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Not All Mortgage Brokers are Created Equal

How To Choose Mortgage Broker

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So, you have decided you want to buy a new property and need to organize finance. With over 1000 home loans available to Melbourne Home Loan customers do you have the time to find the best deal for you?

Like most of us, the answer is No. Home loans are becoming more and more complicated, quoted interest rates are not the true interest rate so you have decided to use the services of an expert – a Mortgage Broker.

What to Look for in a Mortgage Broker

When you’re looking for a mortgage broker, keep in mind that not all mortgage brokers are created equal. Leading Melbourne Mortgage Broker What If We Finance says “The larger mortgage brokers are similar to a fast-food chain. 

They claim to serve customers and meet their interests but if you have a major shareholder that is a major bank or shareholders not happy with the return on investment or mortgage brokers being expelled for not meeting industry standards — how objective is the advice you are getting?”

When looking for a mortgage broker, don’t forget to do the following:

Evaluate potential brokers

It’s always important to conduct research on the brokers in your area and gather as much information as you can about each one. 

Do they seem credible? How many years of experience do they have in the industry? Do they have a website? Have you heard about their services before?

Another important factor to keep in mind when you’re looking for a mortgage broker is to see whether or not the broker is listed and licensed. For instance, do they hold a Credit License with ASIC and accreditation with the Mortgage Finance Association of Australia?

Check for references

If your potential mortgage broker has satisfied clients, you will be able to check their website or Google Reviews to see what people are saying about them. By going through reviews and testimonials, you’ll get to know the broker better and see if their abilities align with your needs and values.

Ask about appointments

Independent mortgage brokers tend to more flexible with their hours, but go for those who are willing to meet up during the weekends at a time and place convenient to you. This is especially beneficial for families or full-time workers selling up or wanting to find an investment property.

Meet brokers in person

When you’re assessing what to look for in a mortgage broker, it’s best to meet up with them if you are interested in their services. This gives you a clearer idea of what your dynamics and your experience with them might be like. 

Meeting in person also provides you with an opportunity to bring up all your major concerns and queries and gauge how attentive they are.

Ask important questions

During the first meeting or consultation, make an effort to ask your potential mortgage broker some crucial questions that will help you make informed decisions about the future of your finances. A few sample questions include:
  • Who are their lenders?
  • Why do they choose to work with those specific lenders?
  • What information do I need to have ready for my home loan application?
  • What does the application process look like?
  • Will they stay with you even after settlement?

The Advantages of Using an Independent Mortgage Broker

If you want to get the best deal, use the services of a fully independent mortgage broker. As they are not restricted to any particular loan provider, independent mortgage brokers will act solely in your best interests. You can therefore be confident that the deal they recommend will be the best available one for your goals and circumstances.
Low Interest Rates
Using an independent Mortgage Broker delivers the following benefits to you:

To obtain truly independent advice about the best product that suits your needs

Most large Mortgage Brokers in Australia are owned, controlled or affiliated with a major bank. So ask yourself am I getting truly independent advice? A mortgage broker takes the time to explore your individual goals and current circumstances. 

They have access to a wide range of loans from many lenders, from the big four Australian banks to international and foreign banks with local operations. They also have access to lenders, credit unions and regional banks — providing you with a bigger scope to find the loan most suitable for you.

A simplified way of understanding and evaluating home loan products

A mortgage broker also has the ability to explain thoroughly the various subtleties of the different lenders and options — potentially saving you thousands of dollars in interest payments and making a huge difference to your bottom line. With an independent mortgage broker, you can outline the pros and cons of different loan options and ensure you have the right one to suit your long term goals.

A Mortgage Broker saves you time

With an independent mortgage broker, you only need one application after they have provided you with a formal comparison of all recommended loans — guiding you to the information that portrays accurate cost differences, with points, current rates and closing costs reflected for each loan. This eliminates the need to complete forms for each individual lender.

To ease the stress of the home loan application process

An independent mortgage broker will do all the legwork for you. They will find the perfect home loan for your needs and circumstances and act as your personal advisor during the entire application and settlement process. This is inclusive of sourcing pre-approval, gathering requirements, paperwork and assistance when applying to government grants or incentives such as the First Home Owner Grant.

A good mortgage broker will have a system in place to ensure you are kept informed throughout the entire process. This enables you to stay focused on finding your ideal home.

To get a better deal

All independent Mortgage Brokers have access to calculators which allow you to access 1000’s of home. While anybody can operate a calculator, the real value that a Mortgage Broker delivers is the ability to deliver independent advice and recommendations.

No charge for home loan service

Most independent mortgage brokers earn money on commissions paid by the lender and they solely rely on this, giving you fees-free services.

Seek Help from What If We Finance Today

What If We Finance recommends you ask your mortgage brokers if they meet industry standards and also if they are truly independent. The changes in the Melbourne Home Loan Market mean you may still be ultimately dealing with a major bank.

Alternatively, contact What If We Finance and see why not all Mortgage Brokers are created equal. As the top independent mortgage broker in Melbourne, we’re more than happy to answer all your concerns and enquiries.

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176 reviews on
Matthew B
Matthew B
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
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
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
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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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
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
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
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
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
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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