How Mortgage Brokers Work

A mortgage broker offers loans from a panel of financial institutions, including banks and non-banks. In Australia now, there are literally thousands of home loan products with many, many more options than was traditionally available in the past. In simple terms, brokers evaluate your situation against the 20 or 30 lenders on their panel for the best deal. X Inc mortgage brokers use their relationships with our lender panel to negotiate great deals as well as assist you in key areas such as selecting the right home loan and structuring it most effectively. When you decide on which lender you want to work with, it is the lender who pays our mortgage broker.

How can a mortgage broker not charge for their service?

Banks and lenders work with mortgage brokers because they effectively give the lender a bigger "shop front" without carrying a traditional employee or "bricks and mortar" overhead. When you decide which lender you want to work with, that lender pays the broker fees or commissions for your business. Just as if you were dealing directly with a bank manager or lender yourself, these fees do not change the interest rate you pay on your home loan.

What a Broker can do for you

With around half of Australian home loan seekers using them, mortgage brokers are now an essential part of scouring the market for the right home loan in Australia. X Inc offers services across Australia to a broad range of people in all kinds of situations including first home buyers, business owners, contractors and commercial developers. We organise loans for high and low income earners and white and blue collar works as well as business people.

When you first meet with a broker, they will always start by asking you to explain your entire finance situation, including future plans. Little things can make a big difference to making sure you get the right home loan for your situation now and with flexibility for future changes. Once you have decided on the loan you want, our mortgage brokers will do the legwork for you in terms of ensuring your application is compiled correctly and then working with the lender to get the loan settled. Throughout the loan process the information provided by you will be kept in the strictest confidence. You can go to How Brokers Work for more information, on what to expect from a broker and how to get the best out of them.

Discuss and confirm loan options in writing

Explain all documents of the loan application and help you to complete them

Explain the loan process, from application to closing

Explain all associated costs and fees of the loan application

Explain the disbursements

Communicate with you throughout the loan process in a timely manner

Follow up the lender for you from application through conditional and on to unconditional approval

Negotiate with their lender/s to achieve the best deal

X Inc Mortgage Brokers have an excellent understanding of the property process, the competitive finance market and are supported by a knowledgeable and committed team of core staff, processes, accounting practices, controls and technology.

Specialised Software

The sheer amount of lenders in the market, coupled with the enormous numbers of products on offer, means that most good brokers use specialised software to access and keep up to date with the entire range of loans on offer from their lenders. Apart from complexity, with changes potentially occurring somewhere daily, it really does require the assistance of technology to analyse options effectively. When you meet with a mortgage broker, they should be happy to work through these options with you on their computer.

Your Local Mortgage Broker

X Inc Finance has mortgage brokers in most majors cities in Australia including Sydney, Melbourne, Brisbane, Perth, Canberra, Wollongong, Newcastle, Gold Coast, Sunshine Coast, Cairns, Brunswick Heads, Bendigo and many others. To talk to your local mortgage broker, click on your state and we will have them contact you within 2 business hours: New South Wales, Victoria, Queensland, Western Australia, South Australia, Australian Capital Territory. If youwould like to talk to a broker, send us the from below or call at any time on 13 XINC (International direct line: +61 2 9018 8417) and we will have a broker in contact with you within 2 business hours.