Around 60% of all home loans in Australia are organised with the help of a mortgage broker. Mortgage brokers are middlemen between lenders and property buyers. Their role is to help borrowers secure a home loan from a lender that best suits their circumstances.
There are more than 15,000 mortgage brokers working in Australia, of which many are self-employed. As a borrower, you don’t commonly pay a fee to use a broker’s service. Instead, they typically get paid a commission by lenders on each loan they arrange.