Your broker behind you

Mortgage brokers offer home buyers choice, expert advice and help to drive competition in the home loan market.

We've answered your most burning questions here

In a nutshell, the Commission recommends gradually moving from the current arrangement where mortgage brokers are paid a commission by lenders, to a system where borrowers pay brokers a fee for their service. Further, they recommend introducing a best interest duty to the industry, which means brokers will be required by law to put the customers' interest first at all times.

The important thing for you to know now is that nothing has changed - you do not need to pay for our home loan service. The Royal Commission has made recommendations that could impact what it costs you to take out a loan in the future - and your ability to secure a competitively-priced home loan.

At present, lenders pay mortgage brokers a commission. Our home loan service comes at no cost to our customers.

Mortgage Choice is also unique in the broking industry. Our brokers are paid the same rate of commission, no matter which loan or lender you select from our panel. This ensures that we always have your best interests at heart. Find out more here.

The Banking Royal Commission has offered recommendations only. The Commission’s report will be reviewed by the Federal Government, which will decide whether or not to act on any recommendations.

So we need you to get involved!

What brokers do for you and your local area

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    Brokers provide choice for customers

    At Mortgage Choice, our brokers have access to over 20 lenders across the industry from small and medium lenders to the big banks. Our brokers take the time to explore your individual circumstances and goals to then identify the right loan option for your needs.

    This is different from when a customer goes straight to a bank, where your options are often limited.

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    Broking supports the economy

    The mortgage broking industry contributes $2.9 billion to the Australian economy each year and supports more than 27,100 (full-time equivalent) jobs. Undermining the role of broking in the market would likely have an impact on employment and the economy overall.

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    Competition can keep rates from skyrocketing

    The mortgage broker channel works for all Australians by driving competition, which helps to make interest rates more competitive for everyone. It has contributed to a fall in lenders’ net interest margins of more than three percentage points in the past 30 years.

    (Source: Deloitte Access Economics)

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    Rural + Regional

    Three in 10 mortgages arranged by mortgage brokers are in rural and regional areas, improving access to home lending for rural and regional Australians – in locations where there may be few or no bank branches.

    (Source: Deloitte The Value of Mortgage Broking report, July 2018)

Customers tend to love their brokers

95% of customers are satisfied with the services they receive from their local brokers and only 1% of consumer credit complaints to the Financial Ombudsman Service between 2013 and 2017 were about mortgage brokers.

Out of all mortgage broking customers, 70% would recommend the services to their friends and families. This is outstanding and industry leading for financial services. (Source: MFAA's The Australian Mortgage Broking Industry: Through A Different Lens.)

59.1% of borrows use mortgage brokers for their home loan needs which means mortgage brokers helped secure finance for more than half of all home loans in 2018. (Source: MFAA’s Quarterly Survey of leading mortgage brokers and aggregators (Jul - Sep 18), produced by CoreLogic)

We work for you - hear first hand from our customers