A home loan specialist compares 30–60 lenders. A bank offers one. Both are free. Here’s why 70% of Australians now choose a specialist.
Specialists and banks both cost you nothing at the door. But what you get is very different — one lender’s pricing vs the entire market. Here’s what ASIC, MFAA, and CoreLogic data show.
Specialists and banks both cost you nothing at the door. But what you get is very different — one lender’s pricing vs the entire market. Here’s what ASIC, MFAA, and CoreLogic data show.
ASIC’s Report 516 (2017, still the landmark study) found that home loans arranged through specialists had consistently lower interest rates than direct-to-bank loans, even after controlling for borrower profile.
The report also found specialists placed clients with a wider range of lenders (including second-tier options borrowers rarely consider direct), and that borrower satisfaction was measurably higher.
MFAA data since 2017 shows the specialist share of home loan originations has climbed steadily from ~55% to ~70% in 2024-25.
Banks have a standard variable rate (SVR) and a range of discounted pricing tiers — ‘pro pack’ rates, package discounts, retention rates. When you walk in cold, you get the SVR or a small discount.
When a specialist submits your application, the lender knows you’ve compared the market and they compete harder — they offer their sharpest tier to win your business.
It’s the same lender, the same loan, a better rate — because competition is priced in.
1. You already have a strong relationship — decades of banking history, multiple products. The lender may offer preferential rates to retain you.
2. Specialist lender not on broker panel — some boutique private banks or credit unions aren’t on specialist panels.
3. Simple, low-LVR loan, strong income — if your situation is vanilla and your bank is known to be competitive, the margin of improvement from a specialist may be minimal.
Even in these cases, getting a specialist’s comparison quote first costs you nothing and is good leverage.
Specialists are paid by the lender on settlement. Typical commission: 0.5–0.7% of the loan amount upfront, plus a 0.15–0.20% trail annually while the loan is open.
Under the Best Interests Duty (effective Jan 2021), specialists must legally recommend the loan that is in YOUR best interest, not the one paying the highest commission. ASIC enforces this.
You pay nothing. The commission is factored into the lender’s cost of origination and doesn’t affect your rate.
We match you with a vetted home loan specialist who’ll model your exact scenario. Free to you, no obligation, no lock-in.
Get Matched With A Specialist →Usually yes. Specialists access pro-pack and volume-discount rates 0.1–0.5% below the advertised rate. On a $600K loan, 0.3% lower saves $118/month — $42K over 30 years. Same lender, same loan, free comparison done by the specialist.
No. Home loan specialists in Australia are paid by the lender on settlement — typically 0.5–0.7% upfront commission plus a small trail. You pay the same rate whether direct or via specialist.
Rarely. ACCC studies consistently show the ‘loyalty tax’ — existing customers pay higher rates than new customers at the same bank. Your bank has no incentive to offer you their best rate unless you force competition. A specialist does that for you.