Mortgage brokers are qualified finance industry professionals. They work with you to determine your borrowing needs and objectives, and to help you determine how much you can borrow.
Like your solicitor, accountant or financial planner, we are specialists in what we do and will provide you with the right finance solution to help you achieve your goals. With a mortgage broker, you can expect a more personalised level of service than you would usually receive directly from a lender. Additionally, our brokers have access to a wide variety of lenders. This means your broker can compare lending products from different lenders to find a loan that’s just right for you.
Nope! First of all, there is very little difference between the commissions paid by the various lenders to us brokers. There is also legislation in our industry called the National Consumer Credit Protection Act (or NCCP), that is designed to protect consumers and ensure ethical and professional standards in the finance industry. We tell you upfront what commission we will be getting from the lender. Our job – our only job – is to find a competitive loan for your needs and objectives.
A mortgage broker will recommend a product based on what you say is most important to you. For example, you may ask for a loan you can pay off quickly, something that is low cost, or for guaranteed repayments. We take all this into account, but we also live by the rule – for flexibility, take a variable rate loan, for budget certainty, take a fixed rate loan, for both, take a split loan.
We are Connective Brokers and we have access to many lenders. What this means for you is that we have a plethora of choices when it comes to lenders and loans. We’ll find you a whole bunch of options that could work for you and your situation.
Mortgage brokers do not set rates. The Reserve Bank of Australia meets on the first Tuesday of every month to determine the official cash rate for the country. The lenders then use this information to set their own rates. Lenders also adjust their rates according to their costs and other economic considerations.
Lenders will only sell you their own products. Each bank (or lender) has a variety of loan products on offer, so the issue you face as a consumer is, ‘which loan is right for me?’ This is where your mortgage broker becomes an invaluable resource! If you go directly to the bank, you will only be offered the loan options available through that one lender. As your mortgage broker, we are across many lenders and all of their loan products, with our sole purpose being to find a suitable loan to match your personal financial circumstances and goals.