I decided to use Mortgage Broker Melbourne based on good reviews online. Well. I'd better not to do this. I had a very simple task: refinance single mortgage with 70% LVR (which mean no issues with insurances, approvals, etc) into another bank and complete 2 (yep, just two) payments to third parties. Two simple EFT.
Settlement was delayed by nearly month since formal approval which cost me extra payments. But that was OK.
At the day of settlement bank were not able to process as they "did not have enough funds", what we did find out is that broker didn't send updated documentation to the bank. Luckily he was able to do it within settlement day.
After settlement I found extra $500 charges on my account, while at the beginning I was told that this refinance will cost me zero and bank has a $1200 "welcome" package to cover transfer cost. The broker "forgot" about those extra charges and no pack were available.
The actual settlement was $950 more than originally planned.
After all, several business days later, I found that none of third-parties got any funds. After chasing the broker for two days I found that bank issued _paper_ cheques, because they not able to do EFT.
So now I paid extra $1400 in fees and charges and none of third-parties got funds as I still need to process cheques at my own time and my own expenses.
You probably will be beneficial from them only if you don't care about couple grands loss in fees and extremely busy so you not able to do basic online research and elementary math. On my own I would make much more easier refinance.