What is a Mortgage
Broker and Why
Should You Use Them?

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Why Use a Mortgage Broker?

What is a mortgage broker and why should you use them? This is a very important question if you are:

Regardless of your plans, if you’re looking for a mortgage, you’ll want a competitive interest rate and great terms. Sure, you can try and find this on your own. But when you’re in the thick of the mortgage application process, you’ll probably need some help. And a mortgage broker can simplify this whole process for you.

In this guide, we’ll answer some common questions, including:

We’ll also offer suggestions on what to ask a mortgage broker before applying for a loan and provide an overview of the mortgage application process. This will show you how a mortgage broker can guide and assist you throughout each step. So, if you’re keen to discover exactly what is a mortgage broker, then keep reading!

What Is a Mortgage Broker?

First of all, what is a mortgage broker? A mortgage broker is a finance professional who typically works with a wide range of lenders, giving them access to multiple loan products. They can help borrowers before and during the application process and will continue to provide ongoing support throughout the entire life of the loan.

Mortgage brokers act as intermediaries between borrowers and lenders. In Australia, mortgage brokers are regulated by the Australian Securities and Investments Commission (ASIC) and must meet certain education and training requirements in order to be licensed.

What Does a Mortgage Broker Do?

Second, what does a mortgage broker do? The goal of a home loan broker is to find a mortgage product that fits the individual borrower’s financial goals. They’ll also help the borrower to access competitive interest rates and flexible repayment plans.

For example, imagine you’re a first home buyer seeking assistance from a broker. You have limited knowledge of the home loan process and you’re feeling a bit uncertain about your financial options.

Whether you’re a first home buyer, a home upgrader, an investor or you’re thinking about refinancing, the expertise and personalised assistance of a mortgage broker could be instrumental to your success.

What To Ask a Mortgage Broker?

Now that you know the answer to, “What is a mortgage broker?” you may be wondering what to ask a mortgage broker. Here are a few great questions to get you started:

Do you charge anything for your services?

This is an important question to start with because some lenders will charge the borrower a fee directly, while others rely on a commission from the lender. At ZEP Finance, you won’t be charged any fees for working with our talented brokers.

Is there anything I can do to increase my borrowing capacity?

Borrowers are often surprised to learn that there are simple steps they can take to improve their borrowing capacity. A broker will be able to assess your current situation and then provide tailored advice.

How will you know which loan product will be best for my situation?

A good broker will conduct a thorough assessment and go through a detailed loan comparison process before making any recommendations. This will ensure you’re getting the best loan to suit your needs.

An Overview of the Mortgage Application Process

The mortgage application process involves several stages, including pre-approval, choosing a mortgage product, application, approval and settlement. These stages involve providing financial information, selecting the best loan for your needs, submitting all the necessary paperwork and finalising the mortgage agreement.

Understanding each stage of the process will help to ensure a successful mortgage application.

During this stage, you’ll provide financial information to the lender, including your income, debts and assets. The lender will then assess your financial situation and creditworthiness to determine how much you can borrow. This important first step can help to establish your budget and what kind of properties you can afford.

How can a mortgage broker help you during this stage?

A home loan broker can help you understand the pre-approval process and what you need to do to qualify for a loan. They can also provide guidance on how to improve your credit score or financial situation to increase your pre-approval borrowing capacity.

Once you’ve been pre-approved, you’ll need to choose the right mortgage product for your needs. This involves selecting the type of mortgage (such as fixed-rate or variable) and the length of the loan term. You’ll also need to consider the interest rate, fees and other conditions of the loan.

How can a mortgage broker help you during this stage?

Mortgage brokers can help you compare mortgage products from different lenders to find the best loan for your needs. They have access to a wide range of loans and can provide insights into the pros and cons of each one, factoring in interest rates, fees, loan features and conditions.

You’ll fill out a mortgage application and provide supporting documents, such as payslips, tax returns and bank statements. The lender will use this information to verify your financial situation and determine whether you qualify for the loan. This stage can be time-consuming and may require some back-and-forth with the lender.

How can a mortgage broker help you during this stage?

Mortgage brokers can help you prepare your application and gather the necessary paperwork. They can also assist with filling out the application and ensuring that everything is 100% complete and accurate. Additionally, they can liaise between you and the lender, answering any questions or concerns that may arise during the process.

After you’ve submitted your application and supporting documents, the lender will review them to determine whether you meet their criteria for the loan. They’ll consider your credit score, income, employment history and other factors to assess your creditworthiness. If everything checks out, the lender will approve your loan and provide you with a commitment letter outlining the terms of the mortgage.

How can a mortgage broker help you during this stage?

Even with pre-approval, there is no guarantee that a loan application will be approved. A mortgage broker can work with the lender during the approvals stage to ensure that the process moves forward as smoothly as possible. If any issues arise, the broker can help you address them and find solutions.

Once your loan has been approved, you’ll need to sign all the necessary paperwork to finalise the mortgage agreement. This may involve paying closing costs, such as appraisal fees, title fees and insurance fees. Once the paperwork is signed, the lender will release the funds to the seller, and you’ll officially own your new home.

How can a mortgage broker help you during this stage?

A mortgage broker can review the closing documents with you to ensure that everything is accurate and that you understand your obligations under the loan agreement. They can also assist with any last-minute issues that may arise, such as unexpected fees or delays.

Frequently Asked Questions about Home Loan Brokers

A mortgage broker is typically paid a commission by the lender for bringing in new business. This commission is built into the interest rate and fees of the loan, so borrowers do not typically pay an additional fee for working with a mortgage broker. The commission amount varies depending on the lender and the loan product, but it is usually a percentage of the loan amount.

Yes, a mortgage broker can often help with bad credit. Mortgage brokers work with a wide range of lenders, including those who specialise in lending to borrowers with bad credit. They can help borrowers with bad credit find loan products that are appropriate for their financial situation and credit history. In some cases, a mortgage broker may also be able to offer advice on how to improve credit scores and qualify for more favorable loan terms in the future.

The mortgage application process with a broker can vary in length depending on several factors, such as the complexity of the borrower’s financial situation, the lender’s requirements, and the documentation needed to complete the application.

In general, the process of applying for a mortgage with a broker typically takes between 30 and 45 days. This is just an estimate, and the actual time can vary significantly based on the borrower’s specific circumstances.

The mortgage application process with a broker usually involves several steps, including pre-approval, documentation submission, underwriting, and closing. Each of these steps can take several days or weeks to complete, depending on the lender’s processing times and the borrower’s ability to provide all required documentation promptly.

The best way to get an accurate estimate of how long the mortgage application process will take is to consult with a reputable mortgage broker and discuss your specific situation in detail.

When applying for a home loan through a mortgage broker, you will typically need to provide documentation such as proof of income, bank statements, tax returns, identification documents, and details of any existing debts or financial obligations.

Yes, a mortgage broker can help you find home loan options even if you have a low credit score. They may be able to connect you with lenders that specialize in working with borrowers who have less-than-perfect credit or have had financial difficulties in the past.

One of the main benefits of using a mortgage broker is that they can help you compare home loan options from multiple lenders, potentially saving you time and money. They can also provide advice and guidance throughout the application process, and may be able to negotiate better terms and rates on your behalf.

Yes, mortgage brokers can help self-employed individuals to secure a competitive home loan. They have access to a wide range of loan products and are familiar with which lenders offer loans suitable for self-employed borrowers. Brokers can also help you navigate the unique documentation requirements and financial considerations that may apply to self-employed applicants.

Are Mortgage Brokers Worth It?

At ZEP Finance, the Answer Is Always “Yes!”

Understanding the answer to, “What is a mortgage broker?” is the first important step on your home-buying journey. The next step is to find your broker. When you partner with the team at ZEP Finance, you’ll gain access to an extensive lender network, receive professional advice and enjoy a streamlined process designed to minimise stress.

So, if you’re having trouble finding the right loan, don’t hesitate to call our mortgage brokers! We have an outstanding range of lenders available, and we will be there to help you throughout every stage of your mortgage journey — from pre-approval right through to settlement.

110+ Google Reviews And Counting

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Mal RiddleMal Riddle
06:31 08 Apr 24
Zep finance went above and beyond in securing finance for our company vehicle. They updated me every step of the way and made a complicated process easy. Highly recommend.
Hanna PritchardHanna Pritchard
04:38 05 Apr 24
I'd heartily recommend Kylie and the team at Zep for your mortgage needs.
Claire WestraClaire Westra
04:28 05 Apr 24
I'm a property investor with 6 properties thanks to this family run brokerage business. I have had nothing but exceptional service from Zep finance. They don't cross-collateralise, work closely with your accountant and are so smooth and easy to work with.Zains team consider well over 100 lenders to come up with the right loan product for investors. These guys do the hard yards and I could not recommend them more.
Nikki FernNikki Fern
01:26 05 Apr 24
Highly recommend ZEP Finance, a local family-owned business whose kindness, passion, dedication & attention to detail shines through everything they do. Exceptional humans going above and beyond!
Billy Narvo GleesonBilly Narvo Gleeson
03:59 04 Apr 24
The team at Zep were so incredibly helpful and made buying our first home not as stressful 10/10 recommend
Joshua ButtsworthJoshua Buttsworth
06:18 02 Apr 24
The team at Zep have been amazing.We had a more difficult settlement and each of the team gave me time, clear direction each step of the way and were extremely patient.Many thanks!!!Highly recommend
23:22 25 Mar 24
Zain is absolutely fantastic. He helped us with the refinance of our first home to help us buy our dream large acreage property nearly three years ago. Coming off our fixed loans, Zain is now helping us keep our new variable rates as low as possible. He’s been of tremendous help during the process each time. Highly recommended!
tara curnowtara curnow
08:01 24 Mar 24
The Team at ZEP were extremely helpful from the start to finish of the entire process and even after with check ins to ensure we are on a great rate and things are going smoothly. Extremely professional, fast and go above and beyond to ensure you reach your goals. Highly recommend!
Paul ChafferPaul Chaffer
23:19 20 Mar 24
Kylie Harris, my broker was excellent in her approach and assistance. She was clear, concise and made it an effortless, streamlined process unlike other experiences I have personally had refinancing property. I felt trust, care and guidance from her and the team upon every step, delivering a great outcome. I have since produced two more leads for her with long term friends who were equally impressed.
Kylie HarrisKylie Harris
23:17 20 Mar 24
Fantastic Team!! Second to none!!
Michael WolhuterMichael Wolhuter
23:19 01 Mar 24
ZEP took the time to explain the home loan process to making it stress free. They were always there to help when needed, wound highly recommend Zain and the team.
Jaime MullerJaime Muller
05:17 29 Feb 24
We had such a straightforward, no problems process with Zep. Communication was clear and consistent and the staff were all friendly and accomodating. Thank you!
Kurt MalaveyKurt Malavey
09:21 22 Feb 24
Zain and the team have helped us with loans, refinance and financial advice. They are unbelievable and easy to deal with. Call them now!
06:36 22 Feb 24
Zain and the team were great. All the way from initial contact to past our settlement date to make sure the whole process was smooth.Dealing with Karina and Trudy they made everything hassle-free and had great communication at all times. 11/10, highly recommend.
Jasmine DunwoodieJasmine Dunwoodie
03:44 20 Feb 24
Zach ConstantinouZach Constantinou
11:00 15 Feb 24
caris galvincaris galvin
22:31 13 Feb 24
We have been very happy with the service provided by Kylie and the rest of the team at ZEP finance- they've ensured a very smooth journey for our refinance and property purchase. We've already recommended them to friends and family
Matthew GordosMatthew Gordos
11:43 11 Jan 24
ZEP Finance helped us throughout the process of selling and purchasing our homes by ensuring that paperwork and communication with our finance institutions was completed under tight timeframes
Ash KnowlandAsh Knowland
19:40 18 Dec 23
Zep finance helped us achieve what we were trying to do when no other brokers could. The whole experience was met with an extremely helpful and positive mindset with nothing ever being a problem.The addition of incredibly helpful staff made our experience with zep one that we will highly recommend to anyone looking to refinance like we did.Give Zain and the team a call, you won't be left disappointedAsh
Belinda KehoeBelinda Kehoe
04:27 18 Dec 23
Great service again from zep finance.Could not recommend them highly enough.
Dani ThompsonDani Thompson
03:19 12 Dec 23
Can not recommend Zain and his team enough! They are amazing at what they do..their communication, knowledge and processes are flawless.Thanks again guys!!!
Paul OPaul O
23:51 05 Dec 23
Zain and the team at ZEP Finance are incredibly responsive to any questions and are genuinely customer-focused. They invest the time to get to know their clients and develop long-term relationships with them. It's comforting to know that expert advice and any assistance is only ever a phone call or email away. Over the past 5 years, I've found that they always act in the client's best interest and nothing is ever too difficult for them whether it be assisting with identifying the best lender for your needs, renewing loans or purchasing a home. They just make it happen!
Sorayah ZazuriSorayah Zazuri
04:08 14 Nov 23
Zain, Emma and the whole team at ZEP finance have done an amazing job. They successfully navigated us through our construction loan, and then onto refinancing to get us a better home loan with a reduced interest rate. We’ll done guys! You have taken a huge weight off of our shoulders. We look forward to dealing with your amazing, local, Lennox Head, family run business for any new mortgage needs!
Greg PowellGreg Powell
21:29 07 Nov 23
Zain and his team are friendly, efficient and professional. We have used ZEP’s services on a few occasions and I can not speak highly enough of them. They are patient and understanding and go above and beyond any expectations you may have. No hesitation in giving 5 stars plus…. Your emergency is their urgency. Fast and easy.
Shannon SayeShannon Saye
23:26 31 Oct 23
Highly recommend using ZEP Finance they made the process of getting finance easy and completed the process quickly and efficiently.
Charlotte MonlunCharlotte Monlun
03:34 10 Oct 23
Zain and the team at ZEP Finance came recommended when we started looking at buying near Lennox and needed financing. Zain was able to assist us in getting the best solution for our mortgage. The team was incredibly attentive, responsive with any queries we had along the way and professional. They made the process seem as seamless as can be considering the current lending context. A big thank you Zain, Trudy and Kelly for your expertise and support, we will certainly recommend your services.
Jamie HetheringtonJamie Hetherington
11:14 03 Oct 23
Couldn't be happier with the team at ZEP Finance. Can be quite overwhelming when making these life changes and they eased us through it all! Thank you so much
Sheridan VenessSheridan Veness
07:17 11 Sep 23
We just purchased our second home with Zain and his teams help and my goodness they are truly amazing ! They are quick and efficient and make the process stress free not to mention they are all so lovely and helpful with every need . Couldn’t recommend them enough!
Marnie SironenMarnie Sironen
06:45 01 Sep 23
Zain, Emma, Karina and the team were wonderful. They expertly navigated our complex situation, were endlessly patient and explained everything to us in plain English, which was really appreciated. Highly recommend.
00:35 26 Aug 23
We were recommended Zep Finance by friends of ours. Zain, Emma and the team met and exceeded our expectations and we couldn’t recommend highly enough. This was our first home loan experience and their communication was always prompt and clearly explained which made the whole process as straightforward as possible for us. Thanks so much for your perseverance and dedication to finding a home loan solution for us guys, really appreciated!
Jade RogersJade Rogers
09:28 25 Aug 23
Brett WatsonBrett Watson
05:01 14 Aug 23
Kylie Harris from Zep helped me throughout the process and was amazing in my opinion, I have already recommended Zep to friends .
Micheal SimpsonMicheal Simpson
04:48 14 Aug 23
shelby milneshelby milne
05:33 10 Aug 23
ZEP finance was fast and efficient. The whole team are more than accommodating and very friendly! I would 100% recommend and be using them again in future.
Andro EngelbrechtAndro Engelbrecht
00:12 25 Jul 23
Fantastic service once again! We've used Zain and the team from ZEP Finance for our past mortgages and recently to extend our current home loan to get some renovations done. Zain and his team was excellent at communication and did everything in a timely manner. Highly recommend and will definitely use them again in the future.
Hong KHong K
13:03 05 Jul 23
Zep finance is truly amazing and will help you achieve the best result. As a first home buyer, I am not sure about the process but my broker Kylie and Karina have always been very helpful, always kept me informed throughout the process and went above and beyond to assist until it is all completed. It was an amazing experience I couldn’t have done it without ZEP Finance !!!
Louise HarrisLouise Harris
10:41 11 May 23
Zep finance seamlessly managed our recent refinancing and made the whole process so easy for us. The whole team are friendly, professional and very thorough. They were also amazing to deal with a few years ago when we were first home buyers navigating a construction loan. Highly recommend!
Thomas HarrisThomas Harris
04:30 10 May 23
Zain and the ZEP team helped us get our initial home loan in 2019 and have just assisted us with refinancing. Great team, happy to answer all questions and a smooth process. Would recommend to anyone, near and far - we work with team from Western Brisbane without any dramas!
Jean BarrJean Barr
10:40 19 Apr 23
Made it easy for me to get my house loan. The staff were all very professional and made the whole process much easier and smoother. I would never have been able to settle on my purchase so quickly had I not had the team behind me. Everything was clearly explained to me. They took the stress out of the whole process.
Pip CPip C
10:24 19 Apr 23
Zain and his team did a wonderful job securing me a home loan and helping me understand the steps involved. They communicated with all the necessary parties on my behalf and l couldn't have been happier with the work they did for me. I highly recommend ZEP finances. Many thanks Zain, Kylie, Lisa and all the team.From a happy first home owner!
Louise O'ConnellLouise O'Connell
08:32 30 Mar 23
Zep Finance are world class! This was my 6th mortgage and by far the best advice and all round service I've ever experienced. Kylie went above and beyond to find me the best deal, with Trudy, Emma, Jasmine and Caitlin keeping me informed along the way. Thanks ZEP! I really appreciate the great loan you negotiated.Highly recommend this team!
Demi KroehnertDemi Kroehnert
01:23 28 Jan 23
Amazing experience for first home purchaseZEP Finance we’re excellent in making our fist home buying experience simple. Our broker, Joel, provided an awesome experience when purchasing our very first home and wer were able to purchase the home of our dreams. Throughout the whole process, Joel always communicated with us clearly and answered any questions we had, making sure we understood. Thank you to Joel and ZEP finance for providing us with a great experience and we will be sure to return when we need a broker in the future.
Brad NewbyBrad Newby
22:20 27 Dec 22
The team at ZEP Finance were very professional throughout the whole loan process and provided us with several options that suited our circumstances. Not living local was not an issue for them and the communication provided from the ZEP team was amazing. If you are looking for a service which is tailored to your specific needs we highly recommend reaching out to Zain and his team. Thanks for helping us achieve another milestone in our lives.
So grateful for Zep Finance.There are few words that can explain our gratitute to Zain and Joel.The brokerage service was excellent from beginning to end in assisting us to secure our very first home.Zain and Joel made us feel valued and informed each and every step of the way on our journey to owning our own home.We can't thank them enough for their exceptional, meticulous, professional and efficent assistance and support.If you are looking for a broker, we can absolutely recommend Zep Finance and will continue to use their services in the future!From the Myburghs.
Abbey McBurneyAbbey McBurney
23:37 20 Oct 22
Third time - Still Amazing ServiceThis was our third time working with ZEP Finance. The whole team supported us through a very difficult process negotiating with our previous lender following the February/March floods. We would have been lost without their support.They then switched gears and sprung into action to get us locked and loaded to buy a new, flood free home.Joel helped us obtain pre-approval with our preferred lender and the whole process from exploring options to pre approval to settlement was seamless and stress free.Zain has built a quality and caring team, whose attention to detail and customer service is hands down second to none.I have always, and will continue to recommend ZEP to anyone looking into finance options.
The Image CollectiveThe Image Collective
05:22 04 Oct 22
Highly recommend the entire team at ZEP to anyone needing finance information or services. The results were nothing short of amazing. This experience for me has restored my reservations about loans/finance with their professionalism and knowledge. I understood everything that was explained, was given options and felt so empowered to leave my long term bank.I have since referred family and friends to see them and hope anyone reading this gives them a go. Trust me, you won't be disappointed. THANK YOU ZEP!!!
Nat DaleyNat Daley
00:18 02 Aug 22
Second to noneOver many years and many transactions, Zain Peart and his team (Kylie, thank you) have always been great, but this time they went above and beyond. Our situation is complex, the investment property transaction we just executed was complex, and what was even more complex was the timing of the transaction (floods, COVID-19, interest rate increases, maternity leave, personal matters etc). ZEP provided much needed stability in these uncertain times. There is nothing that office cannot do, and it seems the more complex the scenario the more they stand out. I cannot recommend ZEP highly enough, and do to my family, friends and clients 100% of the time.
Wan BradridgeWan Bradridge
10:06 11 Jul 22
Amazing service! Zain, Kylie and the team went above and beyond for us. They made the process so easy. They did all the hard part for us, we didn’t even have to lift a finger! Always keeping us up to date with the progress of the loan application, very professional and friendly. We would recommend the team to anyone! Thank you guys! Craig and Wan
10:03 11 Jul 22
I couldn't have asked for better service! Zain, Jasmine, Emma and the entire team at ZEP worked around the clock to find the best possible loan for my situation.If you're looking for a professional, timely, considerate and understanding broker, ZEP is my recommendation. Jasmine always replied to my requests quickly and efficiently and Zain worked tiressly to find the product just for me.
Sally CookSally Cook
10:02 17 May 22
PROFESSIONALSERVICE AND GREAT COMMUNICATION !!Zain, Joel and his team were extremely helpful, responsive and gave us excellent advice throughout the process of obtaining our loan and securing a home in this difficult property market. Their service was sincere and supportive and we would highly recommend to anyone to use their services. We will most definitely reach out to them once again for any further loan applications. These guys made it all happen !!! THANKS HEAPS
Helen WoodburnHelen Woodburn
00:55 15 Jan 22
Buying and selling property can be stressful so having someone assist us with our financing towards the selling and buying of a property was very important to us. Zain at ZEP Finance came highly recommended. Both Zain and his team did an incredible, efficient and professional job from start to finish. Zain's knowledge and experience is exceptional which instilled our confidence and trust. The team's communication was outstanding and their timely and prompt attention to detail provided comfort and peace of mind throughout the process. This meant we could focus on other necessities associated with moving house as well as saving us a heap of time. We would highly recommend Zain and ZEP Finance to anyone requiring a mortgage broker.