By Graeme Salt
More than eight out 10 Australians now use mortgage brokers to arrange their home loans new figures have revealed. But why would you use a mortgage broker?
According to research house, Cotality, 81.0 per cent of new home loans are arranged by mortgage brokers – an increase of 4.2 per cent since 2025.
Why would you choose to use a broker rather than just go to your bank?
Broker legislation means they must act in your best interest in assessing your lending needs – whereas banks just sell you their own product. Let’s face it, if you went into a branch of, say, CBA, they are not going to tell you that Westpac has a better deal!
But there are also many other reasons for using a broker – some banks (think Bankwest and Macquarie) focus their activities through brokers; offering you deals you can’t access by just going into a bank branch.
Brokers also tend to be more experienced – so they know how not just to arrange the finance. They are key to you getting your home on-time and stress-free. And let’s face it, it’s the home you want, not the loan!
Because brokers tend to be more experienced than a teller in a bank, they often are able to assist home buyers with questions like:
- can you recommend a good lawyer
- do you know a good financial planner
- how do I organise a pest inspection
Many of my clients have been with me for decades and I love catching up with them. I take it that they value their broker’s opinion when they ring me with random questions!
If you want to talk more about the property-buying process feel free to get in touch.
Graeme Salt is an award-winning mortgage broker. For a no-obligations consultation, please contact him on 02 9922 5055.
