Mortgage brokers in Australia

Mortgage broking in Australia has boomed over the past decade with the growth in more competitive and more complex home loan options. Mortgage brokers in Australia provide a valuable service to many home buyers who do not have the time or means to fully research their home loan options by themselves and employing the help of an expert in the field can be beneficial. Here we provide an overview of the mortgage broker industry in Australia as it becomes increasingly important to consumers.

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Finding a mortgage broker in Australia

You've taken the first step by doing some research on the internet which is great. You will find plenty of useful information on the web, but don't trust everything you read as at the end of the day, the home loan market is very competitive and brokers are keen to win your business. There are many mortgage brokers to choose from. Choose a mortgage broker you feel comfortable dealing with. You may wish to look at a larger mortgage broking organisation who services the whole of Australia as they usually have a wider range of home mortgages to choose from.

Who are they?

Australian mortgage brokers have dramatically grown in numbers over the past decade. So who are they and what can they do for the home buyer? Essentially, mortgage brokers provide advice to home buyers on the range of mortgages available and help them find the most suitable home loan option for their needs. When they have met with the home buyer and discussed their needs as well as their current financial situation and future plans, the mortgage broker will search for the best home loan deal among the home loan providers with whom they deal.

What do mortgage brokers do?

When the home buyer has chosen a particular home loan option, the mortgage broker will then help the home buyer apply for the home loan. They will supply the relevant home loan application and financial records and liaise between the home lender and the home buyer. As the mortgage broker will have a working relationship with the home loan provider, they can help ensure that the loan application is proceeding smoothly.

Mortgage brokers in Australia are not licensed on a national basis and they are not regulated by the Australian Securities and Investments Commission (ASIC) who regulate financial advisers. Therefore, mortgage brokers in Australia are not subject to the same tight controls that other financial advisers are. In fact, they are under no obligation to recommend the most suitable home loan for a particular home buyer. The majority of mortgage brokers in Australia are reputable and these generally belong to an association such as the Mortgage Industry Association Australia.

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Online mortgage calculators help you find the right loan

For borrowers looking for a competitive mortgage in Australia, there are many different home loan options available. So how do you find the best mortgage for your individual needs? Well, you can start by comparing how much your mortgage repayments will be by using our mortgage repayment calculators.

Standard variable home loans

Perhaps the most common type of home loan for Australian home owners is the standard variable home loan. The standard variable interest rate home loan calculates interest charges based on the Reserve Bank of Australia's current official interest rates. Standard variable rate home loans offer greater flexibility than the fixed interest rate home loan option. Here we look at some of the advantages of a standard variable home loan.

Home loans in Darwin

The Top End is booming and likewise Darwin has experienced a huge property boom in recent years. With more and more people moving to the Territory's capital, the choice for home buyers seeking finance has increased greatly. Today, there are many home loan options from both the traditional banks and the newer non bank lenders. While most of us are familiar with the large banks, the non bank lenders are relatively new on the scene. Here we take a look at the non bank lending market in Darwin.

First home buyer's loans reviewed - Getting into the property market

The increasing cost of real estate across Australia is making it increasingly difficult for first home buyers to get into the property market. With this in mind, home lenders have come up with more innovative loan options in order to help first home buyers get into the property market. Here we look at some of the first home buyer loans available today that are helping more Australians get into their first home.

Is a 100% home loan a good thing for you?

There are a number of things to consider before you take out a 100% or 105% home loan. Borrowing 100% or 105% of the homes value can be a great way to get in your first home. But there is a downside, generally the interest rate is considerably higher than what it would be if you had a larger deposit. Here we look at 100% and 105% home loans and how they can benefit you and also some of the pitfalls of taking out such a loan.