Mortgage broker

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A mortgage broker sits between you and a panel of lenders: assessing what you can borrow, recommending products, and managing the application. Most are paid by the lender, not by you.

How they’re paid

The standard model is lender commission — an upfront amount at settlement plus a smaller trailing commission over the life of the loan. Some charge the client a fee instead or as well, particularly for complex applications. Australian brokers operate under a best interests duty and must disclose their commissions and lender panel. Ask for both in writing.

The practical implication: a broker’s panel defines your options. A lender not on it won’t be recommended, however suitable.

What they’re useful for

• Comparing products across lenders without multiple credit enquiries.
• Matching your circumstances to lenders likely to approve — self-employment, variable income or a recent interstate move all affect this.
• Handling paperwork and chasing the lender through approval.
• Modelling Queensland transfer duty and any concessions you may qualify for.

What to bring to a first appointment

• Recent payslips, or two years of returns and financials if self-employed.
• Bank statements covering income and living expenses.
• A list of debts, including credit card limits — limits count, not just balances.
• Identification, and a realistic picture of your deposit and its source.

Questions worth asking

• Which lenders are on your panel, and how many do you actually place loans with?
• What commission will you receive on this recommendation?
• Is a fee payable by me in any circumstance?
• What is your Australian Credit Licence or credit representative number?

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