Why there is no reason not to use a broker.
There are still some who think it's still best to go speak with your bank.
Being a mortgage broker is great.
You get to meet 100s of new people, help them achieve their goals and dreams, but most importantly - no bank can beat us.
Banks and lenders are very good at one particular thing - and that's making money. But their also very good at being not so good, in that regard I'm referring to their customer service (or lack thereof).
What's great about being (and using) a broker, is that our client's never pay us a thing.
It's the one profession that uses the term "broker" that doesn't charge.
Insurance brokers, stock brokers, real estate brokers, business brokers ect. They all provide a valuable service, but unlike mortgage brokers their fees are passed onto the client usually by adding the premium or cost you pay.
That's where mortgage brokers differ.
You see it's the lenders that pay us directly, (commissions) for introducing your business (your loan) to that lender.
While those commissions can vary slightly between lenders, it is a process that is governed by ASIC - Australian Securities & Investment Commission - ensuring no lender can offer "bigger" commissions than the others to entice more brokers.
You see the idea is, if a broker brings a loan to a lender, that lender hasn't needed to pay someone at the branch (or at the call centre more often these days). They haven't needed to make the calls, send the emails, faxes ect.
And they won't have to provide you with the ongoing service throughout the life of the loan as the broker will do that - which is ironic because they don't provide any "after sales" service even if you go direct to them - remember that phone from them last week check up and see how your loan is going, not.
So if you go direct to your bank, you'll only get their deals - and they may not even fit your circumstance. You could go to more than one bank, but good luck finding the time to do that.
A (good) mortgage broker as access to 1000's of lender products.
They know the specifics of each lender's requirements.
And they match you with the the best option for you.
All while having them do all the work for you and costing you nothing.
Even if you already have a mortgage, all the best financial advisers would recommend checking out the market to make sure you're with the right lender.
Almost one in every two home loans is provided through a mortgage broker in Australia, a stat that is growing every year as Australian's realise there is a better way than deal direct with a bank.
So, do you have a mortgage broker?
Why not best the best - Local Mortgage Services.
