Frequently Asked Questions

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Do mortgage brokers offer better rates than banks?

Mortgage brokers typically have two main advantages over banks. They offer access to a wider selection of mortgage products and they can leverage their relationships with multiple lenders to get their clients better rates.

There are two main types of mortgage advisers. Mortgage advisers connected directly to lenders usually only recommend mortgages from that specific lender. Mortgage brokers, or independent financial advisers, who can look at a range of mortgages from different lenders.

Ideally, you should speak to a mortgage broker as early as possible in the process. This is because you need to begin your mortgage application before you have started to seriously look at buying a property.

Brokers can also negotiate with lenders on your behalf, which could see you benefit from discounted interest rates, waived fees, or access to other features and benefits. Depending on your situation, these could potentially allow you to borrow more money.

Using a mortgage broker to take out a mortgage can be quicker and easier than comparing deals and applying for a mortgage directly with a mortgage lender. This is particularly true if your financial situation means you risk being turned down for a mortgage by certain lenders.

The average time for a mortgage to be approved is usually 2 to 6 weeks. It can take as little as 24 hours but this is usually rare. You should expect to wait two weeks on average while the mortgage lender gets the property surveyed and underwrites your mortgage.

A conversation about your circumstances, wants, needs and goals. This is the first (all-important) step, as it’ll lay the foundations for how they approach your property journey. Some initial financial questions, including money coming in, money going out and your money on hand.

Mortgage and finance brokers get remunerated by the banks in two ways, an upfront commission and a trail (ongoing commission for the life of the loan), the commission is only paid if the loan introduced is approved and settles.