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Mortgage Brokers drive competition in the home loan market

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Driving competition and lower rates for borrowers

Mortgage Brokers are driving competition in the Australian Home Loan market and the large banks are getting nervous. Large banks who enjoyed a monopoly for many years are getting nervous and introducing digital only home loan products with the aim of disrupting the home loan market.

  • The large banks mistakenly believe they can regain market share by:
  • Launching a new online product targeting refinancers
  • Offering what they see as a competitive interest rate
  • Making the process easier which implies the process was hard

Home loan customers know the large banks are expensive, slow and tired. At times they have had an arrogance associated with the way they deal with customers. For example, one large bank for most of 2024 put profits ahead of customers.

While this is their right to run their business as they see fit, we had example where the bank was offering rates up to 0.30% pa higher on $600,000 home loan. That would cost a home loan borrower over $50,000 more on a 30-year loan!

Well, we have some bad news for these banks the disruption has occurred, the horse has bolted and you are late to the party!

Digital only lenders have existed for years and firmly entrenched in the market, but more importantly smaller banks have been disrupting the market for years and what is the point of difference?

Smaller banks or lenders do not rely on branches or the clunky processes of larger banks, but they have a nimble agile network of mortgage brokers such as What If We Finance who work 7 days a week to deliver a better a competitive home loan product and superior service.

Mortgage brokers do the legwork for you and have access to lenders who are much cheaper and easier do deal with than the traditional and larger banks. For example, if you were to borrow 91% of your home value to buy a home, large banks who would charge 7.4 to 7.7% pa. Smaller lenders 6.39%.  On a $700,000 home loan that is a saving of 70,000 over 30 years.


The larger banks still have a role and depending on your circumstances may be the better option but for most borrowers a mortgage broker will find you a better deal.

These circumstances are many and varied and that is where a skilled mortgage broker can advise you as sometimes you have no choice but to you use these “old school” lenders.

Mortgage brokers foster competition

Mortgage brokers actively work to create a super competitive home loan market where we can access cheaper home loan products and a variety of different lenders who are suited to different circumstances.

Mortgage brokers offer flexibility choice and convenience and guide you to find a super competitive home loan.

Mortgage broker market share has grown to 72% of home loans in Australia. Home loan customers are voting with their feet. Why because close to 3 out of 4 home loan customers use mortgage brokers to find a home loan.

When we at What If We Finance asked customers why the answers, we received were simple:

  1. Trust – customers want someone who will work for them and not recommend only one bank
  2. Availability and Convenience
  3. Independence

Finding the right mortgage broker

Finding the mortgage broker for you is not a difficult task. If you follow these simple steps, you will not go wrong:

  1. Look at their website and reviews – a mortgage broker with a high number of strong google reviews or Word of Mouth Online (WOMO) reviews shows experience and proof points of superior service. Also do not look for brokers who have reviews over a few months long for a track record of great customer service
  2. Speak to the mortgage broker and understand how they work , what services they offer and what they recommend. Anyone can use a calculator but does the mortgage broker take time to understand your needs?
  3. Understand the qualifications of a mortgage broker and their lender panel
  4. Is the mortgage broker available 7 days a week?
  5. Is the mortgage broker independent?

These simple steps mean you will find a mortgage broker who offers unbeatable service, deals and works for you.

What If We Finance is the mortgage broker for you

What If We Finance, a mortgage broker in Melbourne is available 7 days a week from 830am to 830pm to help you find an unbeatable dela.

We have over 194 five-star Google Review and 200 WOMO five star reviews. Established in 2008 we have a history and track record of putting the customer first and offering exceptional customer service.

With access to over 50 lenders and 3,000 products we can find you a home loan deal starting from 5.84% pa (as of May 2024). Contact us to find out more.

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