Can a mortgage broker get the best mortgage deal?

A mortgage is one of the biggest financial decisions. Mortgage brokers play a very important role in helping get a mortgage. But, can they help you get the best mortgage deal?

Best Mortgage Deal – Can a mortgage broker get the best mortgage deal?

What is the best mortgage deal?

The definition of the best mortgage deal is different to each of us. Few want low-interest rates, few want great features such as offset account, redraw facility, credit card packages etc.

It is important to understand the features you are looking for and make a list before looking for the best mortgage deal. Go over your finances, track your expenses, review credit history etc. and prepare a file with all details. It is important to provide as close to accurate information to the lender or mortgage broker up front to ensure the lender or mortgage broker can risk assess your situation and provide the best possible mortgage deal.

Can a mortgage broker find the best mortgage deal?

A mortgage broker is better than a bank when it comes to finding the best mortgage deal. But a mortgage broker cannot claim to have found the best mortgage deal available in the market.

Reasons why a mortgage broker cannot claim to have found the best mortgage deal available in the market are:

  • A mortgage broker does not have access to all the mortgage lenders available in the market
  • There are conflicting incentives and remuneration options provided by mortgage lenders to mortgage brokers which might tempt a mortgage broker to not offer the best mortgage deal from the panel of lenders

Other sources to find the mortgage deal

There is no single place where you are assured to find the best mortgage deal available in the Australian market.

  • Contact multiple banks directly – This approach is very time-consuming. Please be careful to not provide consent for a credit check when you approach a bank for pricing. Every time a credit check is performed against you, your credit score takes a hit.
  • Go to a mortgage broker – As explained above, a mortgage broker has access to a panel of lenders and can provide options. But, the options are limited to the panel of lenders.
  • Comparison websites – the Internet is a great source to find a mortgage. Please note, the comparison sites are limited in their ability to help you find a mortgage. Almost all comparison sites compare mortgage products from lenders that pay the comparison site. Many lenders do not advertise on a comparison website. An additional point to note is that the rate that the comparison site shows is hardly the rate that you will get after your application and credit check. This is because the comparison website does not collect additional customer information before recommending the product. They only act as an introducer to the lender and get paid for doing that job.

How FairBroker® can help you find the best mortgage deal?

FairBroker® platform allows the consumer to find the best mortgage broker or lender with access to the best mortgage deal to meet consumer requirements. FairBroker® accomplishes this in a transparent and unbiased manner.

How FairBroker® can help you find the best mortgage deal?

FairBroker® is revolutionary. FairBroker® platform is made available to consumers, mortgage brokers and lenders free.

It is our mission to ensure transparency and the best outcome for the borrower and hard-working mortgage broker. Looking for a mortgage or looking to refinance your existing mortgage? Create a deal request on FairBroker® and get unbiased mortgage advice and assured commission share from mortgage brokers.

You can also download our app from the google play store or the app store for iOS devices