Article published 21 January 2021
The refinancing process is easy. The challenge is being confident you’re getting the best home loan deal for your needs. And Mortgage Choice research shows that over 1 in 2 homeowners are wary about approaching their bank for a refinance out of concerns they won’t be advised if they could get a similar or better home loan deal elsewhere.1
Brokers work with a variety of lenders
There are other reasons why your Mortgage Choice broker is the person to speak to about refinancing. Banks know a lot about their own home loans. But no matter how big the bank, their staff can’t be expected to be familiar with the hundreds of other loans available elsewhere.
It’s not just about knowing competitors’ interest rates. Each lender has slightly different criteria around who they’ll lend to - and how much they lend.
As your Mortgage Choice broker works closely with over 25 lenders, they are up to speed on each lender’s rates, fees, special offers, borrowing limits and all the information your broker needs to make an informed recommendation on which loan and lender is right for you.
Long story short, when you head to your bank about a home loan refinance, you won’t be getting the complete picture on what other lenders are offering. And that can mean, missing out on the full savings potential of switching to a new loan.
