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  • joey1990
    Participant
    Post count: 1
    #12091 |

    Hi. With using a broker, do you pay a fee to the broker or do they get paid by the bank?

    Do they get the same interest rates as the banks offer?

    CoreyBatt
    Participant
    Post count: 1

    Hey Joey.

    Good questions.

    Generally with mortgage brokers you’re not charged a fee for service. In some cases some brokerages may – but for the most part brokers are remunerated by being paid a commission by the lender which you utilise for your loan.

    In terms of interest rates – they will be the same or potentially lower than what you would receive going direct to a branch. The real benefit here is that instead of going to a bank which can only offer you their limited range of products, a broker can offer you loans from multiple lenders – giving you the best overview of the options available.

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