What is a Mortgage Broker?

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.