Question 1

How Much Do Banks Pay Mortgage Brokers?

Accepted Answer

Mortgage lenders or banks set their commission rates, ranging from 0.6% to 1.5% of the loan amount. Some banks offering a lower upfront commission may boost this with an ongoing reward of around 0.2% for each year you keep the same mortgage.

Question 2

Is It Worth Using A Mortgage Broker Australia?

Accepted Answer

You can always do it yourself, And even before you think about seeing a broker, it's worth giving your current lender a call to see if you can get a better deal. It doesn't cost anything, and it can save you money. And if you do choose to use a broker later, it sets a higher target for them to beat.

Question 3

Can I Change Mortgage Brokers?

Accepted Answer

Yes, you can switch mortgage brokers. However, you may want to think twice about changing brokers during the application process unless you feel that a mortgage broker is not working in your best interests.

Question 4

Should You Talk To More Than One Mortgage Broker?

Accepted Answer

Having multiple offers in hand provides leverage when negotiating with individual lenders. However, applying with too many lenders may result in score-lowering credit inquiries, and it can trigger a deluge of unwanted calls and solicitations.

Question 5

When Can I Apply For Mortgage After Offer Accepted?

Accepted Answer

It takes between 4 and 8 weeks to get a formal mortgage offer from acceptance of an offer. Ideally, you will already have chosen a mortgage lender. You will have asked the lender for a Decision in Principle (DIP).

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