Broker or Bank: Which one is better?
There are many reasons why it pays to use a mortgage broker when shopping for your home loan, and even if you want to use your own bank for your mortgage, you can still use a broker to help process paperwork and manage the application on your behalf, plus there is no direct cost to you.
The biggest advantage of a broker over a bank is choice, when you sit in front of a broker you are sitting in front of 10+ banks and 50+ products versus visiting a banker who has access to only one bank’s products. This is especially important at time like now, when the banks are saying ‘no’ more, and by having more choices you’re likely to get a ‘yes’.
Brokers often own their own businesses and are committed to their clients for the long term, with many years of industry experience and knowledge of all the different banks procedures and products. Banks are big companies; they move their staff around and reward good performers with promotions away from their customers.”
If you’re looking for specialised assistance with your loan, it pays to talk to a specialised broker. “For example if you’re starting property investing, look for a broker who specialises in property investing as the can set the right structure in place so you can get the max leverage from your properties
- Follow Up
Following up the progress of your loan application is time consuming and frustrating. A good mortgage broker will have a system for chasing you up, keeping you informed and saving you time.
- Personal Banker
Your mortgage broker is “like the perfect personal banker,” They know what needs to be done, they make sure it happens and because it’s their own business, they’re in for the long haul. Bank staff change often so even when you find a good personal banker they change jobs before you know it.”
Free Loan Review
Receive a customised review to improve your savings and reduce the amount you are paying.
Related Blog Articles
Renovating can be a daunting prospect: from keeping your budget in check; to finding the right tradesman; avoiding additional hidden expenses; and attempting to replicate the results of your favourite renovation show. This article lists seven tips to help you get the biggest ‘bang’ for your renovation buck. Get the biggest bang from your renovation buck
Buying a property is one of the biggest investments many people will make in their lives. Understanding the different insurances that can protect your mortgage is an important step in not only getting your property transaction right now but protecting yourself in case of future events that may affect your ability to pay your mortgage. Do you have the right protection for your loan?
With housing prices souring, and mortgages getting larger, have you considered what may happen when interest rates inevitably increase? The unfortunate reality is that many families will face financial distress, rather quickly. This article discusses how just a small increase to interest rates can cause budgets to crumble and what you can do to prepare yourself financially. The Risk of Losing your Home