How Do Mortgage Brokers Get Paid? Very Important Question!

August 21, 2015
Ben Herden

Many clients come into the home loan meeting with a list of questions they want answered by me as a Broker.  Great idea.  People want to know "is THIS Broker the right one for me?"  '

One question that always comes up is "How are you paid?". 

Lenders all pay different rates of commissions so the question is more important than it may initially seem.  Not only are clients wanting to confirm any upfront fees (there are none with Mortgage Choice), but they want to know if the Broker has an ulterior motive to recommending a certain lender or product.  Are they earning more commissions from one lender over another? I would hate to think any Broker's recomendation is based on commission size but it certainly begs the question.

No Mortgage Choice Broker will ever charge you a fee for their residential home loan service.  We are paid by your lender once your loan is drawn down.  Further more, all Mortgage Choice Brokers received the SAME commissions regardless of the lender or loan type.  This isn't industry standard, in fact as far as I know Mortgage Choice Brokers are the only ones to operate like this. 

It is also important to note commissions are not passed on to you, the client.  A Mortgage Choice Broker will have access to the same if not better interest rates and deals than are being offered directly by your lender.  We are in business purely to improve the end result for our clients.  

Call Mortgage Choice in Gymea on 02 9525 4544 and in only a few minutes we'll be able to do a quick, free, home loan review.  You have nothing to lose and lots to gain!

Regards

Ben Herden

Principal

Mortgage Choice at Gymea

Posted in: Home loans

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