Mortgage brokers in Melbourne

If you're buying a home or looking at an investment property, a broker who services Melbourne could help. Mortgage brokers can look at your financial situation and put you in touch with top lenders that offer home loans that suit your needs.

Discover home loan experts near you

Postcode / Suburb

Showing mortgage brokers servicing Melbourne

Henry Vong

Customer Representative Number: 546576

Service coverage

VIC

Years of experience

3 yrs

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Dr Bruce Johnstone

Customer Representative Number: 536529

Service coverage

Australia wide

Years of experience

17 yrs

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Simon O'Kelly

Customer Representative Number: 511481

Service coverage

VIC

Years of experience

11 yrs

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Nick Palamaras

Australian Credit Licence: 393195

Service coverage

Australia wide

Years of experience

15 yrs

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Home loan professionals in Melbourne

Are you looking for a broker to help you with a first home purchase, refinancing, or even an investment property? Whatever your home loan needs, a broker can look at your financial situation and put you in touch with lenders in Melbourne and across VIC, finding you home loan options to suit your needs.

A local Melbourne broker may help you find a mortgage and even manage the application process for you. Everyone from first home buyers to experienced property investors may benefit from a mortgage broker’s expert advice. From the Melbourne CBD to Dandenong, to Yarra and Monash and beyond, find a broker in Victoria near you at RateCity.

Expert advice from Melbourne brokers

Unless you apply for a home loan every day, it’s easy to be overwhelmed by the mortgage market. Everything from calculating repayments to working out the right loan for your financial needs can seem too confusing to be worth it in the long run.

Fortunately, mortgage brokers navigate the world of home loans every day, and will be happy to lend you their expertise, whether you're a first home owner or you're buying an investment property. Brokers can take care of the entire process of researching and applying for home loans, save you time and hassle completing the application paperwork, and even negotiate with the lender on your behalf to get you a better deal on your new home loan or investment loan.

Even if you know something about mortgage products after applying for your first mortgage, you could still benefit from help from a Melbourne broker when the time comes to refinance. A finance broker can compare the interest rates of different loan products, and handle all of the calculations and paperwork involved with refinancing, allowing you to concentrate on other areas.

Service you can rely on

Visiting a mortgage broker is usually free in Australia, as most mortgage brokers are paid commissions by banks and mortgage lenders rather than charging fees to borrowers. Since contacting a broker should cost you nothing, you can confidently ask for their help managing the whole process of finding and applying for a suitable loans.

Remember that even though brokers are paid by banks, they work for borrowers. A broker can’t recommend loan options that they know you can’t afford in your financial situation, and should act in the best interest of the borrower, even if the commission may not be as high. To learn more, politely ask your broker about how they are paid.

The type of loans a broker can issue

There are a range of different home loan a broker may be able to offer you. The type of loan best suited to you will depend on what you plan on using the property for and your personal financial circumstances.

Types of home loans for different borrowers:

Owner-occupier home loan - When you intend to live in the property you are purchasing.
Investor home loan - When you intend to rent out the property you are purchasing for investment purposes.
Refinancing home loan – Sometimes the existing loan you have may not work for you anymore, whether due to high rates and fees or a lack of features. Brokers may be able to assist you in refinancing, or switching, to a new home loan.

It’s not just what kind of borrower you are that a broker will consider when issuing a home loan. There are different interest rate and repayment types that come into play.

Types of interest rates and repayments:

Variable home loan – When the interest rate is subject to market fluctuation, as influenced by the Reserve Bank of Australia’s cash rate and the lender’s preferences.
Fixed home loan – The interest rate is locked in at a set amount for an agreed upon period of time. Your interest rate and repayments will remain the same throughout that fixed period.
Split home loan – A combination of the above, a broker may issue a home loan that allows borrowers to divide a portion of their mortgage to a variable rate and another to a fixed rate.
Principal and interest – A home loan repayment type where you pay both the principal and interest in your repayments.
Interest-only – A repayment type where the borrower only pays for the interest charges, not the principal, for a set period of time. Repayments are generally lower, but you’ll potentially pay more over the life of your loan by not chipping away at your principal amount.

Melbourne broker reviews you can trust

Mortgage brokers in Victoria and around Australia may operate on their own or as part of mortgage broking franchises. To get a better idea of a mortgage broker’s qualifications, check if they have an Australian Credit Licence, or a membership in an broking industry organisation such as the Mortgage and Finance Association of Australia (MFAA). How long they've held these qualifications can give you a better idea of how many years of experience they've had

The other way to be confident about a mortgage broker’s performance is to look at their ratings and reviews from previous customers. Word of mouth can make a big difference to your search for the best mortgage brokers for you and your financial goals. Brokers provided on RateCity include any reviews and testimonials left by customers, allowing you to do some quick research to find out if a Melbourne broker is in a position to serve your needs.

Mark Bristow

Personal Finance Editor

Mark Bristow is RateCity's Home & Personal Finances Editor, and an experienced analyst, researcher, and producer. Focused primarily on Australian mortgage and home loan expertise, he has been a journalist and writer in the financial space for over ten years, previously researching and writing commercial real estate at CoreLogic. In the years since, Mark has worked for the Winning Group, Expedia, and has seen articles published at Lifehacker and Business Insider.