Broker or bank
What a mortgage broker costs, and when it beats your bank
The straight answers on fees, commission and going direct, from a broker that compares 20+ banks and lenders.
How a mortgage broker gets paid
On home and investment lending, you pay us nothing. The lender pays the broker a commission when your loan settles. It is built into the lender's cost of finding customers, the same way a bank pays for branches and advertising, and it does not change your interest rate or any other term of your loan.
Your own bank can only tell you what your own bank will do. A broker puts the same situation in front of more than twenty lenders and finds out whether any of them would lend more, price it sharper, or structure it in a way that suits how you earn and spend. Because the advice costs you nothing on home lending, there is very little reason to skip the comparison.
When fees do apply
Commercial and development lending often involves a fee, because the work is different and lenders pay differently. If a fee applies, we tell you what it is and when it is payable before you commit to anything. Our disclosure statement sets out how we are paid.
Looking for a broker in Christchurch?
We are a mortgage broker in Christchurch with an office at 3/24 Dublin Street in the central city. Alex Toohey is a Top 25 New Zealand Mortgage Adviser and Journey Mortgages holds a 5.0 rating from 69 Google reviews.
- Office
- 3/24 Dublin Street, Christchurch Central City
- Lenders compared
- More than 20 banks and non-bank lenders
- Cost to you
- No client fees on home and investment loans
- Also covering
- Selwyn, Waimakariri, Mid and South Canterbury
Broker or bank
What actually changes if you use a broker
| Going direct to your bank | Using a broker | |
|---|---|---|
| Lenders considered | One | More than 20 |
| Credit policy | Whatever that bank's happens to be | Matched to the lender most likely to say yes |
| Rate and cash contribution | What you're offered | Negotiated on your behalf |
| If you're declined | That's the answer | The same file goes to a lender it fits |
| Who does the paperwork | You | We do, through to settlement |
| Cost to you | Free | Free on home and investment loans |
We're paid a commission by the lender once your loan settles. It doesn't affect your interest rate or any other term of your loan. Full detail is in our disclosure statement.
Common questions
Broker, adviser, and what it costs
Is a mortgage broker the same as a mortgage adviser?
Yes. “Mortgage broker” is the everyday term and “mortgage adviser” is the regulated one. Since the financial advice regime changed in 2021, anyone giving regulated advice on home loans in New Zealand has to be a Financial Advice Provider or work under one, and the formal title is Financial Adviser. Most people still search for a broker. It is the same job.
How much does a mortgage broker cost in NZ?
For home and investment lending, nothing. The lender pays us a commission when your loan settles, and it does not change your interest rate or any other term. Fees can apply on commercial and development lending, and we set ours out clearly before you commit to anything.
Should I use a broker or go direct to my bank?
Talk to your bank by all means. It is useful to know what they will do. The limitation is that it is one answer, from one credit policy. A broker puts the same situation in front of more than twenty lenders and finds out whether any of them will lend more, price it better, or structure it in a way that suits you. Given the advice costs you nothing on home lending, there is not much reason to skip the comparison.
Do you only work with Christchurch clients?
No. Our office is in the central city and we see plenty of clients in person, but we work with people right across New Zealand. A good share of our clients live in one city and buy in another, and the whole process runs by phone and email without any difference to the advice or the outcome.
Across Canterbury
Other areas we work in
We're based in Christchurch and work with clients right across Canterbury and the rest of New Zealand.
No cost · No obligation
Free 30 min chat about your options
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- A straight answer on what you can borrow
- 20+ banks and lenders compared for you
- No fees to you on home and investment loans
- A reply within 24 business hours
★★★★★ 69 five-star Google reviews · 20+ lenders compared · Top 25 NZ Mortgage Adviser