Category: Blog

‘Fee for Service‘ is a unique model introduced by the FairBroker® platform for borrowers to work with mortgage brokers. In this model, the mortgage broker shares 100% of the commission received from the lender to the borrower and only charges a fixed fee for the service provided. There are two important reasons why FairBroker® introduced ‘Fee for Service’ Unbiased mortgage...

Best Interest Duty (BID) for mortgage brokers was introduced as a result of the recommendations from the royal commission into banking. The two most important points of the best interest duty obligations are Conflict Priority Rule – If there is a conflict of interest when providing credit assistance, the mortgage brokers are required to give priority to the consumer’s interests....

Mortgage brokers are vital to the vibrant mortgage industry. Mortgage brokers create competition between lenders. Unfortunately, some uncomfortable facts came out during the Royal Commission, which resulted in the recommendation to stop lenders from paying any commission to mortgage brokers. This recommendation is intended to ensure the mortgage brokers keep customer interest the foremost. The recommendation was to change how...

Responsible Lending obligations are set to be dropped from the National Consumer Credit Protection Act 2009 (NCCP). The government is working on dropping Responsible Lending obligations to ease credit with the exception of small amounts of credit contracts (SAACs) and consumer leases where the responsible lending obligation will continue to apply. What is a Responsible Lending Obligation? Credit License (ACL)...

FairBroker® is free to use and will remain free to use forever to borrowers. This is a conscious decision to ensure an already burdened borrower with conflicted mortgage advice does not have to spend money to receive fair and unbiased mortgage offers. FairBroker® is a marketplace for Mortgages. On FairBroker®, a borrower creates a deal request and receives multiple mortgage...

On FairBroker® you can get mortgage offers with commission share and cashback. FairBroker® platform creates competition between Mortgage Brokers and Lenders. The competition encourages Mortgage Brokers and Lenders to make attractive mortgage offers including cashback and commission share. FairBroker® offers multiple price plans for borrower’s to choose from. In the ‘Free’ plan, commission share is optional and is the discretion...

Unbiased mortgage advice is when a party giving advice is not advantaged by the advice given. While every borrower, by default must get unbiased mortgage advice, it is rarely the case. In this post, we will explore the various factors that influence the Mortgage Broker and how to get unbiased mortgage advice. Mortgage advice is regulated in Australia. Anyone giving...

The digital world is complex. Almost all the mortgage comparison sites, online mortgage brokers and digital lenders do not let you complete a form without collecting your email address and phone number. The nightmare of pesky followup phone calls and emails start after that. Have you ever wondered if there is a safer way to compare mortgages or shop around...

A mortgage is one of the most important financial commitments. While everyone wants the best mortgage deal, it is not an easy task to find one. How can a borrower shop around to get the best mortgage deal? Listed below are few reasons why it is difficult to shop around for a mortgage Unbiased mortgage advice Ineffective mortgage comparison tools...

A credit score is a very important input for the lending decisions considered by the lender when approving your mortgage application. A question that bothers most of the borrowers is the impact that shopping around for a mortgage with multiple lenders has on their credit score. Does shopping around for a mortgage with multiple lenders really impact the credit score?...

Mortgage applications can be stressful with the level of detailed information requested on the application. Recent banking commission reforms have forced lenders to adopt changes by including more items and being hawkish on living expenses incurred by consumers. So to increase your chances of getting attractive mortgage offers and subsequent approval, it is important to be accurate in self-assessing your living expenses.

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? 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...

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. FairBroker® provides every mortgage broker and lender on its platform equal opportunity and a level playing field to compete. To succeed on the FairBroker® platform, a mortgage...

Are you considering using a mortgage broker? Is that the right decision? In this post, we will look at what is a mortgage broker, difference between going to a mortgage broker and a bank, pros and cons of using a mortgage broker, who pays a mortgage broker and how to find the best mortgage broker