Reviewing Mortgage Documentation

He made a number of 'mistakes' that were not in my favour. For example, he under quoted the fees significantly and also said that I would be able to go interest only for 5 years (when in reality it is only 3 years). There were more, and I don't want to go into the details, but the company must know it was wrong, because they offered to rectify it after I spoke to the ombudsman.
As I said, this isn't a dig against brokers, because I know there there are some great ones out there.
It's true, I don't know a lot about mortgages. I wish I knew more, but I've got to start somewhere right?
I was attracted to the offer because of the low fees (that actually aren't that low), the low interest rate, and most importantly the 100% offset account (which may not be what I thought it was).
Since I got the offer, CBA (my current lender) came back with revised interest rates (fixed and variable) and an option for an offset account.
The CBA rates are still higher, but I perceive staying with CBA as a lower risk option. I've banked with them since I was young. Not that that necessarily means anything I guess...

Thanks for all your help and I appreciate it must be frustrating dealing with a newbie here..

 

Not a problem at all and it's not frustrating, this forum is a great resource, especially for people in your position and with your level of experience. Would rather you ask these questions NOW rather than LATER, before it's too late so to speak.
Ok, sounds like the mistakes made in regards to fees, and interest only period may have affected your decision to proceed in the first place? - (remember you have no obligation to proceed at this stage but do check if the broker charges a fee if you decide not to proceed after formal approval, this would have been in the documentation they provided to you PRIOR to submitting the application)
Understand the broker industry is like most other industries in that there are always going to be good and bad within it. It's a matter of finding someone you trust and who understands what you're trying to achieve while also being transparent about rates, fees, etc. AND will take the time to explain things you do not understand.
I won't go into CBA too much but you do need to wonder why they are only offering you a better deal when you've got one foot out the door? You've been loyal to them your whole life, have they shown the same loyalty to you?
Be aware that if you do go for a fixed rate you won't be able to 100% offset during the fixed period with CBA.
It sounds like you might have a few other lender options to choose from that offer you a better rate with offset account but I can't say for sure as I do not know all of your details etc.
Some great brokers have responded to you here already, might be worth getting in touch with them to see if they can assist.