Why you should choose a mortgage broker over a bank

For most people looking for a home loan, the choice is simple – just head to the nearest bank and see what is available. On the surface, this seems like convenient and straightforward option, so why look for a mortgage broker when the bank is right there on the main street?

Here are three things a mortgage broker will offer you that your bank won’t:

1. Choice

When you visit your bank manager to talk about a bank loan, the manager is going to offer you their latest products. The manager isn’t going to tell you that a rival bank has an offer more closely streamlined to your circumstances. And a year down the track, the manager won’t reward your loyalty by suggesting a new option tailored to your current circumstances.

However, your mortgage broker has access to products from countless banks and lenders, so they will find the one that is most suited to your requirements. When your circumstances change, as you pay off your loan, your broker can suggest a different package.

2. Specialized assistance

Bank employees are in the business of promoting the bank’s services which includes securing your loan. Every lender has their own method for approving or declining a bank loan, and you can waste a great deal of time trying to provide the “correct” application. Your broker already has an inside knowledge of how each bank assesses an application, so you have a better chance of being approved first time around. Your broker can also negotiate with the bank for policy exceptions to tailor the package to your individual specifications.

You can also choose a broker who specializes in your particular loan requirements. For example, if you are purchasing a property investment, you will need a broker who understands all the financial issues of that type of loan.

3. Administrative support

The mortgage broker will manage all the paperwork on your behalf and follow up with the lender, keeping you updated on the progress of the application. This saves you time and a great deal of stress, while providing you with one point of contact throughout the business of securing the loan.

Ultimately, your mortgage broker is saving you both time and money by simplifying the loan application process and ensuring that you find the loan package most suited to the size of your deposit and your ability to make repayments.

Contact our Centra Money team today at (08) 8211 7180 or send us an email at info@centramoney.com.au if you want personalised advice about how to complete the loan application process and find the right loan package for your needs.

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Zac Zacharia (Managing Director) has been assisting clients to create wealth and secure their futures for over 14 years.

He is also an accomplished presenter and educator

Co-authoring the popular investment book, Property vs Shares.