Mortgage Brokers – page 2/2 – should you?

Mortgage Brokers - should you or shouldn't you?

So what’s the catch?

Mortgage brokers are generally paid commissions by lenders, and different lenders may pay different commission levels, so some brokers may be tempted to show you the loans that are in their best interest. This doesn’t mean you shouldn’t use a commission based broker, but if you do, don’t assume you’re receiving unbiased advice.

In any case most brokers are limited to a list of lenders so you won’t necessarily see all the loans available.

But it’s pretty easy to deal with these drawbacks

We suggest speaking to at least two (preferably three) service providers in any situation, so if you speak to at least one bank directly and a mortgage broker (or to two mortgage brokers) you should be able to avoid the limitations.

Either way

Regardless of whether you deal with brokers or direct with lenders, check they’re licensed. Search on ASIC Connect’s Professional Registers or phone ASIC’s Infoline on 1300 300 630.

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