Why Use a Mortgage Broker

I have been asked many times why borrowers are so much better off using a mortgage broker than going directly to the bank; the answer is simple, do you want the loan that suits you best – or the bank?

That’s a bit flippant, there is more to the question but it’s a good start! Here’s my 5 reasons to use a mortgage broker.

1. Competition between lenders is a major reason to use a mortgage broker. You can be damn sure the local lender is not going to tell you about his competitor’s specials.
2. Approval criteria has to be number two on the list – there is no point in you fronting up to someone who won’t approve because of something quirkly about your income or the way you work or your profession, your deposit source,  or any of a number of reasons! Doing this three or four times looking for the right lender is both a major waste of your time and money and potentially damages your future chances of success. A busy credit file full of unsuccessful applications isn’t a great asset. An experienced broker is qualified and trained in lender approval criteria – and has the contacts to ask about even the most unusual stuff without damaging your credit file.
3.  Features and benefits of the loans available fully explained. How many people have an

   offset account they never use, or, are stuck in a loan with no redraw when they

   want to be able to do just this, or perhaps they run everything through the

   loan and are regular redraw-ers and are paying a fee to do so! It’s easy to see

   how the right knowledge could save you money here & incidental fees like

   this are not included in “comparison rates” offered by lenders.

4. Getting approved! Even if you have fluked the right lender it happens all too often that someone doesn’t do their job right and you don’t get the approval you need. Because we are doing this every day we can see the error and we will work our *proverbials* off to get the job done.
5.  Finally, convenience, service and someone on your side is the reason my customers come back time and time again. A mortgage broker is available at times and locations to suit you, they’ll use technology to communicate with you the way you want to be kept up to date and you are so much more than a number to them.