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The benefits.

Simply put, the biggest benefit for you as a borrower is the sheer choice of options a good broker can offer you. In adition to this is the mortgage broker's expertise in negotiating with lenders. A mortgage broker offers loans from a range of financial institutions, including banks and non-banks. In Australia now, there are hundreds of lenders with a myriad of options - many more than in the past, with new home loan products available every week. Using a mortgage broker to scope the market for the right home loan is the common sense thing to do. A good broker will evaluate your situation against the 20 or 30 lenders on their list for the best deal for you.

What's changed with Australian lenders?

Nowadays in addition to the commonly known banks and lenders there are specialist lenders offering increasingly competitive products to first home buyers, self employed and business people, retirees, new Australians and immigrants, previous bankrupts and people with a bad or poor credit history. Majestic Finance have access to many of these lenders and their products and will advise you accordingly.

How can a mortgage broker service be free?

Brokers usually own and run their own businesses. Lenders work with mortgage brokers because they effectively give the lender more reach without carrying traditional  branch costs. Some like Citibank, ING, Macquarie Bank and Heritage have few or no branches and partly rely on mortgage brokers to represent their products

The lender pays the broker fees or commissions for your business. These fees do not alter the interest rate you pay on a home loan. To be sure you are being offered the best deal - you can ask your broker to show you a comparison table of a loan product, to see pros and cons upfront.