How Do Mortgage Brokers Work

Using a mortgage broker is essential for finding the home loan that is in their best interest. There are many great home loan deals around if you know where to look and who to ask.

Nearly half of Australian home buyers now use a mortgage broker to find them the home loan that is in their best interest. Every day,Loan Market mortgage brokers link home owners, investors and business people with the best finance products available from their panel of major banks and lenders.

Loan Market mortgage brokers especially understand the real estate market, and have access to a range of major banks and secure lenders. They use their knowledge of the home finance market and the assistance of specialised lending software to help you find the home loan that is in your best interest now, but with the flexibility for future changes. Our mortgage brokers will then take over the legwork and guide you through the application process until your home loan is settled.

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Your mortgage broker will:

  1. Discuss your existing situation, your home loan needs and requirements, and obtain all necessary information pertaining to your home loan application.
  2. Explain the types of home loans available to you from a range of banks and specialist finance companies.
  3. Based on the information provided by you and utilising specialist home loan software, match your home loan requirements to a selection of home loan products offered by our panel of lenders.
  4. Provide an overview of your ‘Purchase Budget’ incorporating the relevant costs associated with your home loan application in writing.
  5. Provide an in-depth overview of the home loan product or products you select in writing.
  6. Complete and package your home loan application and deliver it to the lender’s assessment team on your behalf.
  7. Act as an intermediary between you and the lender, negotiating the terms and conditions of your loan. They will also answer any questions the lender’s assessment team may have.
  8. Liaise with your solicitor, real estate agent and accountant and any other related parties to ensure a smooth and timely settlement.
  9. Assist with any future home loan requirements, whether you wish to check, change or top-up your loan.
  10. Act as a valuable information service beyond the settlement of your loan by providing you with relevant information on the home loan market, updates on products and special offers that may be of interest to you.

Why is a consultation with a mortgage broker free?

When you decide which lender you want to work with, that lender pays the broker fees or commissions for directing your business to them. Your interest rate will be just the same as if you were dealing directly with a bank manager or lender yourself. To be sure you are being recommended to the right lender, just ask your broker to show you all the lenders on their panel, and what your loan options would be, against each lender’s criteria. A good mortgage broker will provide you with a range of suitable options without the need to ask. You can also ask to see the commission your mortgage broker will make from each lender; in some states this is a requirement.