The benefits of using an independent mortgage broker

When it comes to finding the best home loan to suit your individual needs and financial circumstances, you generally have two options. You can do all the research yourself or you can get professional help from an independent mortgage broker. Here we look at the reasons why it pays to consider getting help from an independent mortgage broker.

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Why use an independent mortgage broker?

Using an independent mortgage broker to help you find the best home loan for your personal situation will save you time and perhaps even money. Independent mortgage brokers can provide you with advice on home loan products from a wide range of home lenders. Independent mortgage brokers are not tied to any particular home loan provider. For the home buyer, this means that by using an independent mortgage broker, you will have the option to consider home loan products from the different providers.

How are independent mortgage brokers paid?

While some mortgage brokers may ask for a fee for the service they provide to you, most will be paid through a commission they receive on any home loan product they provide. This is usually a percentage of the amount of the home loan. Your mortgage broker should disclose the commissions they receive for any home loan that you consider. If they do not, simply ask them. The commission will normally be received by the mortgage broker upon settlement of the home loan.

If a mortgage broker charges an up front fee for any service they will provide to you, then perhaps you should shop around for another independent mortgage broker. In fact, in states including NSW, ACT, Victoria and WA, it is illegal for a mortgage broker to charge an upfront fee.

Finding an independent mortgage broker

Independent mortgage brokers can be found in most suburbs and regional areas. When searching for a mortgage broker, ask family, friends, colleagues and other professionals for any recommendations they may have. Before choosing a mortgage broker, check their website. Is it professional or is nothing more than a promotion or sales page? The website should include information about the range of home lenders the independent mortgage broker deals with.

You can find an independent mortgage broker in your area by visiting the Mortgage Industry Association of Australia website at www.miaa.com.au.

Alternatively, you can find one of our mortgage broker partners on our home loan resources page.

Online mortgage brokers

Online mortgage brokers offer the benefits of a professional independent mortgage broker with the convenience of the internet. Online mortgage brokers allow you to search for the right loan and you can even apply online.

Home Loans

Home Loans with Mortgage Choice. Voted best mortgage broker 2009.
MortgageChoice.com.au (sponsored search)

Warning, Don't Pay $1500+

To A Loan refinance Company. Do-It-Yourself Quick And Easy.
www.home-loan-mods.info (sponsored search)

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The benefits of using an independent mortgage broker

Mortgage brokers in Sydney

Over the past decade or so, the Sydney property market has been the hottest in the country. But while this has changed over the past year or more, one of the legacies of Sydney's recent property boom has been the explosion in the number of Sydney mortgage brokers. For Sydney home buyers, this highly competitive mortgage broker market provides an excellent opportunity when seeking the services of a Sydney mortgage broker. Here we provide some tips on how to find the best broker for your situation.

Finding the right mortgage broker in Adelaide

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Reduce your interest payments with a line of credit mortgage

A home loan with a line of credit allows you to put all or most of your salary into your home loan and make the bulk of your purchases through the month by using your credit card and taking advantage of the interest free period. By doing this, you can reduce the outstanding balance of your home loan thereby saving you money through reduced interest charges. Here we look at line of credit home loans available in Australia including the benefits and who they would most suit.