Mortgage Mythbusters

Do brokers charge for services?

Compass Wealth Group brokers don’t. We’re paid by the lender when we successfully settle your loan.

Some brokers charge for some service components so it’s best to check before signing up.

Are all brokers the same?

Not true.

It’s not whether you should use a broker. It’s which broker you should use.

Many brokers just want to work easy loans—nice, clean simple deals. They want in and out quickly so they can take off to the next client. They don’t stay with you over the long-term, reviewing your loan to make sure it’s on track.

Is it better to stay with your bank?

Not necessarily true.

Banks only have a limited number of loan options and they have no choice but to guide you to an existing product. This may not be the best product for you and it can cost you more money over the life of your loan.

Do brokers offer anything the banks can’t?

Not true.

Banks only sell their own limited range of products. Compass Wealth Group has access to dozens of leading lenders and a wide range of flexible rates and conditions.

Can anyone be a mortgage broker?

Not true.

Compass Wealth Group brokers all have a FNS40815 Certificate IV in Finance and Mortgage Broking under Australian Securities and Investment Commission requirements.

We’re accredited with the Finance Brokers Association of Australia.

We also meet the educational standard of the National Consumer Credit Protection Act (Cwlth).

Are mortgage brokers are out for a quick buck?

Not true in our case,

We work as long as needed, and as hard as needed to secure you the best loan for your circumstances.

Do many people use mortgage brokers?

Not true.

More and more are doing so, to save time, money and effort and to have someone who works for them representing their best interests across many loan options. Some figures suggest up to 53%* of borrowers now rely on a mortgage broker.

*elementfinance.com.au

Is there any point in going to a broker if I've been rejected by my bank for a loan?

Not true in our case.

Compass Wealth Group is never fussed if you’ve been rejected by your bank. We’ve even secured loans through a bank that initially rejected a client’s application. That’s a fact.

Do brokers push five-year fixed rates, which ends up costing me more in the long run?

Not true in our case.

Our IT systems calculate what the best loan is based on the information we put into the system on what you need and what you can afford.

Will using a broker affect my relationship with my bank?

Not true with any reputable bank.

Banks are used to dealing with brokers and respect top-notch ones. They deal with more and more brokers every day.

Do brokers just want to make a quick buck?

True in some cases, but not in ours.

Our track record with repeat, loyal customers speaks for itself.

Do brokers only compare a handful of lenders on my behalf, not a large number?

Not true in our case.

Our IT systems calculate the best loan from more than 30 lenders covering all types of needs.

Do brokers disclose how much they get paid?

We will.

We always fully disclose our commission. We’ll even sign an agreement agreeing to work solely in your interests.