What do mortgage brokers actually do after my home loan settles?

Mortgage rokers essentially help you to get approved for a home loan, handle the application process and (fingers crossed) save you money along the way. However, what happens after that truly separates the “good” brokers from the great!

Properly managing your mortgage over your loan term can potentially save you thousands and even help you to pay it off faster so you can get on with enjoying life. That’s amazing mortgage brokers step in.

The good news is that in most cases our services are free of charge since we get paid by the lender for doing the work that would otherwise be done by a bank manager. Plus, we do it way better than the banks.

How do mortgage brokers manage your home loan?

Even if you didn’t initially use one when you applied for your mortgage, you should consider enlisting a mortgage broker to help you manage your home loan.

That’s because some lenders sometimes deploy sneaky tactics after your loan has settled.

For example, they may charge you higher interest rates compared to new borrowers. Your best bet to make sure your home loan remains competitive is to have a good mortgage broker on your side.

Our brokers have many years of experience in the credit and finance industry. They know how to make sure you’re not overcharged and that you’re continuing to enjoy the best deal available.

We go beyond settlement!

We have a dedicated post-settlement team and here are some ways our team can help you to manage your home loan:

  • Our brokers ensure that our clients understand how their home loan works by ensuring that they understand their repayment schedule, what their interest is and how to best use the home loan features that they have applied for.
  • We can organise a property valuation in a year’s time so you can see how your home is performing.
  • To ensure your mortgage continues to have a competitive interest rate, our brokers complete an annual mortgage review (or a review every two years depending on whether you’ve fixed your mortgage or not) and renegotiate your interest rate with your lender or refinance if necessary.
  • The annual reviews we perform are proactive and not reactive. We check for capital growth of your property and let you know if you’ve grown enough equity to invest in more real estate via cash out or equity release.
  • Our brokers help our clients remain in a competitive interest rate after their fixed rate expires. This is because banks tend to overcharge on the variable rate without the client realising. We help by reviewing and negotiating a lower interest rate or switching to another lender that offers a better deal.
  • We help can help you to facilite the progress payments on construction loans so you can avoid the communication breakdown that often occurs between banks, builders and the clients.
  • If you were on a low doc, bad credit or any other type of mortgage that’s outside standard lending policy, our post-settlement team will review your loan and refinance you to a prime lender as soon as you can qualify.
  • Our mortgage brokers deal with all post-settlement queries you may have. This includes switching loans, mortgage modification and removing a guarantor

You can discuss your situation and loan needs with one of our mortgage brokers by calling us on 1300 889 743. You can also fill in our free online assessment form and one of us will contact you instead.

Mortgage broker vs. bank manager

Rather than relying solely on a bank manager or managing your home loan on your own, a broker offers the following benefits:

  • Free, regular home loan health checkups!
  • Save time since brokers provide a hassle-free service with any post-settlement related tasks. For example, if you’re switching lenders, the bank can slow down the discharge process to continue charging interest for as long as they can. Mortgage brokers can push the process forward and get rid of delays.
  • Using their vast industry knowledge and experience, mortgage brokers can provide valuable advice and suggestions based on their experiences. However, note that this must not be taken as financial advice. For example, brokers can suggest you to switch to a prime lender from a non-conforming lender as soon as they see that you can meet all requirements. The reason is that you’ll be able to get much cheaper interest rates.
  • If you were to manage your home loan on your own, you’d have to be an expert to do so effectively. If you rely on a bank manager, they are often biased towards one product and don’t consider other lenders. Mortgage brokers, on the other hand, provide proactive annual reviews and review a wide variety of lending options to ensure that your mortgage is competively-priced and working in your best interests.

There’s more!

The best thing is that we are paid by the banks for doing some of the work that would otherwise be done by one of their staff.

It’s highly unlikely that you’ll have to pay any fees if:

  • Your mortgage is for more than $200,000,
  • Your personal situation is not too complicated, and
  • You plan on keeping the mortgage for more than two years.

Our mission is to delight our clients!

We aim to delight our clients and operate ethically for the benefit of society.

The path we follow to achieve our mission is by helping customers who are being let down by the Australian banking system.

We want to help people in tough situations and believe that our customers aren’t short-term payoffs but lifelong clients!

Our mortgage brokers are always ready to help. Simply call us on 1300 889 743 or complete our free online assessment form and find out for yourself how we can help you manage your home loan.

  • Muriel

    Hi, it’s stated that your services are free of charge ‘in most cases’. In what circumstances would they not be free?

  • Hey Muriel,

    You won’t generally be charged any fees if your loan amount is for more than $200,000, your personal situation is not very complicated and you’re not planning to pay off the loan within two years. Also, since commercial loans and business loans involve more work than a standard residential loan and so require more experience, we may charge a brokerage fee and/or a commitment fee depending on what you’re applying for. You can learn more about it here:

  • Monet

    So if I want to get a home loan of $250,000 then I won’t be charged any fees provided that my situation is simple and I meet the other requirements too?

  • Yes, however, please note that we’re not accepting any loan applications for under $300,000 at the moment.

  • laws

    Hi, what types of renos yield generally better and more dollar productive results?

  • Hi laws,

    Compared to structural renos, cosmetic generally is the way to go because although you can add a massive amount of equity if you do it right, you can easily overspend. Please check out this page to learn about this in detail: