Looking for a mortgage broker in Adelaide? By working with an experienced, qualified broker, you can find out:
What your borrowing options are, based on your personal circumstances
Which lenders' policies suit your specific situation
What your borrow power is and how much you can likely borrow
What offers you might qualify for, such as cashback offers
How can I find a good broker in my area of Adelaide?
You want to work with a mortgage broker who is a licensed professional and will guide you through the process of finding the most suitable loan for you. There are a few steps you can take to ensure your broker is right for you:
Are they accredited? Check that your broker has an Australian Credit Licence or is an Australian Credit Representative. They are also required to be a member of either the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA).
Do they have a broad lending panel? Brokers can't compare loans from all lenders (there are hundreds of options, so it would be impossible to represent them all). But most will have a large range of different types of lenders. As a guide, you want at least 20 lenders to make sure you find the one that best suits you.
What level of service do they offer? The broker should do the hard work for you. But the more you know about the mortgage industry, the easier it is to know when your broker is really doing their best to help you.
Is the broker experienced? Chances are your broker has an online presence and previous customers who have left reviews of their experience. Read up on your broker's experience and ask friends for referrals.
How does a mortgage broker work?
A mortgage broker can help you secure the financing you need to buy the property you want. After assessing your financial situation, a broker will present you with a choice of suitable loans from their panel of lenders. Brokers are especially useful for borrowers in complex or unusual situations, who may find it difficult to get finance by approaching a bank directly.
Finder survey: What would make Australians go direct to a lender rather than use a mortgage broker?
Response
I like to conduct my own research
32.19%
I want to stick with my existing bank
25.99%
Nothing - I would always use a mortgage broker
22.48%
I don't trust mortgage brokers
9.71%
I want another specific lender
5.76%
Other
3.87%
Source: Finder survey by Pure Profile of 1112 Australians, December 2023
How does a mortgage broker get paid?
Instead of receiving payments from borrowers, mortgage brokers are paid commissions from lenders when they attract new business for a lender. They receive an upfront commission when you take out a loan and a trailing commission every year that you still owe money on your mortgage.
This commission is usually around 0.5–0.8% of the loan amount upfront, so a $550,000 loan could generate a commission of $2,750 to $4,400. The bank covers this cost, and you get to benefit from the broker and their team of support staff doing all of the organising, support and follow-up along the way to organise your loan.
Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.
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