CLIC MONEY / LEARNING CENTRE
How to compare a broker and a bank.
Ask about options, fees, service, lender access and the reasoning behind a recommendation.
Ask what can be compared.
A broker panel is not the entire market. Ask which lenders and products can be considered, what cannot be accessed and why the proposed options suit your needs.
Understand payment and fees.
Ask how the broker is paid, whether you pay a fee and when it applies. Have the costs and any separate services explained before proceeding.
Look beyond a quoted rate.
Compare features, total cost, required documentation, ongoing service and the application process. No broker or bank can promise every application will be approved.
For official consumer guidance, visit ASIC Moneysmart: using a mortgage broker ↗.