Why you should pick a Mortgage Broker over Banks

After Banks dismal showing at the 2018 Royal Commission, we have seen that banks have unfortunately let many customers down, and set billions aside to fix complaints and problems.

When you’re looking for a home loan, you could go to a mortgage broker or to a bank. While a bank will only offer you its own products, a mortgage broker is an industry expert who will take the guesswork out of finding the mortgage product that suits you and your needs.

It’s understandable that mortgage brokers are now the number one choice for consumers who are seeking a home loan or to refinance an existing loan.

Benefits of using a broker

1) Heaps more choice

Mortgage brokers have to offer a larger selection of loan products. While a bank can only offer you its own products, mortgage brokers can help you choose from a selection of loans provided by different lenders.

We currently have 41-42 lenders on our panel of options. This is more than many comparison sites, meaning we can compare a broad range of lenders to make sure you have the right fit.

2) More expertise

Mortgage brokers already know the industry, the lenders, their products and their policy requirements, saving you a lot of time and energy on research.

We reduce risk to you – because we preverify your application against the lenders undwerwriting criteria when we bring you loan options, you can take comfort that they have been selected based on your ability to get full approval at that lender for that loan amount.

That is in stark comparison to a comparison website, or a branch, who will serve as a data entry funtion and not make any in depth analysis against lending criteria.

We will also put the time into finding out about your particular financial situation and lifestyle and have a wealth of experience to draw on to help you simplify it.

Get some licensed expertise on your side: Spend more time getting on with the fun stuff, and less time worrying and searching around for finance.

3) We save you time and bust through the jargon

Mortgage brokers are able to make sense of what loan documents and lenders are saying – put it into plain english. 

Comparison sites are great for research, but useless for advice, as you have to trawl through so many articles to assemble the knowledge you need.

Common questions include:

  • What is the best way to use an interest only loan?
  • Are offset loans the best option for me?
  • What will happen if the valuation comes back lower?
  • Will I be able to get this investment loan approved?
  • I am self employed or a contractor – how does this affect my ability to get a loan?
  • How do I evaluate a property investment?

4) Help get clarity on your financial goals

Mortgage brokers will determine your borrowing needs and financial ability and choose the only an appropriate product to suit your requirements. 

5) True Comparisons

Are you constructing MS Excel documents to compare loan options?

We have the knowledge and tools to compare often hundreds of products and you get a loan suitable for your circumstances and needs.

We bring you recommendations that are costed against one another. This means you can see if there is an effect of package fees, honeymoon rates, interest-only periods, shorter terms, and fortnightly repayments. 

6) Bank vs. Bank

Loan providers are always promoting a special deal or two, sometimes out of the spotlight of the mass media. 

Catching a good deal could make a big difference to your repayments or financial freedom

We know the deals on the market at any given moment, and we will be able to work behind the scenes to dig out the best offers and discounts.

Choices:  Your broker can help you access uncarded loan rates and - depending on circumstances - may be able to arrange discounts on your behalf

Choices: Your broker can help you access unadvertised loan rates and – depending on circumstances – may be able to arrange discounts on your behalf.

7) We act as your advocate

We want the best for you, our client.

We will represent you to the lender, being your cheer squad, team player and coach throughout the process.

8) We’re in it for the long haul

We don’t want to love you and leave you – we will oversee and manage the loan’s progression right through to the end on your behalf.

By the way, ‘the end’ isn’t when you sign the documents and buy your property; you can expect us to keep track of you and your changing needs, helping you should you need to switch products or wish to purchase another property.

Businesses are also engaging mortgage brokers to help them with their finance needs from car and equipment leasing to loans to help their businesses expand.

The key is to choose a mortgage broker like us who is MFAA-accredited.

The Mortgage & Finance Association of Australia (MFAA) is the peak national body representing professional mortgage brokers across Australia, and all members must adhere to professional development standards and a stringent code of conduct. 

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