Why you should use a mortgage broker to secure your finance

John McSweyn - September 2018 

The two most common ways to secure finance are by using a mortgage broker, or by approaching a bank directly.

  • Mortgage brokers operate on the wholesale level, working as middlemen between the banks/mortgage lenders and borrowers.
  • Banks work directly with the borrowers, providing finance on a retail level.

It can be tempting for borrowers to approach their primary banking institution when they need to discuss loan services. Existing accounts mean there is already an established level of trust, which can make the qualification process easier.

Although it may be time consuming to research mortgage brokers and submit a new mortgage application, there are benefits to dedicating time to the process.

A mortgage broker not only can present you more opportunities with different lending partners (where a bank only access to a single suite of loan programs), they can also provide you a more personalised experience. This is especially useful if your situation is not straightforward. Benefits of using a mortgage broker are:

• They can shop your rate with multiple lenders and strive to get the best price. They have access to more loan products and loan types, and the ability to compare retail and wholesale interest rates. They will ensure you don’t pay too much for your loan.
• Work with you to help find solutions to any problems that may arise. They can help explain the process and make recommendations, rather than providing an outcome on an application.
• Can provide you with an excellent level of service and give you more involvement in the loan experience. They can work with you face-to-face via email, phone, or even text.

The Brokerage Australia can assist with your finance needs, such as home loans, business loans, short term cash flow funding, and asset finance.  Your loan scenario and individual needs will impact rates and fees.
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