A mortgage broker liaises between the borrower and the lender to determine the borrowing ability and needs. They do all the leg work, from selecting a loan suitable to their circumstances with access to a wide range of loans. They then manage the application through to the settlement process.
Types of broking:
- Residential Loans/ Mortgages/Homes Loans
- Reverse Mortgages/ Equity Release
- Chattel finance
- Commercial Property Finance
- Business Loans
- Debtor Finance
- Equipment Leasing
- Car Loans
- Personal Loans
Panel of lenders
Brokers can only tender loans from the lending organisations they are accredited with. This is called a panel of lenders. The Panel of lenders typically ranges from large banks, small banks through to non-bank lenders. The size the panel of lenders will vary. You can view the panel.
How are brokers paid?
Brokers are generally paid for their assistance by the lender – not by the customer. It is not typical industry practice for a broker to charge a customer for their assistance even though some may do this for a more complex application.