Common Mistakes
Mortgage & Finance Mistakes
Your loan usually costs more than the negotiation ever saved. Small mistakes in rate, structure and features quietly cost tens of thousands over a loan's life.
Taking your own bank's first offer
Loyalty is expensive. Banks routinely offer better rates to new customers than existing ones, and the difference between a competitive rate and a lazy one adds up dramatically over a 30-year loan.
A mortgage broker compares products across many lenders and negotiates on your behalf — and because most brokers are paid by the lender, the comparison typically costs you nothing.
Making multiple loan applications
Applying with several lenders 'to see who says yes' leaves marks on your credit file, and too many enquiries in a short period can itself cause declines. Buyers often don't discover this until an application fails at the worst moment.
A broker assesses your position against lender policies first and applies where you genuinely fit — protecting your credit file and your settlement timeline.
Choosing features you don't need — or missing ones you do
Paying for packages and features you never use is wasteful; missing an offset account or redraw when they suit your situation can be worse. The cheapest advertised rate is not automatically the cheapest loan.
A broker matches the loan's structure and features to how you actually earn, spend and plan — not to a marketing headline.
Letting the loan run on autopilot
Rates, products and your own circumstances change. Borrowers who never review their loan often drift onto uncompetitive rates for years without noticing.
A broker can review your loan periodically and tell you when refinancing genuinely stacks up — and when it doesn't.
Related reading
- Getting loan pre-approval — how pre-approval works and why it should come before the search.
- Finance and lending support — compare lenders with an independent broker who works for you.
Frequently asked questions
Does using a mortgage broker cost me anything?
In most cases no — brokers are typically paid a commission by the lender. They are required to act in your best interests under the Best Interests Duty.
Will shopping around for a loan hurt my credit score?
Multiple formal applications in a short window can. A broker compares lenders without lodging applications everywhere, which protects your file.