Refinancing Your Home Loan

Stage 5: Talk to a Mortgage Broker

Approach a mortgage broker who will have access to loan products from many banks and non-bank lenders some of which are only available through brokers.  A good mortgage broker will be able to shop around for you to find the best rates and lower fees from the products they offer. 

Many mortgage brokers will meet you at a time that’s convenient for you such as after hours or on weekends and some will come to your home.  Mortgage brokers are experienced in the home buying process and can offer you advice and suggestions throughout the process.

Before you meet, check if the mortgage broker charges a fee for service, as some do not.  Many mortgage brokers are paid by commission only. On the surface, this may look like a conflict – i.e. a broker will choose a lender that pays them a lot of commission. However, in reality the commission rate between lenders did not vary greatly. Where there is a difference, it is not worth for a broker to recommend a lender with higher brokerage purely based on the commission received as the hassle that it will cause is not worth the extra commission. Lenders must recommend a loan product that suit your requirements and need to disclose the commission that they received from a lender in writing.

You can do the shopping around and decide which bank and which product you want.  Remember, the representative at each bank will only have information about the products they offer so you’ll have to do the comparison research yourself. This can be a lot of work, and you’ll be limited to banking hours. 


We’re here to help you

Dealing with banks can be a stressful experience but rest assured that our mortgage broker based in Glenelg (but our mortgage broker services the entire Adelaide Metropolitan area) can help you make the right decision about your mortgage. We will guide you at every stage of your loan process.

Contact us on 08 8376 0455 or drop into our office at 593 Anzac Highway, Glenelg SA 5045.


Next Stages

Stage 6: Property Valuation

Any advice contained in this article is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regard to those matters. Information in this article is correct as of the date of publication and is subject to change.