The mortgage broking industry emerged in Australia in the early 1990s.

Coincidentally, I was signing up for my first mortgage at the time. I'd heard about mortgage brokers. But I'd been with the same bank for years, and I believed its mortgage interest rates were competitive. I also qualified for a discount by having all my accounts with the one bank. So I decided not to seek the advice of an impartial expert, and signed up for thirty years with my big-four bank.

And that's what most people did back then.

But today the industry is quite different. Further deregulation of the financial services sector has meant many more companies can provide mortgages, and there are more mortgage products on the market, such as redraw facilities, reverse mortgages, and low-doc loans.

It's difficult to navigate on your own.

"Mortgage brokers provide clients with choice and independence," says Louise Curcuruto, Finance Partner with Percomm.

With access to a broad range of lenders, says Louise, "Mortgage brokers drive competition within the Australian home loan market, resulting in lower interest rates."

So not only are mortgage brokers good for individuals, they're good for everyone!

Louise lists four main benefits of seeing a mortgage broker.

Firstly, a broker's advice is unbiased. Brokers will find a solution to best meet their client's needs, whether that's with a big-four bank, non-major bank, or branchless lender.

Second, mortgage brokers can explain and simplify the home-loan process.

Thirdly, brokers can remove much of the administrative burden for mortgage hunters. This is good for the time-poor.

And finally, a broker can help clients who are self-employed, like freelance journalists, or 'non-conforming', like those with a poor credit history.

When I asked Louise who should see a mortgage broker, she replied, "Everyone.

"Brokers can often access lower interest rates than if a client walked into a branch to apply for a home loan. And for residential mortgages, our service and advice are provided at no cost to our clients - brokers are paid by the lender after settlement."

"I think the future of mortgage broking lies in being able to offer a complete set of funding solutions. As people's lives get busier, they will want the convenience of dealing with one trusted finance partner as their needs grow and change over time. That means one key finance partner to refinance your home loan, get you into an investment property or the vehicle you want to drive. Clients want a single point of contact.

"Our clients are building businesses and lives with the funding we arrange and it's very rewarding to be a part of that."