What a mortgage broker does

A mortgage broker (also called a mortgage adviser) is a regulated professional who looks at your whole situation — income, outgoings, credit, plans — and recommends a mortgage that's right for you. Because a mortgage is a regulated product, that recommendation is something a tool like Blooom can't give: we show information, a broker gives advice.

Why many are fee-free

Plenty of brokers don't charge you a fee, because they're paid a commission by the lender when a mortgage completes. Others charge a fee, sometimes for more complex cases. A good broker is upfront about how they're paid before you commit — it's fine to ask.

Whole-of-market vs panel

Some brokers search the whole market; others use a panel of selected lenders. Both can be perfectly good, but it's worth knowing which you're getting, since it affects the range of deals they can consider for you.

Advice vs execution-only

Going to a broker (or a lender's own adviser) gets you ADVICE — a recommendation with regulatory protection behind it. Going straight to a lender's website and picking a product yourself is 'execution-only': faster, but you get no advice on whether it suits you, and less protection if it turns out to be the wrong choice. Which route fits depends on how confident you feel. This is general information, not advice.