A bank employee recommends their own bank's products. A mortgage broker compares loans across many lenders simultaneously and is legally required — under Best Interest Duty — to recommend what genuinely suits you, not what earns them the most commission.
Lendology compares across 60+ lenders including the major banks, second-tier lenders, credit unions and specialist lenders. Some of these lenders are only accessible through brokers.
A mortgage broker assesses your borrowing capacity, reviews your financial position, compares lenders and products, prepares and lodges your application, manages lender queries, coordinates the valuation, and liaises with your conveyancer through to settlement.
After settlement, a good broker monitors your rate and checks in annually to ensure your loan remains competitive — this is part of the ongoing service, not a one-off transaction.
Australian mortgage brokers are paid an upfront commission by the lender — typically around 0.65% of the loan amount — and a trailing commission of around 0.15% per year while the loan remains active. This is paid by the lender, not by you.
Brokers are required to disclose their commission in writing before you proceed. Under Best Interest Duty, they cannot recommend a loan simply because it pays a higher commission.
Jason and Steve are Adelaide mortgage brokers who give honest, free advice. No obligation.
The information on this page is general in nature and does not constitute financial advice. Given Finance Pty Ltd (t/a Lendology) ACN 624 144 501 is authorised under LMG Broker Services Pty Ltd ACL 517192.