A mortgage broker is an individual whose job it is to find an individual an appropriate lender for the purpose of obtaining a loan.

In theory mortgage brokers look at an individual’s details and financial requirements, and then research the most appropriate and best suited mortgages available on the market. Ideally mortgage brokers should operate independently and out of the influence of any financial institutions who they may recommend in order to maintain objectivity.

Typically mortgage brokers are paid via a fee dependent on successful completion of a loan being obtained or taken up by the individual, this can be paid by either the lender or borrower depending on the particular mortgage broker and/or the company that they represent.

It may be a separate fee or worked out as part of the loan negotiated.

More recently mortgage broking companies, such as Aussie, have established themselves based on the premise that they represent no particular lender but rather will match the potential borrower with a loan specifically suited to their requirements.

Their fee is derived through you, but at least in this instance their income is transparent and you know who they are really representing…it should be the borrower’s best interests.