What is a broker?

what is a broker

A finance broker can help you find the best loan to suit your unique needs and circumstances. The advantage of working with a finance broker is that they have knowledge of a broad spread of products from multiple lenders. Finance Brokers have a duty of care to provide the best possible advice to clients. 

The MFAA has 12,000 members who account for more than 81 per cent of the industry. When becoming a member, and at every renewal, MFAA Accredited Finance Brokers agree to abide by the MFAA’s governance documents, including its Constitution, Code of Practice and Disciplinary Rules. MFAA Accredited Finance Brokers are industry leaders who have the knowledge and expertise to secure loans for even the most complex financial scenarios. Consumers can take confidence in the fact that an MFAA Finance Broker will only recommend products that are suitable for their needs and circumstances. Many consumers may not be aware that along with home loans, Finance Brokers can assist with business loans, car loans, renovation loans and even wedding loans.

Did you know?

A finance broker can help you find the best loan to suit your unique needs and circumstances.

The advantage of working with a finance broker is that they have knowledge of a broad spread of products from multiple lenders.

Finance Brokers have a duty of care to provide the best possible advice to clients.

How a broker can help

  • Evaluates and understands your needs
  • Compares your options
  • How a broker can help 1
  • Does all the legwork
  • All at no cost to you
  • How a broker can help 2
  • Calculates your borrowing power
  • Gives continual professional expert advice
  • How a broker can help 3
  • Gets pre-approval
  • Builds your wealth and security

Frequently asked questions

A Finance Broker will consider loans from a range of lenders and find you a product that best suits your circumstances. 

Asking your friends or family for referrals is a great place to start, but before talking with any finance broker, find out if they are an ‘MFAA Accredited Finance Broker’. You can use the Find a Member tool on this website to check. This accreditation makes sure that the adviser reaches high standards of professionalism, ethics and education.

Along with home and business loans, many MFAA members may also advise on other services such as insurance, including mortgage, house, contents and income.

A broker’s fee or commission is usually paid by the lender whose products they recommend. The difference between commission paid on products is marginal and consumers should not be concerned that this commission will impact the quality of advice they are given.

Based on knowledge of your unique circumstances, a broker will source the most appropriate loan for you and act as a liaison between yourself and the lender. When it comes to submitting a loan application, a broker will do the legwork for you and ensure your loan is processed as quickly as possible.

Why choose an MFAA accredited broker?

Why choose an MFAA accredited broker?

MFAA accredited finance brokers are the highest educated in the country

MFAA accredited brokers adhere to a strict ethical and professional code of of practice so you know you're in safe hands

MFAA accredited brokers have access to a large range of products across multiple lenders to give you greater choice

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