How it works How it works, and what it costs
Three steps, the same whichever way you came in. The first one is free, and you leave it with your real number whether or not you go any further.
Key takeaways
- The Real Number Session is free: 30 minutes, one to one, no credit check.
- Lenders pay me a commission when your loan settles. You see the amount in writing before you apply.
- If you don’t go ahead, I’m not paid, and you keep your real number.
- After settlement, I review your loan every six months.
What it costs
What you may pay along the way, and who you pay. Every amount is in writing before you decide.
| Cost | Who you pay | How much |
|---|---|---|
| The Real Number Session | No one | $0 |
| My commission | Paid by the lender, not by you | Upfront and trail, shown in dollars before you apply |
| Stamp duty | Your state revenue office | Depends on the state, the price and whether you’ve owned before |
| Lender fees | The lender | Application, valuation and settlement fees, if any, by lender |
| Government fees | Your state | Mortgage and transfer registration |
| Conveyancing | Your conveyancer or solicitor | Quoted by them |
How brokers are paid
When your loan settles, the lender pays me an upfront commission, worked out as a percentage of the amount you draw down, net of any offset balance. While the loan stays open, the lender pays a smaller trail commission, usually monthly.
The commission comes from the lender, not from your loan amount. Before you apply, you get the dollar amounts for your loan in writing.
The rules I work under
Every mortgage broker in Australia must act in your best interests when recommending a loan, and put your interests first if there’s a conflict. Before I recommend one, I check it isn’t unsuitable for you, and I write down why I chose it.
I work under the Australian Credit Licence of QED Credit Services Pty Ltd. If something goes wrong, you can complain to me, then to QED, then to the Australian Financial Complaints Authority for free. See complaints.
Does a mortgage broker cost more than going to a bank?
Usually not, for a standard home loan. You can compare the loan I recommend against any bank’s direct offer, and if the bank’s is better for you, I’ll tell you.
How I work The Pace Plan
Whichever door you came through: first home, starting again, investing or refinancing.
- Step 1
Get your real number
The deposit, stamp duty and fees for your state and price, and what lenders could make of your income. Free, 30 minutes, no credit check.
- Step 2
See every way in
Government schemes first, then the lenders that fit your situation, and the catch on each, in writing, with the commission each one would pay me.
- Step 3
Set your pace
You choose the option and the timeline. Then pre-approval, offer and settlement, timed to your lease, and a review every six months after you move in.
Schemes first, every time. I tell you the catch. If waiting is the better answer, I'll say so.
FAQ Questions clients ask
Does a mortgage broker cost anything?
Usually not. Most brokers, including me, are usually paid a commission by the lender when your loan settles, not by you.
How much does the Real Number Session cost?
Nothing. It’s a free 30-minute, one-to-one session, by phone or video. You leave with your real number whether or not you ever apply for a loan through me.
When do you get paid?
When your loan settles, the lender pays me an upfront commission, and then a smaller trail commission while the loan stays open. If you don’t go ahead, I’m not paid.
Do some lenders pay you more than others?
Commission rates differ a little between lenders, which is why the law requires me to act in your best interests and put your interests first. I show you which lenders I compared, why I recommend one, and the commission it pays, in writing.
Will you check my credit file in the session?
No. I don’t run a credit check in the Real Number Session. A lender checks your credit file when you apply, and I’ll tell you before that happens.
What do I need to bring?
Nothing, to start. If you have them, recent payslips or tax returns, your savings balance and any debts help me get your number closer to exact. I’ll send a short list after you book.
Read next
Get your real number in one 30-minute session.
Then set your own pace.
Book 30 minutes and leave with your real number.