Simply put, a mortgage broker’s job is to find you the right loan for your situation and make sure that you continue to have the right loan as your goals and situation change over time.
| What makes us different | Ingram Financial | Banks & lenders |
|---|---|---|
| Your own personal, non-bank affiliated home loan expert | ✔ | ✖ |
| Free for you for most common scenarios | ✔ | ✔ |
| We work in your best interests (we’re not owned by a bank) | ✔ | ✖ |
| Fast turnaround times | ✔ | ✖ |
| Access to dozens of banks and lenders in one place | ✔ | ✖ |
| Ongoing support and guidance once your loan has settled | ✔ | ✖ |
What we’ll do for you.
From understanding your goals to settlement and beyond, here is how we’ll work together as your mortgage broker.
Understand your goals
We’ll take the time to understand your unique situation and goals.
Provide you with some options
We’ll do thorough research, provide you with a few loan options and help guide you through your decision.
Get it sorted for you
Once you select your preferred loan, we handle the legwork and lodge it, get approval, and complete settlement.
Help you save
We’ll stay in touch to make sure that you still have the right loan as your situation changes (and see if you can save money).
Our code of ethics.
We are serious about the commitment we make to our customers.
Transparency
We do all that is possible to ensure our customers are fully informed about why we make the loan recommendations we do, and how we get paid.
Governance and culture
We will always act in accordance with applicable laws and cooperate with any regulatory bodies. We see our role as constantly adapting, leading and shaping best practice in the industry.
Manage conflicts of interest
Conflicts can happen from time-to-time. When any conflict of interest exists, we will disclose them to our customer and always give priority to their needs.
Committed professionals
To deliver outstanding results for you, we invest in ourselves and our business. You can have confidence we maintain, develop and apply a high level of knowledge and skills to meet all required industry standards and qualifications.
Quality
We will do everything possible to ensure records of clients are retained, maintained and kept in a form that is complete, accurate and safe.
Access dozens of lenders in one place.
Do I have to pay to use a broker?
There are a lot of misconceptions that mortgage brokers charge hefty fees. Generally this is not the case. Typically, the lender pays a mortgage broker in the following way (at no additional cost to you):
Mortgage brokers are paid an upfront commission and a trail payment:
UPFRONT PAYMENT PAID TO ME BY THE LENDER, NOT BY YOU. A one-off payment called an upfront commission is usually between 0.65% to 0.7% of the loan amount (+gst). We handle all the legwork and secure approval for your loan.
TRAIL PAYMENT PAID TO ME BY THE LENDER, NOT BY YOU. ‘trail’ or ongoing commission is usually 0.15% p.a., based on the balance of your loan. We’ll be in regular contact with you to check in on your situation and make sure your loan continues to work hard for you, your changing situation and goals.
How that plays out
Let’s say you choose to take out a $500,000 loan with Bank ABC. I will receive payment:
An upfront commission of $3,250 (based on a 0.65% upfront payment rate)
A trail payment of:
- $750 in the first year with a loan balance of $500,000
- $675 in the second year if your loan balance was $450,000
- $600 in the third year if your loan balance was $400,000
The lender will continue paying the trail payment until you pay off your loan or change your loan. It will also cease if your loan ever enters in to default or arrears.
