Australian banks
Banks are regulated by the Reserve Bank Australia, Banks are the original lending institutions and source their funds through customer’s term deposits and savings deposits via their branch networks. Customers are paid interest on deposited funds and these funds are then available to lend to borrowers. Banks are generally shareholder owned, and report to such, whereas Credit Unions and Building Societies report to, and act in the interest of, their members.
Mortgage managers
Mortgage Managers are lending specialists who arrange funding for home loans. Mortgage managers do not have a base of customer deposits with which to fund their loans as apposed to Credit Unions and Banks. Instead they source their funds via a process known as securitisation.
Mortgage brokers
Mortgage Brokers in Australia generally act on behalf of lenders, aiding them in sourcing and applying for mortgage finance for both residential and investment real estate purposes as well as in the refinancing of existing mortgages. Mortgage brokers can act on behalf of many lenders and recieve a commission from the lender they secure the loan with.
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Mortgage providers are generally registered with the MIAA
Overseeing the banks, credit unions & building societies is the APRA
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