Why use a mortgage broker?

A lot of people wonder why you would go to a mortgage broker when you can go straight to the bank?

There are lots of advantages, here are 5 of them.

  1. Convenience – Why would you spend time going to multiple banks when you can see a mortgage broker who can take care of the whole process on your behalf. A good broker will save you time and stress by managing the transaction from the beginning to settlement. Don’t chase after the banks, let the broker do it on your behalf.
  2. Choice – The biggest advantage a mortgage broker has over a bank is choice. A bank has only their products that they can offer you, whereas some brokers have access to 20+ lenders so you know that you will be able to get the most suitable loan product for your needs.
  3. Expertise – There are so many lenders out there and they all have different products with different policies. It would be easy if all the banks were the same, but it’s not the case. So many people get knocked back from a bank because they didn’t meet the bank’s policy, they simply weren’t aware of it. Too many knock backs can hurt your credit file which makes it harder to get finance. Bringing the deal to an expert who knows all the policies of the different banks will ensure the best chance for a smooth approval.
  4. Savings – I’m sure if you went down to your local bank manager you wouldn’t here them say “Hi, yes we can help you, but actually did you know that XYZ bank down the road can do it 0.4% cheaper than us” (LOL I don’t think so). A mortgage broker will be able to compare between all the lenders to get you the best possible deal. With property prices at an all time high, 0.4% is a substantial saving for a $500,000+ loan.
  5. Personalised service – A mortgage broker knows what needs to be done and makes sure that you have the best possible experience as the client is their business, they are in it for the long haul. You can’t get that from the bankers, they change jobs and move onto different opportunities. A mortgage broker wants to create a long term relationship.

53% of finance transactions are written through the mortgage brokering channel, this is a growing figure year on year. If you’re not using a mortgage broker then you need to ask yourself, why?


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