Mortgage broker or bank? How to know what the better option is for you
55% of Australians take out a mortgage with a mortgage broker… And 55% of Australian’s can’t be wrong! Mortgage brokers offer you what a single lender can’t – more choice and the expertise needed to compare lenders effectively. It’s important to keep in mind that customers who go direct to a bank will only be offered a product from that bank; for example, Westpac wouldn’t recommend you a product from ANZ and vice versa.
A broker has access to a large panel of lenders, which means that they are well-positioned to find the perfect product to suit your situation. If going directly to a bank is your preference, keep in mind it can become time consuming to investigate the products on offer from all the different lenders, and then work out which one of these is right for you.
It’s all about you. Remember, a broker works for you – not the bank. This is beneficial in that they get to know you personally to understand your unique circumstances, and use their industry experience to match you with a lender that meets your needs. They are well-versed in how to negotiate what’s right for you, not what’s right for one particular lender.
It’s fast. A mortgage broker is well-equipped to get things moving quickly. They work closely with their lender networks and contacts, looking to secure your finance as fast as possible.
It’s easy. Life is busy! That’s why when you engage with a broker, you can catch up at a time and place that suits you. In fact, the whole process can even be done digitally! They’ll look at your current loans and financial circumstances and then research and find the right solution for you. They also take care of the paperwork, managing the process (and any headaches) on your behalf.
Mortgage Advice Bureau are experts when it comes to arranging first home buyer loans. Click below to download their helpful ‘How to Get a Mortgage – Bank or Broker’ guide!