Why use a mortgage or finance broker?

Why use a mortgage or finance broker? Why not just go directly to a bank?

a person holding a cell phone in their hands

The right lender may be the lowest cost, while the best lender may offer the quickest approval, the quickest settlement, the most money, it may be the lender who accepts all the income, values a particular property or security type higher, or has the lowest cost LMI, or be the lender who has the right policy niche to match your requirements.

Trying to find the best loan and lender directly can be like finding a needle in a haystack. We have over 50 lenders and 1,000’s of loans, including all the major and independent lenders with the experience to match your unique borrowing requirements to the right loan.

Here are 6 reasons you should use a broker:

1. Brokers Make it Easy

A good broker will consider your needs and objectives before selecting the appropriate loan and lender from our extensive lender panel. We do the running around and the paperwork saving you time and effort.

2. Brokers Help Save you Money

Your broker’s services are often provided with no additional fees. While the rates available from a broker loan are often the same as going direct to the bank. Banks can pay broker commissions and provide the same rates because brokers perform many functions that the bank would otherwise need to employ additional staff to perform. In addition to saving you time and effort, your broker has a wider range of lenders and loans to choose from, providing more lending options, lower costs, or other benefits.

3. Brokers Protect your Credit File

Each credit enquiry you make to a bank reduces your credit score; this can lead to “credit score declines” due to having an active credit file. Using an experienced broker can help preserve your credit rating. Your broker matches you to the right lender before submitting an application, this reduces unnecessary credit enquiries. 

4. Broker Help to Keep your Loan Competitive

It is no secret that banks offer their best rate discounts to win new customers. If not regularly reviewed, your rate can become less competitive over time. As your mortgage broker, we continue to assist over the life of the loan by conducting annual or bi-annual rate reviews to ensure your interest rate remains competitive. If your circumstances change, or a better option becomes available that your lender can’t match, then we will assist you to refinance.

5. Brokers Work for you in your Best Interest

Brokers represent borrowers and know how to speak the bank’s language; this means we can advocate effectively with banks on our client’s behalf and help reach better outcomes. Mortgage Brokers have a legal responsibility to act in the best interests of consumers (this is known as Best Interest Duty).

6. Brokers arrange 72% of all Home Loans in Australia

The market share of Mortgage Brokers is increasing, using a broker has become the preferred route to home ownership by the majority of Australians, this is because only your mortgage broker can match you with the best loan and lender from a broad range of options.