Mortgage Broker or Mortgage Lender?

Considering getting a home loan or refinancing an existing one and wondering why use a mortgage broker? Firstly, let me explain the difference between a mortgage broker and a mortgage lender.

A mortgage lender is the bank, credit union or finance provider who stumps up the money for your loan, and in exchange takes security over the property. You can go directly to lenders, but with so many out there it's a lot harder to find the best deals that meet your needs on your own.

Which brings us to the Mortgage Broker, usually a small family business, possibly a franchisee, a Mortgage Broker is an ASIC accredited Home Loan Expert who negotiates and liaises with multiple lenders on a daily basis. They keep up to date with lender policies so they know which lender will do what deals, and they have a finger on the pulse of the current interest rates and which lenders have the best mortgage rates on offer.

What Do Mortgage Brokers Do?

A mortgage broker will discuss your scenario with you and work out what your needs and preferences are. Based on this information they will review the many home loans available on their lending panel, talk to the lenders during their research, and present you with the best loan deals for you to select from. Once you have chosen the loan you prefer the broker will collect your supporting documents such a payslips, lodge your application with the lender and follow them up for approval of the loan.

Why Use a Mortgage Broker Illustration with the Cash Back Mortgage Broker and mascot Ted discussing his needs in a virtual cafe with an online mortgage broker

Find out how we can help you today

Whether you've found your dream property and are ready to go, or you're just starting out and want to know the process of buying your first home, we are happy to discuss your needs.

Not Sure Who Will Give You A Loan?

Home loan brokers are also the best option to help if you have a scenario that's a little different such as;

  • If you are on probation in a new job.
  • You need a lender who will accept income from commission payments, bonuses or overtime.
  • Perhaps your parents want to help you out with your deposit or go guarantor.
  • You have a bad credit rating.

Do I need a Mortgage Broker?

No you don't, if you have the time to carry out the research yourself. You could visit the lenders yourself, go through their websites or phone them (if you really like on-hold music), and ask whether they help you with your scenario and what deal can they give you. Or you can simply call a Mortgage Broker like us and let us do the research and negotiate the deals for you. We are the experts, this is what we do every day.

Even if your situation isn't straight forward, we will analyse your needs and find the best lenders and loans for you. Home Loan Brokers are in direct contact with the lender's Customer Relationship Manager's who are not available to the general public. Home Loan Brokers can run tricky scenarios past these guys to find out which lender can help you, and this is all done anonymously so it doesn't affect your credit rating.

The question isn't so much do I need a mortgage broker, but why would you do it without one?

Let Us Do The Legwork

Request a Cash Back Mortgage Broker contact you.

What Do Mortgage Brokers Charge?

Cash Back Mortgage Broking does not charge you anything. Most home loan brokers don't charge anything for their service, because Home Loan Brokers are paid commission by the lender you select.

At Cash Back Mortgage Broking we share that commission with you, we keep the upfront commission paid by lender and refund the trailing commission to you each month, on a $500,000 home loan balance that's at least $50 per month straight into your bank account. You can find out more about Cash Back Mortgage Brokers here.

Want to find out more?

Complete the below details and a Cash Back Mortgage Broker will be in touch soon.