in financial expertise and experience with multiple lending situations that may not be available to you elsewhere. Even if you are familiar with the language used by home loan lenders, you may still struggle with the application process. If you’re a first-time home loan applicant, selecting the loan offer that seems tailored to your needs almost always means relying on others’ financial advice. 

If you’ve suffered bad experiences with lenders before, applying for a home loan through a mortgage broker may make the process easier this time around. Most mortgage brokers have the knowhow to deal with the unusual circumstances borrowers may face, such as poor credit history. Some mortgage brokers also assist people with special circumstances, such as senior Australians and those dependent on welfare payments or pensions. You can also consider approaching a mortgage broker if you need advice about multiple loans or about refinancing an existing loan.

You may have heard that there’s no ‘one size fits all’ home loan that’s the best choice for every Australian borrower. Similarly, the best mortgage broker for one borrower may not be the best choice for the next borrower. For example, a mortgage broker in your area can use their local knowledge to help you choose the right lender and the best home loan for your personal goals and financial situation.

At RateCity, we’ve compiled the details of mortgage brokers located throughout Australia. You can compare mortgage brokers located near you, and read reviews and star ratings from their other customers. Once you’ve found a broker that’s right for you, we can help put them in touch with you to discuss what you want from your home loan.

Ideally, you want to deal with a mortgage broker who understands your specific financial circumstances. You can search online for a mortgage broker, or try searching through the MFAA or the ASIC lists. But before you contact a mortgage broker, you may need to do a little homework.

For instance, comparing different reviews of mortgage brokers may be useful in verifying the mortgage broker’s credentials. Apart from having an ASIC license and MFAA affiliation, the mortgage broker should also have enlisted with an external dispute resolution (EDR) scheme such as the Credit and Investments Ombudsman (CIO) or Financial Ombudsman Service (FOS). You may want to check if they carry professional indemnity insurance which can help you recoup any financial loss caused by issues with the broker’s advice.

Alternatively, you may find brokers from some of Australia's leading broker organisations, including Australian Mortgage Options, Folio Mortgage & Finance, and SAMLoans, as well as numerous other national mortgage broker organisations and aggregators. However finding a mortgage broker is something RateCity may be able to assist with thanks to the RateCity Broker search, providing a nation-wide network of mortgage brokers for you to search from.

Mortgage brokers can get you a better deal

Finding a bargain and haggling down the price at your local markets is one thing, but researching home loans and negotiating with a bank is another. A mortgage broker is a resource you can use to help find you a home loan with an affordable interest rate, including special mortgage offers that aren’t normally advertised. Their relationship with the lender can also help them to negotiate a better deal on your behalf. 

Mortgage brokers can help you complete your application

Home loan applications can be complicated, and lenders don’t always make their paperwork crystal-clear to borrowers. An experienced mortgage broker can manage the home loan application process for you, helping you to save time, avoid rookie mistakes, and improve the chances of your application being quickly processed and approved. 

Mortgage brokers can help you understand your loan options

If you’re not familiar with home loans, it can be hard to know which bank you should apply with. And even if you’ve done your research, a mortgage that looks great on paper may have special requirements or hidden costs to consider.

A good mortgage broker can help you work out which home loans are not only affordable and ideal for your needs, but offer features and benefits that can help you achieve your financial and lifestyle goals.

Mortgage brokers know mortgage lenders

Mortgage brokers work with banks and mortgage lenders every day, and can offer an insider’s view of their home loan credit policies. They can give you a better idea of how strict some lenders are about their paperwork, how long you can expect to wait for a response to your application, and which lenders are easier to deal with.

They can also tell you which lenders offer other banking services you may find valuable, from easy branch and ATM access to smart apps and bundled deals on other financial products. 

Mortgage brokers can find loans to match your special needs

Every borrower is different, but if you’re in an unusual financial situation, or want something special from your mortgage, you may need a non-standard mortgage structure. A local mortgage broker can take you through home loan options that aren’t typically advertised, and help you work out a loan structure that suits your specific requirements. 

Mortgage brokers can give you a stress-free home loan experience

Australian mortgage brokers can walk you through every step of your home loan journey and beyond. Even after you’ve signed on the dotted line, your broker can make sure you keep enjoying great value from your loan, and offer options to refinance if required.