Mortgage brokers in Australia are professionals who act as intermediaries between borrowers (homebuyers/property owners) and lenders (banks and financial institutions) to help individuals secure home loans or mortgages.
The primary role of a broker is to assist clients in finding the most suitable mortgage product that meets their financial needs and objectives.
3 out of 4 (75%) people looking for a home or investment loan in Australia now go through a mortgage broker.
Brokers offer honest advice and recommendations in your best interests. They will find you the best deal suited towards your specific needs, and have access to hundreds of loan products rather than just two or three you might have with your bank.
Upon contacting Smyth Loan Co, Jason and his team will conduct an initial consultation to understand your financial situation, borrowing needs, preferences, & objectives.
After gathering the necessary information from you including basic personal details, employment history, assets, liabilities & living expenses, the Smyth Loan Co Team will research and compare mortgage products from various lenders in our panel or network. We have access to a wide range of lenders, including major banks, credit unions, and non-bank lenders such as mortgage funds.
With our user-friendly online platform, you can access our services anytime, anywhere. No need to schedule in-person meetings or visit multiple banks; everything can be done from the comfort of your home.
Once you have decided on a particular loan or mortgage product, we will complete the application and compile the necessary documentation for lodgement. There can be quite a few items a bank asks for on this step.
Smyth Loan Co will then submit your application to the lender of your choosing, liaising an as intermediary between yourself and the lender during the assessment process. There may be several phone calls or emails during this process. We are generally pretty thorough and in some cases don’t have any issues raised by a bank at all from submission to approval.
As soon the lender approves your application, Jason & his team will notify you immediately. We will then assist in finalising the signing of loan documentation and any requirements such as insurance, guiding you through the settlement process and funding of your loan.
Mortgage brokers in Australia typically receive remuneration in the form of commissions paid by banks or lenders for the writing of a loan, after settlement.
These commission payments are not paid directly by you as a borrower to a broker, but are paid by the bank as a referral of your business.
Banks generally have large margins, or make lots of money on any given loan (i.e. the difference in what it costs them to provide the money, & the rate they charge you to repay it), which is where these commission payments are generally paid from.
There are two main sources of commission generally paid:
1. Upfront Commission: When a mortgage broker successfully settles a home loan for a borrower, the lender pays them an upfront commission. This commission is usually a percentage of the loan amount. The percentage can vary depending on the lender and the specific mortgage product, with payments made by a bank 2 x months proceeding settlement.
These commissions are fully repayable by a broker-to-a-bank should the loan be repaid within a certain timeframe – In most cases it is within 2 years from settlement. Keep this in mind and contact us if thinking about making any changes to your loan within the first 1-2 years.
2. Trail Commission: In addition to the upfront commission, mortgage brokers may also receive a trail commission, which is an ongoing payment. The trail commission is calculated based on the outstanding loan balance and is paid to the broker for the duration of the loan.
Remember to always speak with us beforehand should you be looking to do anything that may affect your loan.
It all depends on what you need us to do and how much work is involved.
Our initial consultations are free however we normally do have a $300+ GST Administration Fee should we proceed with an application to a lender. This fee covers the time and cost for us to prepare your loan application with the bank and submit. Every application is different and normally takes us up to a day to prepare from when we hold all of your information. Lending requirements and compliance obligations since the banking royal commission and best interest duties are substantial.
We try to provide banks with as much relevant information as possible from the get go, in return for a quick decision and approval.
We hate wasting time on unnecessary phone calls or emails.
As per the picture – we ‘get s#~t done.’
For complex borrowing situations i.e. self-employed, trusts, multiple investment properties or income streams, SMSF, or Government Schemes we may apply a higher upfront charge and/or brokerage due to the added requirements in vetting the situation and subsequent time required to process this information as thoroughly as possible for a quick response from a lender.
We will always disclose any fees prior to undertaking work on your behalf & disclose in a written credit quote.
Our internal dispute resolution scheme
We hope you are delighted with our services, but if you have any complaints you should first notify your credit assistance provider.
If the complaint can’t be resolved then please contact our Internal Complaints Officer using the details in the Key Information section above.
You should explain the details of your complaint as clearly as you can. You may do this verbally or in writing. When we receive a complaint, we will attempt to resolve it promptly.
In cases where your complaint will take longer than 30 days to resolve, we will notify you in writing.
Our external dispute resolution scheme
If we do not reach an agreement on your complaint, you may refer the complaint to an ASIC Approved External Dispute Resolution (EDR) Scheme.
Our external dispute resolution provider is specified in the image across from this text.
External dispute resolution is a free service established to provide you with an independent mechanism to resolve specific complaints.
You can obtain further details about our dispute resolution procedures.
It’s important to note that the Australian Securities and Investments Commission (ASIC) regulates mortgage brokers to ensure that they act in the best interests of their clients and provide appropriate advice.
Since the remuneration structure involves commission-based earnings, there have been discussions about potential conflicts of interest. As a result, regulations have been introduced to promote transparency and ensure brokers prioritise the client’s interests when recommending mortgage products.
Smyth Loan Co most certainly agrees with these rules & will always put your interests above everything else.
Loans that suit you today may not suit you in a year.
A quick review can show whether there are better options for you.
Refinancing doesn`t suit everyone and can involve costs, contact us and we`ll go through both sides with you.
#MortgageBroker #InterestRate #Refinance
Loans that suit you today may not suit you in a year.
A quick review can show whether there are better options for you.
Refinancing doesn`t suit everyone and can involve costs, contact us and we`ll go through both sides with you.
#MortgageBroker #InterestRate #Refinance
The RBA has raised the cash rate to 4.85%.
With everyday costs already stretching budgets, another rise can feel like a lot.
If you own a home, a loan review could uncover options worth considering.
If you’re planning to buy, checking your borrowing capacity can help you understand what’s manageable.
Get in touch to talk through your next step.
General information only. It does not take into account your objectives, financial situation or needs. Credit is subject to lender approval.
#MortgageBroker #RBAUpdate #HomeLoans #InterestRates
The RBA has raised the cash rate to 4.85%.
With everyday costs already stretching budgets, another rise can feel like a lot.
If you own a home, a loan review could uncover options worth considering.
If you’re planning to buy, checking your borrowing capacity can help you understand what’s manageable.
Get in touch to talk through your next step.
General information only. It does not take into account your objectives, financial situation or needs. Credit is subject to lender approval.
#MortgageBroker #RBAUpdate #HomeLoans #InterestRates
Happy Halloween! 👻
Wishing you a good company and the best lollies in the bowl.
#HappyHalloween #SpookySeason #TrickOrTreat
Happy Halloween! 👻
Wishing you a good company and the best lollies in the bowl.
#HappyHalloween #SpookySeason #TrickOrTreat
If your business has grown since your latest tax return, you might wonder how that fits into a home loan application.
Some lenders may consider more recent financial information too. What they accept and how they assess it will vary.
A busy few months won’t automatically mean a bigger loan, but it’s worth exploring.
Let’s talk about the documents that could help explain your current position.
General information only. Finance is subject to assessment and lender criteria.
#MortgageBroker #SelfEmployed #BusinessOwners #HomeLoans
If your business has grown since your latest tax return, you might wonder how that fits into a home loan application.
Some lenders may consider more recent financial information too. What they accept and how they assess it will vary.
A busy few months won’t automatically mean a bigger loan, but it’s worth exploring.
Let’s talk about the documents that could help explain your current position.
General information only. Finance is subject to assessment and lender criteria.
#MortgageBroker #SelfEmployed #BusinessOwners #HomeLoans
Before trading in, compare what your car is worth with the amount needed to pay off its loan.
A $25,000 trade-in with a $30,000 loan payout leaves a $5,000 gap.
That money still needs to come from somewhere. Don’t assume the new loan will cover it.
Let’s check the old loan before planning the new wheels.
Illustrative example only. General information only. Finance is subject to assessment and lender criteria.
#MortgageBroker #EVFinance #CarFinance #ElectricVehicles #VehicleTradeIn
Before trading in, compare what your car is worth with the amount needed to pay off its loan.
A $25,000 trade-in with a $30,000 loan payout leaves a $5,000 gap.
That money still needs to come from somewhere. Don’t assume the new loan will cover it.
Let’s check the old loan before planning the new wheels.
Illustrative example only. General information only. Finance is subject to assessment and lender criteria.
#MortgageBroker #EVFinance #CarFinance #ElectricVehicles #VehicleTradeIn
A lower rate looks good. But how long will it take to cover the cost of switching?
For a simple example: if refinancing costs $2,000 and saves $100 a month, it takes around 20 months to recover those costs.
That’s before allowing for changes in rates, balances or other loan details.
If you’re planning to sell soon, that timing matters.
Let’s check the costs, savings and your plans together.
Simplified illustration only. General information only. Finance is subject to assessment and lender criteria.
#MortgageBroker #Refinancing #HomeLoanReview #HomeLoans #FinanceBroker
A lower rate looks good. But how long will it take to cover the cost of switching?
For a simple example: if refinancing costs $2,000 and saves $100 a month, it takes around 20 months to recover those costs.
That’s before allowing for changes in rates, balances or other loan details.
If you’re planning to sell soon, that timing matters.
Let’s check the costs, savings and your plans together.
Simplified illustration only. General information only. Finance is subject to assessment and lender criteria.
#MortgageBroker #Refinancing #HomeLoanReview #HomeLoans #FinanceBroker
The rent helps pay the loan. Until there’s a gap between tenants.
Loan repayments and property expenses keep coming, even when the property is empty.
Before buying, check how your budget would handle a vacancy, an unexpected repair or both at once.
Let’s look at the borrowing costs with some breathing room built into the numbers.
General information only, not investment or tax advice. Finance is subject to assessment and lender criteria.
#MortgageBroker #InvestmentProperty #InvestmentLoans #PropertyFinance #PropertyInvesting
The rent helps pay the loan. Until there’s a gap between tenants.
Loan repayments and property expenses keep coming, even when the property is empty.
Before buying, check how your budget would handle a vacancy, an unexpected repair or both at once.
Let’s look at the borrowing costs with some breathing room built into the numbers.
General information only, not investment or tax advice. Finance is subject to assessment and lender criteria.
#MortgageBroker #InvestmentProperty #InvestmentLoans #PropertyFinance #PropertyInvesting
A balloon payment is a lump sum due at the end of some car loans.
It can make the regular repayments smaller but that final amount still needs paying. Selling the car might not cover it and getting another loan isn’t guaranteed.
Before saying yes, check the repayments, total cost and what’s due at the finish line.
Got a car finance quote? Let’s take a look.
General information only. Finance is subject to assessment and lender criteria.
#MortgageBroker #CarFinance #CarLoans #BalloonPayment
A balloon payment is a lump sum due at the end of some car loans.
It can make the regular repayments smaller but that final amount still needs paying. Selling the car might not cover it and getting another loan isn’t guaranteed.
Before saying yes, check the repayments, total cost and what’s due at the finish line.
Got a car finance quote? Let’s take a look.
General information only. Finance is subject to assessment and lender criteria.
#MortgageBroker #CarFinance #CarLoans #BalloonPayment
$80,000 saved doesn’t mean an $80,000 deposit.
Buying costs like legal fees, inspections and any stamp duty may come from the same savings.
Plan for three things: your deposit, buying costs and a buffer for life after settlement.
Let’s check the numbers before you make an offer.
General information only. Eligibility and lending criteria apply. Fees and charges may apply.
#MortgageBroker #FirstHomeBuyer #HomeDeposit #HomeBuying #HomeLoans
$80,000 saved doesn’t mean an $80,000 deposit.
Buying costs like legal fees, inspections and any stamp duty may come from the same savings.
Plan for three things: your deposit, buying costs and a buffer for life after settlement.
Let’s check the numbers before you make an offer.
General information only. Eligibility and lending criteria apply. Fees and charges may apply.
#MortgageBroker #FirstHomeBuyer #HomeDeposit #HomeBuying #HomeLoans
Australia’s national Home Value Index fell 1.1% in September, marking the sixth month in a row of declines. Every capital city except Darwin recorded a fall.
So, what could that mean for you?
• Buying? Softer prices and less competition may give you more choice and negotiating power.
• Already own? Changes in value could impact your equity and refinancing options.
• Investing? Lower prices may open up opportunities, but interest rates, holding costs and cash flow still matter.
Thinking about your next move? Get in touch and we can look at what the current market could mean for your plans.
General information only. It does not take into account your objectives, financial situation or needs.
#MortgageBrokers #PropertyMarketUpdate #HomeBuyers #Homeowners #PropertyInvestors #HomeLoans
Australia’s national Home Value Index fell 1.1% in September, marking the sixth month in a row of declines. Every capital city except Darwin recorded a fall.
So, what could that mean for you?
• Buying? Softer prices and less competition may give you more choice and negotiating power.
• Already own? Changes in value could impact your equity and refinancing options.
• Investing? Lower prices may open up opportunities, but interest rates, holding costs and cash flow still matter.
Thinking about your next move? Get in touch and we can look at what the current market could mean for your plans.
General information only. It does not take into account your objectives, financial situation or needs.
#MortgageBrokers #PropertyMarketUpdate #HomeBuyers #Homeowners #PropertyInvestors #HomeLoans
Even profitable businesses can experience periods where money going out doesn’t line up perfectly with money coming in.
Working capital finance may help eligible businesses manage short-term expenses, seasonal demand or temporary cash flow gaps.
The right option depends on your business needs, financial position and how the funding will be used.
#MortgageBroker #WorkingCapital #CommercialFinance #CashFlow #BusinessFinance
Even profitable businesses can experience periods where money going out doesn’t line up perfectly with money coming in.
Working capital finance may help eligible businesses manage short-term expenses, seasonal demand or temporary cash flow gaps.
The right option depends on your business needs, financial position and how the funding will be used.
#MortgageBroker #WorkingCapital #CommercialFinance #CashFlow #BusinessFinance
The RBA has raised the cash rate to 4.60%, its fourth increase this year.
Inflation is still running high, which is keeping pressure on rates.
For home buyers, that can mean lower borrowing power and higher repayments.
For homeowners, variable repayments may rise again, while fixed-rate borrowers should keep an eye on when their fixed term ends.
If you’re unsure what this means for your home loan or property plans, message us today.
#MortgageBroker #RBA #CashRateUpdate #InterestRates
The RBA has raised the cash rate to 4.60%, its fourth increase this year.
Inflation is still running high, which is keeping pressure on rates.
For home buyers, that can mean lower borrowing power and higher repayments.
For homeowners, variable repayments may rise again, while fixed-rate borrowers should keep an eye on when their fixed term ends.
If you’re unsure what this means for your home loan or property plans, message us today.
#MortgageBroker #RBA #CashRateUpdate #InterestRates
