The advantages of using a mortgage broker include:
More choice of lenders and therefore more choice of loans than visiting a bank.
Bank staff can only recommend the loans that their bank has to offer so they may try to convince you to get a product that does not suit you or is not as good as a loan at another bank or lender.
A good broker knows what the banks will not tell you about themselves so you can benefit from their advice.
A good broker can provide you with your borrowing power for each of the lenders that they use, typically they will use software that has a mortgage calculator for each of the lenders. In this way, you can determine which banks will lend you the amount that you want and which banks will not.
A good broker will provide better service than what you get going direct to the bank and being pushed through the bank’s process.
Good brokers can have power in the bank system as the bank will not want to lose other deals by letting down the broker. If you are a single customer they are not as concerned as if they let down a broker who can send them lots of customers.
The loans do not cost any more if you use a mortgage broker.
Mortgage brokers provide free service most of the time.