Mortgage broking

If you want to break into the Geelong property market, you’ll likely find yourself in the market for a home loan. When searching for the ideal home loan for your needs, you have a few options available. You can do it yourself and visit the big four banks and various lenders in the hopes of discovering a deal that’s right for you. Or, you can engage the services of a local Geelong Mortgage Broker, who will do all of the groundwork for you.

To help you make a decision, we’ve created a list of 5 areas to compare the services of a Mortgage Broker against what you get from a bank.


1. Customer experience

When you visit a bank, you will only have their specific home loan options to choose from. They will explain their available products and recommend the one that most suits your needs. You will need to go through this process of talking through your options with multiple banks to make sure you are getting the best deal. If you decide on a home loan, the bank may put you in touch with a Lending Specialist to assist you with filling out your application.

When you choose to go through a Mortgage Broker, they will guide you through the entire process, start to finish. They can show you various options from lots of different banks and lenders, helping you compare rates, features and fees, all in one meeting. Your Mortgage Broker will ultimately connect you with a bank or non-bank mortgage lender and will be there to advise you through the application process.


2. Deal options

Banks can only offer you their own range of home loan products. The big four may have the largest range, with loans to suit most types of borrower, while smaller banks may have fewer options.

A Mortgage Broker has access to hundreds of loan products via their lending panel. This is a selection of 20-30 lenders, sometimes more, that the Mortgage Broker regularly does business with. They know all the ins and outs of each of these home loan products and can recommend the perfect one for you.


3. Advantages

Many banks, particularly the big four, have a large selection of home loan products. And they might employ Lending Specialists who can provide advice similar to a Mortgage Broker. But only for the range of home loans they offer. Banks can also offer you package deals on other financial products, like credit cards and savings accounts. But these bells & whistles may distract you from the prospect of a better deal out there for you.

With a Mortgage Broker, you receive knowledgeable advice and guidance from a professional who has tabs on a wide range of home loan offers. They can instantly compare rates from their full panel of lenders and assist you through the application process. They work for you and their service is usually free.


4. Disadvantages

Banks can only offer the limited home loan options they have available. They want you to sign up with them and understandably won’t tell you that there’s a similar or better product available somewhere else. They can’t offer independent advice and guidance.

With a Mortgage Broker, you will need to go through the application process twice; once with the Broker and once with the Lender, though they will guide you through both. And although their selection is much wider than a bank, a Mortgage Broker is limited to the lenders on their panel. It is also worth mentioning that while a Mortgage Broker works for you, their payment comes in the form of a commission from the lender you choose via their service.


5. Commissions and fees

Banks will typically charge an application or settlement fee, plus several other fees. Some banks charge more fees than others, and certain home loan products may have more fees than others available from the same bank.

Mortgage Brokers receive payment for their services through a commission from the lender you end up signing with. The majority don’t charge extra fees, there is no extra cost to you.


A Mortgage Broker can act as an intermediary between you and the bank. They research the hundreds of available home loans on the market so you don’t have to. They work directly with you to support you through the application and settlement process, helping you gain a full understanding of the paperwork and terms & conditions before signing on the dotted line.

If you’re in the market for a home loan, talk to our honest, knowledgeable Geelong Mortgage Brokers. The Hrkac Group Geelong Mortgage Brokers work with a large variety of lenders, both bank and non-bank, so we are able to ensure you are working with loan products that have all the features you need at a rate that works for you. We will work alongside you to guide you through your home loan application.

Make an appointment today via contact us, or phone 03 5224 2366.