What is a mortgage broker?

A mortgage broker in Australia is a licensed professional who acts as an intermediary between borrowers and lenders. Their primary role is to help individuals find and secure the most suitable home loan tailored to their financial situation and goals.

Mortgage brokers assess a client's financial status, needs, and preferences, and then compare various loan products from a wide range of lenders, including major banks, credit unions, and non-bank lenders. This comparison helps borrowers access a broader range of options than they might find on their own.

In addition to finding suitable loans, mortgage brokers assist with the loan application process, ensuring all necessary documentations completed accurately and submitted on time. They also provide ongoing support and advice, helping clients navigate any challenges that arise during the loan approval process.

Using a mortgage broker can save borrowers time and effort while potentially securing better loan terms and interest rates. Importantly, mortgage brokers are typically paid by the lender, meaning their services are often free for the borrower.

‍