Question 1

How Much Do Mortgage Brokers Make In Melbourne?

Accepted Answer

The average salary for a mortgage broker is $85,813 per year in Melbourne VIC.

Question 2

Do Mortgage Brokers Get Paid By Their Clients?

Accepted Answer

In most cases, mortgage brokers are paid an upfront commission and a trail or ongoing commission for the business they bring to the bank. These commissions are paid out only once your home loan settles. The commissions are based on a percentage of the loan amount and the LVR.

Question 3

When Can I Apply For Mortgage After Offer Accepted?

Accepted Answer

It takes between 4 and 8 weeks to get a formal mortgage offer from acceptance of an offer. Ideally, you will already have chosen a mortgage lender. You will have asked the lender for a Decision in Principle (DIP).

Question 4

Do I Need To Get A Mortgage In Principle Before Making An Offer?

Accepted Answer

Do you need a mortgage or agreement in principle to make an offer? In principle, a mortgage or agreement is not needed to make an offer, but having one when shopping for a house will give you a better chance of getting your offer accepted for a house, as sellers will take you more seriously.

Question 5

Do Mortgage Brokers Qualify Borrowers?

Accepted Answer

Some lenders work exclusively with mortgage brokers, providing borrowers access to loans that would otherwise not be available. In addition, brokers can get lenders to waive applications, appraisal, origination, and other fees.

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