In Australia there are now many different types of home lenders, each with different interest rates, terms, conditions and lending criteria. The most common types of lenders are:
Mortgage Brokers
Not to be confused with mortgage managers, mortgage brokers are responsible for introducing borrowers to lenders – they act as an intermediary offering prospective borrowers information on various lending institutions and their products.
Mortgage Managers
Mortgage managers are lending specialists who arrange funding for home and investment loans. Unlike banks, building societies and credit unions, mortgage managers do not have a base of customer deposits with which to fund their loans instead they source their funds via a process known as securitisation. This is a process whereby assets with an income stream are pooled and converted into saleable securities.
The mortgage managers job is to set up the loan and perform a liaison role with all parties involved, namely originators, trustees, credit assessors and borrowers. They provide the customer service role and are there to manage your loan throughout its term.
Credit Unions
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