The mortgage broking industry is going from strength to strength, now capturing 74.6% of the home loan market, despite interest rates remaining at decade-high levels.

Data from the MFAA reveals that brokers are writing more than seven out of ten home loans, with refinancing emerging as a key driver of growth in the current economic environment.

Using a mortgage broker is a great way to compare your options, and there are a number of reasons why borrowers are choosing not to deal directly with lenders.

Access to more options

Mortgage brokers have access to a broad panel of lenders, ranging from major banks to specialist lenders. This means they can compare hundreds of products to find one that matches your unique financial situation.

Unlike going directly to a single bank, working with a broker ensures you’re not limited to the products of just one institution.

Expert guidance

Working your way through the home loan process on your own can be overwhelming, particularly for first-home buyers. A mortgage broker provides personalised guidance, explains the finer details and helps you understand the terms and conditions associated with different loans. This professional insight can be invaluable in making informed decisions based on your personal circumstances.

Time-saving convenience

Comparing home loans and managing the application process can be time-consuming. Mortgage brokers handle the legwork for you, from submitting applications to liaising with lenders.

This convenience frees up your time and ensures your application progresses smoothly.

Support during the entire process

A mortgage broker’s support doesn’t stop once your loan is approved. They often assist with post-settlement queries and can help you reassess your loan in the future to ensure it remains competitive.

This ongoing service can make a significant difference in managing your finances over time.

Mortgage brokers are also able to offer guidance about obtaining lending in the future so you can continue to build your property portfolio, or upgrade your home when the time is right.