Dr Sam Wylie

And that's pretty high, but that's sort of what you've got to do to get into the property market is to borrow a lot of money.

So let's say that we had a $500,000 loan, then you've got to pay interest on that.

And let's imagine that the interest rate, your interest rate at the moment is, let's say that it's 2.4%.

So you go and see a mortgage broker.

Maybe you go to the bank.

But the most important thing is to go and see a mortgage broker.

So your mortgage broker can put you in touch with all the banks.

Because if you go and see a particular bank, if you just go to National Australia Bank, let me pick on NAB, they're a fine bank.

But if you just go and see one bank, in a way, you're just telling the bank that you're not really going to search.

You've got a, I don't need a very low interest rate sign on the top of your head if you just go to the bank branch.

Whereas if you go to the mortgage broker, and especially if you let the mortgage broker know that you're talking to another mortgage broker,

And then you're going to have, I need the lowest interest rate possible sign on your head.

And the mortgage broker is going to try as possible, hard as possible to get your low interest rate.

So let's say that you've got a $500,000 mortgage.

It's 2.4%.

How much is that?

1% of 500,000 is 5,000.

2.4 times 5,000 is $12,000 a year.

So you'd have to pay $12,000 of interest

per year on that mortgage.