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What's the deal with mortgage brokers

mortgage broker imageWhat is a mortgage broker?

Mortgage brokers arrange home loan deals between lenders and borrowers. They support you throughout the application process, offering financial advice along the way.

How do brokers make their money?

If you take out a home loan through a broker, the broker collects a commission from whichever lender you choose to take out a home loan with.

Do mortgage brokers get the best deals?

Mortgage brokers will recommend a variety of loans based on the arrangements set up with their affiliate financial institutions. This does not mean they have access to the entire market when it comes to home loans. They may recommend you take out a particular home loan and then find a better deal that they could transition you onto at a later date.

Let's Compare!

So, how does Greater Bank compare with mortgage brokers? We decided to look at the main elements that are considered as mortgage brokers’ biggest strengths.


Brokers: Mortgage brokers are known for being highly mobile. This means they can come to you to close the deal.

Greater Bank: At Greater Bank, we have mobile lenders that can come to you at a time and place that suits you. If you require one of our representatives to come to you, then you can contact us on 1300 651 400 and we can arrange an appointment that’s convenient for you.

Customer Service

Brokers: Mortgage brokers are perceived as being customer service focused. They guide you through the initial application process. However, once you sign up for a home loan from a particular lender and they have collected their commission, you may find that they disappear until the end of your fixed home loan term. What’s more, because brokers don’t work for the banks they deal with, their ability to escalate and fix issues can be problematic.

Greater Bank:  At Greater Bank, we go through the journey with you. We are a customer-owned bank, so we always aim to put the customer first. We not only guide you through this process but aim to teach you how to approach such financial commitments as buying your first home or refinancing your home. Greater Bank offers a full suite of banking products.

By going with a broker, and by extension the lender they recommend, you may find that your wider banking needs are not taken into consideration. Due to the fact that we prepare all loan documentation in-house, we are able to streamline the home loan process and our locally based call centre allows you to have any issues with your loan addressed quickly. | Greater Bank


Brokers: Mortgage brokers are often recognised for securing deals with low interest rates. They are known for comparing different lenders and showing you the best rates available. However, these interest rates are sourced from lenders who pay a fee to be represented by the brokers and they may not necessarily be the best deals on the market. It’s important to do your research and speak with each lender independently, to see who can offer you the best loan terms to suit your needs.

Greater Bank: Our home loan experts consult with you to help you chose the home loan that best suits your needs. Comparison websites or brokers aren’t always an accurate representation of the best deals on the market. Greater Bank’s Ultimate Home Loan package has one of the best rates in the market; while our Family Pledge Loan offers a family assistance loan with $0 deposit. These are examples of strong home loans that Greater Bank has on offer.


Brokers: Mortgage brokers can be licensed and win awards for their achievements in their industry.  

Greater Bank: Greater Bank has been recognised as Money Magazine’s 2018 and 2019 Home Lender of the Year as well as Mozo Home Lender of the Year for 2019.

Top tip

If you’ve visited a broker, be sure to get all the information you can about the loans that have been recommended to you. Ask your broker for a Home Loan Key Fact Sheet for the deal on offer, and use Greater Bank’s Home Loan Key Fact Sheet tool to do a side by side comparison of the loans. See which one has more potential to save you money over the life of the loan.

If you have recently been to a broker to compare home loans, we encourage you to enquire with Greater Bank to see what we can offer you. We offer a customer-first approach, competitive rates, and support through the life of your loan. Contact our loan centre today on 1300 721 253 to find out more.

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