Why not just use a Comparison Website?
While a certain amount of valid research can be conducted via a comparison site the reality is that they suffer from most of the same shortcomings, biases and conflicts as the average Mortgage Broker.
Given that we include discount lenders as part of our analysis - and that the comparison sites won't arrange for commission rebates - this DIY approach is simply not in your best interests in the overwhelming majority of cases.
We've listed some of the most common shortcomings further down this page - but don't just take our word for it.  The media have recently reported that the ACCC and ASIC are investigating comparison sites across a number of industries.  Below is a link to an article that looks specifically at how home loan comparison sites earn their money and the limitations and conflicts involved.
We've identified the following recurring shortcomings:
  • Online comparison sites are no better than a traditional mortgage broker - and often much worse as you don't even get any personal service or specific industry knowledge shared with you.
  • Most only contain information about a very small number of Lenders. 
  • None of the sites are independent or unbiased. 
  • Home loan products will not appear on those sites unless the Lender pays to have them there (either advertising fees - or commissions - or both). 
  • More often than not you will be 'hooked' by the offer of what appears to be a very low interest rate only to find out later that either you can't actually qualify for that deal or that there is a hidden catch.  The 'game' here is to get you 'off the market' and committed to a process
    with a Lender or mortgage broker so that you stop undertaking a non-emotional and empirical comparison with other loan products. 
  • Finally, there are an increasing number of comparison sites that are owned by the Lenders or large mortgage broking groups.  In other words - they are just "wolves in sheep's clothing".
In summary - every comparison site we've looked at is about lead generation, making a profit without adding any real value (and certainly without any focus on your best interests), and / or is simply a subsidiary brand to create leads for an existing bank or non-independent Mortgage Broking group.