Mortgage Brokers

You can use mortgage brokers to find the right home loan, get great advice and compare as many options as possible.
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, updated on August 7th, 2023       

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If you’re considering a home loan and want to find the best deal out there, what are your options? Mortgage brokers provide many Australian home buyers with a start-to-finish service when it comes to sourcing and applying for a home loan that suits both their budget and specific needs.

In this guide, we’re going to look at the pros and cons of speaking to a home loan broker and how much they cost. These days, there’s no need to be in the dark about home loans, their features, or to get a lousy deal. Savvy partners with the best and brightest fully approved mortgage specialists all over Australia so all homebuyers can get great advice and assistance from a local qualified home loan specialist – and save money.

What does a mortgage broker do?

For many years, mortgage brokers played a vital role in the Australian home loan industry. Before the internet, it was a lot more challenging to find information about how the home loan process works, the fees, the complexities of interest rates, and even the different features available – like fixed or variable-rate repayments, and even split-rate repayment options, for example.

Despite the advantages of the internet, there’s perhaps an even wider choice of products and options around today, so some homebuyers still prefer to sit down with a broker and discuss their needs before they commit to a home loan. There are some real advantages to doing that:

  • Home loan brokers can prove very useful when it comes to dealing with lenders and negotiating the application process. They take the time to find out about your goals and situation, so brokers can also connect you with home loan options and providers that meet those needs rather than products that aren’t suitable – which means you’ll have more chance of qualifying for a home loan.
  • When you have special mortgage needs (for instance, if you don’t have much of a down payment or your credit history is poor), home loan brokers can also help direct you to lenders that will still at least consider your case. They deal with many lenders who offer both low-deposit mortgages and bad credit home loans, for instance.
  • At the end of the day, any home loan broker is only as good as their connections, and their chances of getting you a low mortgage interest rate are dependent on how many loan providers they partner with. Our certified brokers can offer access to many different lenders, locally and nationally. They compare hundreds of products and features to find you the best fit.
  • Savvy selects the top-rated home loan professionals in Australia based on their industry accreditation, a track record for providing excellent customer service, and their history of positive cost-saving results for home buyers. When you enquire with us, you’ll connect only with MFAA or FBAA-approved brokers.

How do brokers use features to create my ideal mortgage?

The job of a mortgage broker goes beyond finding the lowest interest rate. Once they’ve done that, they’ll look for ways to make borrowing even cheaper. They can draw on a range of specialist features and mortgages to do that, such as:

  • Redraw facilities let you make extra repayments and then draw down on the resulting equity when you need a cost-effective source of borrowing. You pay the same low rate as your mortgage.
  • Equity line of credit features are another method for accessing the equity you’ve already built up in your home through the passage of time and making regular mortgage repayments. They work kind of like a credit card, in that you only pay interest on what you access – but the rate is the same as your mortgage, so it’s far cheaper than using a card.
  • Offset accounts function just like a regular bank account but they’re connected with your home loan balance. Whatever you deposit in an offset account reduces the interest-applicable portion of your remaining loan principal. Some home buyers knock ten years or more off their home loan by using their savings like this.

Is it good to go with a mortgage broker?


Lose the legwork

They can save you a lot of time running around. It’s almost impossible to compare every single interest rate and home loan option out there, but a good broker will deal with a broad selection of lenders, so you can be sure you see an accurate representation of the best deals and features available.

Find exclusive deals

Brokers have long-term, valuable relationships with dozens of Australia’s top mortgage lenders, so they can sometimes access lender options that only come through home loan brokers.

Speaking the lender’s language

Like most things financial, home lending has a language all of its own, and it can be challenging to negotiate that all by yourself. Brokers know the landscape and products, plus they can quickly assess products and offers based on experience within the industry.


No guarantees

Like any profession out there, some brokers are great at their job, while others just want to make a fast buck from borrowers. There's no guarantee of getting the best deal, but you have a far greater chance of success if you stick with MFAA or FBAA-approved brokers.

Some brokers charge a fee

Although most get paid by lenders, some home loan specialists may charge you a fee just for sitting down and talking to you. A personal recommendation is always excellent if you can get one, and you can also connect with approved, vetted home loan specialists by enquiring with Savvy.

More questions about mortgage brokers? Get some answers

I’ve just moved to Australia. Can home loan brokers help?

Yes, because seeing more options will give you a better chance of qualifying and finding a better rate. Having no credit history can limit your home loan options, but it’s really only one of the elements a lender will consider. Your income and spending and your employment stability are also important factors in determining your eligibility. You’ll likely pay a slightly higher interest rate without a credit history, but that doesn’t mean you shouldn’t seek out the cheapest options with a mortgage broker.

What is Mortgage Protection Insurance and do I need it?

It’s never a bad idea to have insurance. Mortgage protection is there in case you get ill or injured and can’t cover your mortgage repayments – which can happen to just about anyone. It’s essential to make sure you get a great deal on any insurance policies you take out, and mortgage brokers will offer a number of options – plus, they’ll advise as to the best level of cover for you.

Can I work with a mortgage specialist online?

You can. One of the most significant benefits of shopping online for a home loan is that you can compare options quickly, then apply directly with the lender from a smartphone, tablet, or computer.

I’m self-employed. Can a broker help me qualify?

Yes. Many home loan brokers will partner with at least one lender that offers self-employed mortgages. A mortgage broker can typically help you compare products from dozens of specialist home loan lenders, including options for contractors, freelancers, and business owners.  

Do I really need a home loan broker? Can’t I just compare the interest rate?

Interest rates are an essential part of choosing a home loan, but they’re by no means the only thing you need to consider. The best mortgage for you I one that’s also got the features and repayment options you need – so you should look at as many offers as possible. Generally, a great way to do that is by sitting down with a mortgage broker.

Can anyone work with a mortgage broker?

Absolutely. In fact, mortgage brokers are arguably even more effective when you need a specialist home loan. They help a diverse range of Australian home buyers find the solution that works best for them, including:

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