Misconceptions about mortgage brokers

Mortgage brokers have been around for a couple of decades in Australia but despite this, many people still have a few misconceptions about using a mortgage broker.

  1. It costs more to use a broker: mortgage brokers are paid by the bank. Mortgage brokers are allowed to charge a fee to their clients but most don’t.
  2. Brokers will use their favourite lender: many clients think that brokers will only consider products from their favourite lender, and possibly this lender offers the best payment but maybe not the best product. We will always consider all products on the market and match the client to the best product. We never play favourites.
  3. Your client will have to change banks: Many people are concerned about moving all of their banking if they take out a mortgage that is not with their current bank. We can work with the client to get them the best deal and if they want to stay with their current bank, we will work hard to get the best product using that bank.
  4. Banks don’t like brokers: many clients feel that using a broker will put them at a disadvantage with the bank when in fact, the reverse is true. A good broker will actually improve your clients standing with the bank as they will work hard to ensure all documents are completed correctly.

Remember, as a mortgage broker, our role is always to work with the client to find the product that is right for them. We will go that extra mile to ensure that they are truly happy with our service and the loan product that they ultimately select.