The main benefit of using a mortgage broker is choice, we have a greater access to a wider variety of financial products and lenders.
What’s the difference between a bank and mortgage broker?
A bank only has access to their own loan products and interest rates. Mortgage brokers have access to a wide variety of lenders with competitive rates—including the “Big 4” Australian banks, second tier lenders, and credit unions. That means a mortgage broker can find you the most suitable loan product for your needs—without the hassle of you going to multiple banks.
With a mortgage broker you get personalized, ongoing service from someone you know and trust. We’re here to help you for the long term. Bank branch staff may know their own products well enough, but they also change regularly and dealing with a different person every time you have a question can be very inconvenient.
Getting a loan with a mortgage broker is safe
Using a mortgage broker is just as safe as going to a bank—as we are all governed by the same laws and regulations.
Every time your mortgage broker recommends a loan product to you, we need to be able to prove to the regulators that it is not unsuitable for your needs and goals. That also means we must carry out careful research into your financial situation and ensure you can afford to repay any loan we recommend.
If a broker fails to follow this process, we risk losing our license and our business, so you can feel confident that we are always acting in your best interests. By contrast, banks usually only receive a fine if they fail to meet their obligations.
The power of choice
Mortgage brokers have relationships with multiple lenders. Giving consumers access to a broader range of loan options helps to keep lenders competitive with their rates. A more competitive loan market also incentivises lenders to constantly come up with better product features, and to keep their fees reasonable
Four reasons to choose a mortgage broker over a bank
Brokers assist you during the entire mortgage application process
We protect your interests and help to reduce the incidence of declined loan applications
Brokers are not aligned to any one particular bank
Brokers are well practiced in finding the right loan products and most competitive rates. We know lenders’ credit policies and are able to direct you to lenders most suited to your circumstances
The power of choice
Mortgage brokers also give you more choice once you have obtained your home loan. We provide complimentary, obligation free home loan health checks to our customers on a regular basis and compare the market to ensure you still have the right loan for your needs. Making it easy for you to switch loans at any time also keeps the lenders on their toes.