It’s clear that a Mortgage Broker is more likely to have a cheaper loan than any individual lender, just through sheer weight of numbers. But what stops people, is knowing who they should trust, knowing who is really invested in them getting a cheap loan and paying it off quickly.

It is important to understand that a Mortgage Broker will limit their search to the lenders on their ‘lending panel’. However, in most cases this will represent a very large proportion of the mortgage market. In the case of my company, around 90% of all home loans in Australia are with lenders on our lending panel.

A considerable amount of research goes into finding the best mortgage you might qualify for.

So much so, in fact, that it’s not really practical for the average person to go to these lengths unless you have a lot of spare time on your hands. That’s where a Mortgage Broker can come in very handy.

By going the extra mile to research all the factors involved and find you the lowest cost product overall, a good broker can save you a heap of time, money and stress. They are like your private banker – with no allegiance to any particular bank.

Any reputable Mortgage Broker will recognise that getting the lowest cost loan they can for their customer and showing them how to pay it off fast is the best thing they can do — for their customer and for themselves.

The benefit to you in getting the cheapest loan your Mortgage Broker can organise is obvious, but what is the benefit to him?

When you pay off your home loan fast, you can start looking at buying investment properties and building wealth. This means more loans for your Mortgage Broker to organise, which is good for his business — but only if you were happy with his service and the low cost loans he organised for you in the first place.

Any halfway sensible Mortgage Broker understands that doing the right thing by his clients is the best way to get future loans, both for his current clients and also for their friends and family.

A Mortgage Broker’s goal is to be your lending partner for life, without any allegiance to any particular lender. Most people get multiple home loans in their lifetime and it’s in your Mortgage Broker’s best interests to get their customers the best loans they can from their panel of lenders so they keep your trust to help you with your next loan.

I’m not saying there aren’t bad or lazy Mortgage Brokers out there, but no more so than in any other walk of life. The nature of what we do in a very competitive industry is that if our customers aren’t happy we won’t stay in business very long.