Can a mortgage and finance broker get you the better deal?

Published by MFAA

If you’re contemplating whether a mortgage and finance broker can get you a better deal on a loan, it’s worth considering why brokers write more than 70% of residential loans in Australia today. 

Here are just a few of the reasons:

  • Brokers have access to a wide variety of lenders and loan products, suiting a variety of customer needs and situations.
  • Brokers are experts in the loan application process that many applicants are unfamiliar with.
  • The staggering choice of loan products on the market can be overwhelming for consumers to consider, and brokers can help you navigate these.
  • Brokers will manage most of the application process, making it an easy experience for you.

One of the important steps you can take in pursuing a better deal for your situation is by engaging the services of an MFAA Accredited Finance Broker. 

MFAA Accredited Finance Brokers are, on average, the most qualified, and held to the highest standards in the industry. They have the knowledge and expertise to assist you to secure loans in a range of complicated scenarios.

To identify your preferred finance broker, find an MFAA Accredited Finance Broker in your area, research specific brokers online and seek the feedback of friends and families on their experiences with particular finance broker businesses.

It's also good practice to ensure you make enquiries to verify how suited your needs are to the lenders your broker has access to; confirm your broker’s experience and qualifications and check whether you will incur fees for engaging your broker’s services (the vast majority of brokers do not charge consumers fees for their services).

Once you settle on your preferred mortgage and finance broker, there can be opportunities to benefit financially. Many consumers prefer a broker over a direct lender, such as a bank, because a lender will only offer their own loan products. This can become problematic and costly if products more closely matching your needs are offered by other lenders.

A mortgage and finance broker’s industry connectedness means that they have access to in-house information about lending processes, too. They know which lenders might negotiate or possibly provide rates below their publicised rates, and they can help simplify and compare the often-confusing features, fees, charges and conditions attached to loans, to suit an individual’s needs.

Overall, because of a broker’s ability to access competitive loans to suit your circumstances and because of their skill in navigating and guiding you through the loan application process, finance brokers often can offer you the best option – not only saving you money but time, energy, effort and stress. Mortgage brokers also adhere to a Best Interests Duty, this means they act in your best interests.

Find an MFAA Accredited Finance Broker in your area.