Mortgage Brokers:
What you need to know.

What is a mortgage broker?

A mortgage broker is a home loan specialist who guides you through the process of securing a home loan.

To comply with Australian laws, mortgage brokers must either have their own Australian Credit Licence (ACL) or become a Credit Representative (CR) of an ACL holder. Domain Loan Finder is a Credit Representative of Auscred Services Pty Ltd (Australian Credit Licence 442372).

Mortgage brokers are also required to meet certain training and competence requirements, including completion of a Certificate IV in Finance and Mortgage Broking.

Why should I use a mortgage broker?

Mortgage brokers are knowledgeable about the home loan market, and have a good understanding of the lending criteria of associated lenders, so they can help to match you with a product that suits your individual needs and financial circumstances.

Experienced mortgage brokers know what to look for. Need an offset account? Redraw facility? A mortgage broker can help to narrow down your options so you don't waste time having to trawl through multiple lender websites.

In addition, many mortgage brokers can have access to multiple lenders and can negotiate on your behalf to get a product that's suitable for you.

Our Home Loan Specialists work with both major and second-tier Australian lenders, and as a result they have exposure to a wide range of loan products.

They'll also provide ongoing support throughout the entire home loan process—from application to settlement—and be on hand to answer any questions you might have along the way.

How much does a mortgage broker cost?

At present, Domain Home Loans does not charge consumers a fee for their service. Domain Home Loans is paid commissions by the lenders when a borrower settles their loan.

Home Loan Specialists from Domain Home Loans aren't remunerated or incentivised based on recommending a particular product with a lender, or purely on the volume of loan settlements, and do not filter, recommend, or promote any product or service based on the remuneration Domain Home Loans receives from a bank or lender. They're paid a salary and may receive additional performance incentives depending on a number of factors including successful loan applications, customer satisfaction, and other quality metrics.

Why shouldn't I just go to my bank?

Going directly to your bank is not necessarily easier than going through a mortgage broker. You’ll still need to fill out lengthy paperwork, even if you're already a customer.

If you're refinancing, your current bank may not pass on any rate cuts to you—but a mortgage broker may be able to help you find another lender with a better deal.

How should I choose a mortgage broker?

A good way to start is by setting up an appointment to chat to a mortgage broker. You can ask any questions about loans that you want, and get a feel for their previous experience and how the loan application process works. Testimonials from other customers can also be a great way to help you consider if a mortgage broker is right for you.

What should I ask a mortgage broker?

People commonly ask about the panel of lenders the mortgage broker works with, how the service and application process works, how the mortgage broker is paid, or what their previous experience is. It may also be useful to ask how they will look after you after the loan has settled.

Can Domain Home Loans help me with mortgage broking?

Our Home Loan Specialists are qualified mortgage brokers. They can help you decide between a panel of 25+ lenders, by negotiating on your behalf to help you secure a deal that's right for you. They will be there every step of the way, assisting from the beginning of your search all the way through to settlement.

If you would like more information about how a Home Loan Specialist can help you, simply book an appointment to speak with us. Or start to compare home loans online.