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How a Mortgage Broker Can Save You Time and Money

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Gone are the days when if you needed a financial product as expensive and as daunting as a mortgage, you would head over to your local bank branch for an intimidating chat with the manager. 

Over a decade ago, that may have been the norm but fast forward a few years and there has been a continuing loss of faith in the banks’ abilities to provide sound recommendations, be available after hours, maintain independence and explain what is required to obtain a mortgage. Today, most home loans in Melbourne are oganised by a mortgage broker. Approx 60% of home loans are organized by a mortgage broker.

Industry experts predict this will be the preferred route for many home loan borrowers in the next few years. Should you join them?

In this article, we discuss why a mortgage broker is key if you want to get the best deal out of your home loan.

What do Mortgage Brokers Do?

In a nutshell, a mortgage broker specialises in finding lenders who meet your specific needs for a mortgage. They provide you with expert advice and recommend the mortgages most suitable for your situation. They will also manage and oversee the entire mortgage application.

Why use a mortgage broker? The biggest advantage is that they have access to mortgage deals that aren’t directly available to the public, with intimate knowledge of which lenders are most likely to accept your application. 

They also remove a lot of the hassle and paperwork associated with a mortgage. Not only will you have a wider choice of mortgages that match your circumstances, but you will also have an easier time finding and completing a mortgage.

young couple discusses deal with mortgage broker

It’s not just about the money – there’s speed and efficiency too

Mortgage brokers are not only influenced by the available lending products. Another issue they address is the speed at which a loan application is processed. This is especially important if you’re buying a home. If the mortgage application takes too long to complete or the bank procrastinates, you could lose your dream home.

Mortgage brokers use their in-depth fact-finding process along with their extensive experience and knowledge to check lender suitability. They also provide clarity of the criteria of mortgage deals. If you’re unsure of the lending criteria, it could mean that your application gets halfway through the process before you find out you were never suitable in the first place. With an experienced independent mortgage broker such as What If We Finance this is unlikely to happen.

How do Home Loan Mortgage Broker Choose the Best Deals?

There are several factors that mortgage brokers consider when selecting the best mortgage deal for you. It will mostly depend on your financial situation so they will ask you:

  • The type of property you want to buy
  • Property Value
  • Income levels for all applicants
  • Existing debt and expenditure levels
  • If you’ve made an offer for the property
  • How much you’ve saved up for a deposit
  • Whether you will use government home loan schemes such as the First Home Loan Deposit

As a general piece of advice, it’s a good idea to gather as much information as available before you speak to a mortgage broker.

They will then walk you through various product types, such as variable-rate mortgages versus fixed-rate ones. Your broker will evaluate all the different options from available lenders, taking into account fees, interest rates and loan-to-value rates and your goals and aspirates.

After they’ve gathered these pieces of information, they will use these to find you a mortgage deal that you can afford with the lowest possible interest rate. They will do everything to get you a sufficient loan without saddling you with unnecessary debt.

As mortgage brokers have access to exclusive lender deals, you have a significant advantage when trying to find the best mortgage.

smiling couple discuss a loan with a mortgage broker

How to Choose a Mortgage Broker

Finding the right mortgage broker requires a bit of homework. You can start by reading online reviews or asking your family and friends for referrals.

To ensure you’re working with an experienced broker, check if the broker is licensed to give you credit (loan) advice. You can confirm their credentials using ASIC Connect’s Professional Registers:

  • Credit Licensee
  • Credit Representative

If the broker isn’t on any of these lists then ask them how they meet industry accreditation?

Get the Best Deal with What If We Finance

Enlisting the help of a Melbourne-based mortgage broker is an effective way to find the best deal that suits your needs and situation. The leading independent mortgage broker is What If We Finance.

We are an independent mortgage broker based in Melbourne (note the new lending laws allow us to deal with clients Australia wide and in some circumstances overseas) with extensive experience in all aspects of lending and finance. We hold our own Credit License with ASIC and are full members of the Mortgage Finance Association of Australia (MFAA). We pride ourselves on knowledge, experience and ability to find you an unbeatable deal quickly and efficiently.

Contact us today and we’ll make your life so much easier!

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176 reviews on
Matthew B
Matthew B
2022-06-05
Looking at the reviews for What If We Finance, it comes at no surprise to see so many 5-stars. Spiro handled the mortgage part of my girlfriend and I purchasing our first home. He made himself available to us around the clock and ensured that we were across the entire process and felt as comfortable as possible. We're very fortunate to have gone about buying our first home with Sprio and we'd be more than happy to use him for future purchases and to refer on to family and friends. A big shout out to Agnes also who busily works away in the background and also does an incredible job. You guys are the best!
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hari gowtham
hari gowtham
2022-06-03
Very happy with the results from Spiro from start to finish. Spiro and his team are very knowledgeable and have a very quick turnaround time. Couldn't be more happier with the service. Definitely my go-to person for upcoming purchase.
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Gary Shekhter
Gary Shekhter
2022-06-02
Great broker and trustworthy. Honestly had seen 5 brokers and fund this wonderful guy. Who helped from start to finish fast and had our loan in no time at all. Thank you again champ you did an amazing job
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Leonie Kemp
Leonie Kemp
2022-05-29
Thank you Spiro and Agnes for helping with the purchase of my first home. I needed to arrange finance quickly and Spiro did a fantastic job letting me know the best options for me and pushing to get the pre-approval so I didn't miss out on purchasing my home. Everything went very smoothly, thanks for helping make my first property purchase straightforward.
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S S
S S
2022-05-28
Thank you Spiro and team for your help in financing the mortgage for the recent property purchase. Spiro provided timely advise, guided me on the process and was swift in processing the documents. His friendly attitude makes the process even better. Thank you once again.
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Anita Naughton
Anita Naughton
2022-05-27
As a first home buyer I had very limited knowledge on what I needed to do. I searched for a broker and What if we finance stood out due to reviews. I had my first session with Spiro and never looked back! The whole process was seamless, I felt supported and could always connect with Spiro when needed. Spiro and Agnes are experts in what they do and I would highly recommended anyone looking for finance to choose What if we finance. I will be a lifelong customer and look forward to buying our next house with their support.
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Mahmoud Al Kilzi
Mahmoud Al Kilzi
2022-05-25
Spiro & his team did a great job by getting my loan sorted in time. I would recommend them to family & friend. Great work guys much appreciated.
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Rebecca Zeeman
Rebecca Zeeman
2022-05-20
Spiro and Agnes provided great help and advocacy in getting us our home loan. We felt they were always available and were super efficient in getting it all done on time! The process was so simple and without stress thanks them both.
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Irish Azcuna
Irish Azcuna
2022-05-09
I can’t thank Spiro and Agnes enough for making my first home purchase so efficient, stress-free and seamless! If I could give more than 5 stars I would. As a first home buyer applying for one or the government’s schemes, my situation would have been so complicated that I never imagined being able to complete the process in such a short time. Spiro’s in-depth knowledge, invaluable and always-available support, and genuine willingness to help get me the right mortgage for my situation, made everything possible. His pragmatic advice even helped me decide on the right property for us, which would help us achieve our long-term goals. I highly recommend Spiro and his team. We will definitely engage their service again for our next property. They are the best!
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Renee Briggs
Renee Briggs
2022-05-02
Spiro is reliable, has your best interest as his top priority and is fast to get great results. We wouldn't ask anyone else for their professional opinion- Spiro is the best in the business.
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