Borrowers need to shop around – not pay brokers

Australians on the hunt for a home loan are faced with many choices. They can choose a loan from a big four bank, building society, credit union, regional bank, mutual bank or a regional bank.

Some people choose to go to a mortgage broker to help them sift through it all. Brokers are paid $2 billion a year in sales and trailing commissions from lenders, according to IBISWorld.

So increasing numbers of borrowers are shopping around themselves and comparing products at