
Most read
Pros and cons: Working in the gig economy...
Pros and cons: Working in the gig economy...

Latest Podcast
Is the market overheating; should ETFs take your fancy, and what’s happening t...
Is the market overheating; should ETFs take your fancy, and what’s happening t...

Resources
There is $17.5 billion in lost and unclaimed super across ...
There is $17.5 billion in lost and unclaimed super across ...
Borrow
How to save thousands with the right mortgage broker
A good mortgage broker will be available when you need them, save you thousands on a loans package, and align their work to your financial goals. Here’s how you can choose a mortgage broker that’s right for you.

How to save thousands with the right mortgage broker
A good mortgage broker will be available when you need them, save you thousands on a loans package, and align their work to your financial goals. Here’s how you can choose a mortgage broker that’s right for you.

A mortgage broker will help guide its clients through the process of selecting the best mortgage possible as well as a competitive loans package.
Due to this, clients who have a good mortgage broker can save thousands, meaning it is vital that a mortgagor chooses the right person.
In a discussion with Nest Egg, mortgage and finance specialist Bianca Patterson goes through some of her expert tips to help guide advisers into the perfect broker for them.
What makes a good mortgage broker?
A good broker understands the market, keeps on top of government regulations, can effectively communicate with clients and will be there for the long term.
“Each lender has their own policy on how they lend for investment and how they calculate an investor’s income and tax benefits, so working with the right broker will take the stress and uncertainty out of finding the right lender for the individual investor’s portfolio,” Ms Patterson said.
“The broker will be there for the long term, they will be helping investors make decisions today that will ideally make investing in the future easier as their portfolio grows and borrowing becomes more complex.”
A great broker will not be transactional or interest rate-focused. They should guide the investor to make lender choices based on policy and ability to make changes in the future rather than on the “best rate”, continued Ms Patterson.
What should investors consider before deciding on a broker?
According to Ms Patterson, it is important that investors consider the experience of the broker, how they align to the investor and whether they have similar ideologies.
“Investors should clarify that they have a similar ethos as the broker on key loan structuring points such as cross collateralisation, spreading lending risk amongst different lenders and attitude to risk and debt. The best broker/client relationship is built on trust and mutual respect,” said Ms Patterson.
What are the signs of a bad broker?
Ms Patterson has broken down the characteristics of a bad broker by the following attributes:
- Poor communication skills
- Hard to reach/lack of response
- Limited/infrequent updates
- Limited product knowledge
- Limited access to lenders on their panel
In most circumstances, it does not cost anything to change brokers and most initial conversations with brokers are obligation free.
Should my broker be available on weekends?
It all comes back to communication. If the broker is clear with the mortgagor, being available on weekends might not be important.
“While it is great for a broker to be available on weekends, I don’t think it is a necessity. Within my business I encourage my clients to come to me before they make an offer or attend an auction so we can check their equity position and borrowing capacity before the pressure is on them to make what is often an emotional decision on auction day,” Ms Patterson said.
This email address is being protected from spambots. You need JavaScript enabled to view it.
About the author

About the author


Loans
Home loan commitments crash for the first time since May
New loan commitments for housing have declined for the first time since May 2020, but months of growth have ensured records have been maintained, new data has shown. ...Read more

Loans
Fears of debt disaster with changing lending laws
A soaring property market combined with a federal government looking to wind back safe lending laws is a “recipe for disaster”, an industry expert has said. ...Read more

Loans
Changing policy only way to slow housing market’s ‘up-crash’
Australia’s booming property market could be slowed through the use of regulatory powers rather than a central bank intervention, an economist has said. ...Read more

Loans
Mortgage stress reaches 3-year low
Despite mortgage-holders experiencing record levels of comfort, red flags are emerging with financial stress tipped to rise, new research has revealed. ...Read more

Loans
How to reduce your home loan turnaround time
A surge in consumers looking to borrow continues to put pressure on lenders, leading to delays in processing times, research has revealed. ...Read more

Loans
Consumer advocacy groups fight to save safe lending laws
Twenty-two thousand Australians have joined the Senate economics committee hearing to fight against proposed changes to safe lending laws, which are designed to make it easier for consumers to get th...Read more

Loans
Banking industry continues support for struggling Australians
The banking industry has announced that it will continue to support Australian mortgage-holders who have been negatively impacted by the COVID-19 pandemic. ...Read more

Loans
Commbank announces green loans
Australia’s largest bank has announced a new green loan, which home owners can use to buy and install renewable technology in the family home. ...Read more

Is the market overheating; should ETFs take your fancy, and what’s happening to the low and middle income tax offset?
Listen now

Home values up 30% (or are they); NFTs taking the world by storm, and why Keating thinks Aussies will be ‘poor’ in retirement
Listen now

Raging floods, the tech stock bubble and the ongoing SG debate
Listen now

Meet the Manager with Trilogy’s Philip Ryan: RBA rates and property price growth
Listen now

Loans
Home loan commitments crash for the first time since May
New loan commitments for housing have declined for the first time since May 2020, but months of growth have ensured records have been maintained, new data has shown. ...Read more

Loans
Fears of debt disaster with changing lending laws
A soaring property market combined with a federal government looking to wind back safe lending laws is a “recipe for disaster”, an industry expert has said. ...Read more

Loans
Changing policy only way to slow housing market’s ‘up-crash’
Australia’s booming property market could be slowed through the use of regulatory powers rather than a central bank intervention, an economist has said. ...Read more

Loans
Mortgage stress reaches 3-year low
Despite mortgage-holders experiencing record levels of comfort, red flags are emerging with financial stress tipped to rise, new research has revealed. ...Read more

Loans
How to reduce your home loan turnaround time
A surge in consumers looking to borrow continues to put pressure on lenders, leading to delays in processing times, research has revealed. ...Read more

Loans
Consumer advocacy groups fight to save safe lending laws
Twenty-two thousand Australians have joined the Senate economics committee hearing to fight against proposed changes to safe lending laws, which are designed to make it easier for consumers to get th...Read more

Loans
Banking industry continues support for struggling Australians
The banking industry has announced that it will continue to support Australian mortgage-holders who have been negatively impacted by the COVID-19 pandemic. ...Read more

Loans
Commbank announces green loans
Australia’s largest bank has announced a new green loan, which home owners can use to buy and install renewable technology in the family home. ...Read more