Mortgage brokers are qualified finance industry professionals. They work with you to determine your borrowing needs and objectives, and to help you determine how much you can borrow. Brokers help to ensure that you don’t take out a loan that is not right for you.
Brokers provide a more personalised service compared to direct lenders and have access to various finance products from multiple lenders. This allows them to compare options from different providers to identify a loan that’s just right for you.
Simply put: no!
If mortgage brokers charge a fee for their services this must be disclosed to you in writing.
Brokers get paid a commission by the lender for bringing new business to them, but this does not impact your interest rate.
Firstly, there is minimal variation in commission structures among different lenders. Furthermore, our industry is governed by the National Consumer Credit Protection Act (NCCP), which aims to safeguard consumers and uphold ethical and professional standards within the finance sector. We disclose all commissions received from lenders to you in advance.
