The Elephant in the Room
The property podcast for the thinking person.

Episodes

Episode 338: How to Find the Best Mortgage Broker for You

Choosing the wrong broker can lead to higher costs and missed opportunities. It’s crucial to find someone who doesn’t just process loans but also offers solid advice and guidance. With so many options, it’s tough to figure out who’s genuinely good and who’s just looking to close a deal.

So in this episode, we break down how to find the perfect mortgage broker for you. We kick off by explaining the differences between a financial planner and a mortgage broker, helping you make the right choice. Then, we discuss what makes a broker "good" – is it their reputation, awards, or payment structure? We also look into how industry awards can be misleading and how to find genuine quality.

The mortgage industry is evolving, with online banks and AI-driven portals challenging traditional brokers. Could these digital solutions replace traditional brokers? We explore current trends, future possibilities, and big bank moves to cut brokers out of deals. We also emphasise the importance of consulting a broker even after a loan rejection to explore other options.

By the end of this episode, you’ll have a clear idea of what makes a good mortgage broker and how to avoid the drawbacks of working with the wrong one. Tune in for tips on spotting red flags, questions to avoid asking your broker, and key considerations for your mortgage discussions. Let’s get started!

Episode Highlights:

00:00 - Introduction

03:49 - What’s the difference between a financial planner and a mortgage broker?

07:42 - How to define a “good” broker

12:44 - Can awards and badges mislead consumers in the mortgage broking world?

15:43 - How are awards typically awarded in the mortgage broking industry?

18:53 - How are brokers remunerated?

25:25 - Can online solutions and AI render traditional mortgage brokers redundant?

29:34 - The importance of talking to a broker after a loan rejection to explore other options

31:33 - Some red flags to watch out for when dealing with ‘shady’ mortgage brokers

37:51 - What questions should homebuyers avoid asking their mortgage broker?

40:31 - Chris’ take on the “rate lock” from CommBank for mortgage brokers

45:56 - Key considerations borrowers should prioritise in mortgage discussions with a broker

Resources:

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Chris Bates