There are so many lending institutions to choose from – banks, building societies, credit unions, and mortgage managers.

Banks have been in the mortgage business the longest and have traditionally dominated the home lending market. They source funds for their mortgages from a combination of cash deposited into transaction and savings accounts by their customers and the overseas money markets.

Credit unions date back to the early 1900's and are not-for-profit financial cooperatives of people who often share something in common – such as where they work or live.

Mortgage managers hit the home lending market in a big way in the mid 1990's. They are non-bank financial institutions like Wizard and Aussie. As well as its brokerage service, Get Smart now provides this Mortgage Management service.

Typically, mortgage managers source money from the likes of the big superannuation funds and large investment funds. In turn, the wholesale lender authorises the mortgage manager to distribute and manage mortgages until they are discharged.

The upshot for Australian borrowers has been that, because mortgage managers borrow money in bulk and tend to have lower overheads, they can pass on competitive variable interest rates to consumers.

Apart from competitive rates, the presence of mortgage managers has also led to enhanced loan features such as redraw facilities and more flexible repayment options. In all, mortgage managers like Get Smart have revolutionised Australia's lending market, with consumers being the big winners.

The other advantage of using a mortgage managed home loan is that your mortgage manager is your "Bank Branch". It's like having your own bank manager at call 24 hours a day. No more waiting on hold and pushing option 1, then 3 then.......