A mortgage broker helps the buyer review their financial situation and work out the type of home loan suited to the buyer. Based on the buyer’s goals and situation, a mortgage broker will recommend a range of home loans that are on their panel of lenders.

Once the buyer chooses the home loan, the mortgage broker will help them prepare and submit their application and supporting documents. The mortgage broker will provide ongoing support until the loan is approved and settled.

People who are planning to buy a home soon can approach mortgage brokers before they start looking. Mortgage brokers can help potential buyers work out how much they can borrow and secure a pre-approval home loan.

Mortgage brokers earn commissions from a lender when a loan settles. Think of their payment as a referral fee for referring the home loan to the lender. These commission amounts are approximately the same across most mainstream lenders, ensuring that mortgage brokers don't favor a particular lender due to higher commissions.

As we’ve highlighted before, mortgage brokers act in the best interests of their clients, that is, first home buyers, investors, and people looking to refinance.

A good mortgage broker will help you secure the best value home loan, saving you time and money. Some of the key reasons why people use mortgage brokers are:

• Experts in the mortgage industry - Whether you are a first home buyer or seasoned investor, there’s a wealth of knowledge that only mortgage brokers can provide. Mortgage brokers have access to the most up-to-date information on home loans.
• Tailor-made solutions – mortgage brokers assess your financial goals and circumstances and offer you a solution that’s just right for you.
• Access to a variety of loans – mortgage brokers have access to a panel of lenders and can help you negotiate the best deals, which means you won’t need to run around and contact the lenders directly.

Saving you time and stress – buying a home can be stressful, but the silver lining is that mortgage brokers will take care of your home loan needs right from the start. From finding the right loan, submitting the paperwork through to ongoing support until your loan settles, they are with you on the entire journey.

Yes, absolutely! Most mortgage brokers don’t charge you for their services, and there’s no risk in having an initial chat even if you’re not quite ready to buy a home or refinance. Also, there’s no obligation for you to stick to a particular broker if you’re not happy with their services.