Advantages Of Using A Mortgage Broker

Do you own a property and looking for mortgage specialist? We can help you choose a licensed mortgage broker who can help. The team at iMortgage Broker Sydney are dedicated to offering the best range of loan options available.

What is a Mortgage Broker?

A mortgage broker can be described as an intermediary (consultant) who works with a borrower and the lender while qualifying a borrower for the mortgage. In other words, they are the middleman between the home buyer and the mortgage lender. Additionally, the mortgage expert usually assess the borrowers’ finances, looks for appropriate mortgage product, applies for a pre-approval, gathers the necessary documentation, fills in/completes the applications, and then advises the borrower(s) on the best mortgage products suited for their particular needs.

Services Offered by Mortgage Professionals

These intermediary’s are highly trained and have special knowledge of the entire lending market. They offer services to potential home buyers, who are looking for a mortgage in order to buy a property. The intermediary will gather your income information, employment and asset documentation, your credit report along with other information so as to assess your ability to secure good financing. The mortgage consultant will determine the appropriate loan amount, the loan to value ratio, and your ideal type of loan, and then will submit your loan to the lender(s) for approval. They can also offer financial advice and can recommend the most best type of mortgage for the home buyer.

The intermediary will also communicate with you and the lender(s) during the whole process. Some of the other benefits include:

Do Mortgage Brokers Need Licenses in Australia?

All mortgage brokers are required to be fully licensed under the Australian credit laws. They’re required to hold the Australian Credit Licence, or become authorised credit representatives of Australian Credit Licence, if they want to offer their services in Australia.

Why Use a Mortgage Expert?

> Finding the most suitable loan for you; After critical assessing your goals and financial needs, the mortgage guru will thoroughly search their database which has hundreds (if not thousands), of loan products from numerous different lenders. Whether it’s a mortgage loan, home loan, business loan or investment loan, they will make sure they find the best possible loan for you.

> Loan approval; The mortgage expert will gladly help you complete all of the necessary paperwork, and liaise with lenders on your behalf. This includes completing and submission of the loan application. Additionally the consultant will provide ongoing communication between all the parties until the loan is fully approved and settled.

> Provide advice at each and every step; There are a lot of steps in loan processing and a middle man can help you right from the initial steps, like getting pre approval (where a loan gets approved based on some conditions like loan value), all the way to your loan settlement. Additionally, once approved, the finance consultant can take upon himself/herself to review your loan documents, prior to you signing them, coordinate property appraisals, and also act as a good liaison between the client and the lender all the way to the closing day.

> They can help those who have less than perfect finances to secure a loan; For those who have low credit score, or have blemishes on their credit report, the consultant may be able to negotiate much better rates unlike if you directly approached a lending institution by yourself.

> Saves you time; Mortgage experts normally do all of the legwork for you when it comes to paperwork, documentation, and negotiating with the lenders. mortgage consultant’s will get your mortgage loan approved in a very short period of time. They’ll also be your best point of contact or (communication), for every single thing related to your loan financing.

> They will help you get the best possible rates; This is one of the major benefits of using the services of a intermediary. Many home buyers normally obtain 1 mortgage quote from the bank and instantly accept it. A consultant will compare different rates so as to make sure you get the best possible rate; Even just a small difference in the mortgage rate can end up saving you a lot of money in the life long run.

> They are easily accessible; They act as middle men who work for you, and they don’t get paid til you close on your loan. For this major reason, consultants normally tend to be much more accessible to home buyers. So, if you happen to have any questions, it is generally much easier to get immediate answers from a mortgage consultant.

> Professionally trained and qualified; There’s a lot that goes into choosing the best mortgage. There are a lot of factors to consider and you need to be very knowledge in the field in order to make the right decision. Mortgage professionals are experts in finance and have the necessary knowledge and experience to help you make the right decision.

> They are always on your side; They are not on the lenders’ side, they are on yours, and they will give you easy access to a lot more products, than if you decided to go directly. They will also give you expert unbiased advice.

> They might be able to get you special rates; Some lenders normally work exclusively with certain intermediary’s and solely rely on them to bring in clients. These brokers may be able to get you special rates from the lenders because of the volume of business they bring to the lenders.

Choosing a Mortgage Broker – The Top Five Tips

1. Preparation

The best way of making sure you choose the best mortgage broker for your needs is doing some thorough preparation 1st. You need to think about what you need in the home loan. You should consider just how much you will be able to afford to repay. Think about the actual type of property/home, and the type of home loan you’re looking for. Always meet with a consultant when you are well prepared and organised, you will be able to figure out whether the intermediary is the best one for you.

2. Research

You should do your very own research through the Internet. Read everything you possibly can so you are familiar with the standard terms, and exactly what to expect. Keep in mind that the home loan is most likely going to be a part of your life for a long time, so do not be afraid to ask any questions you might have.

3. Honest and Trustworthy

You should look for a broker who is honest and trustworthy. The principal and the interest payments on the mortgage are not the only costs that come with home ownership. Ask what each of the fees includes, and if you’re unsure of something, you should ask your intermediary for an explanation. A honest consultant will answer your question openly, and will give you a clear explanation.

4. Availability

You should choose a mortgage consultant who will be available at all times. After the settlement, a good mortgage professional should remain available for any kind of changes to your home loan.

5. Knowledgeable

A mortgage consultant will have all the market information to provide you with relevant loan products. They have the capacity to compare all of the loans that are suitable to your situation.


The role of the mortgage professional is to make it much easier for you to purchase a property. By closely guiding you through the wide range of mortgages that are on offer, and finding the best deal for your needs.

Whether you’re a first time buyer or investing, a mortgage expert will make the process easier. If you are in the property market, choose a go-between to enjoy a hassle free lending experience.

Further Reading: Learn more about mortgage brokers from the Australian Government Money Smart website.