Mortgage broker or local bank: Who to use?

June 07, 2016
Lisha Cui

When applying for a home loan many people just visit their local bank, but alternatively they can contact a mortgage broker. By choosing to use the services of a mortgage broker, there are a number of benefits for the customer:

1) Variety of choice: A mortgage broker, has relationships with many banks and lenders. If a customer visits his/her local bank, they are limited to the loan products of that one bank. A Mortgage Choice broker, has a relationship with 20+ lenders, plus access to many different home loan products.

2) Personalised service: When using a mortgage broker, the customer deals with the same person from the first appointment, until settlement. If there are any queries after settlement the same broker is there to assist. In the future if the customer wants to take out another loan, their mortgage broker will again be available to help.

3) No cost for service: If a customer uses a Mortgage Choice broker to apply for a home loan, there is no cost for using the services of the broker. The broker fees are paid by the lenders and they get paid the same no matter, which home loan the customer chooses from the Mortgage Choice panel of lenders*.

4) Convenience: A mortgage broker will do all the research to help his/her customer find a home loan, which best suits their needs. The broker will do all the running around and manage the home loan application process as well as meet with a customer at a time and place, which best suits them.

5) One stop shop: Mortgage brokers organise not only home loans, they can assist with other products. At Mortgage Choice a broker can also help with car, equipment, personal and commercial loans, plus the customer's insurance needs. Mortgage Choice brokers can also refer clients to its financial planners.

If you would like to learn more about your home loan or financial advice options, call (03) 8809 7700 or visit mccann .

* This information refers only to loans provided by Mortgage Choice's panel of up to 25 lenders with whom Mortgage Choice has an arrangement, under which it receives commissions and other payments.

Posted in: Home loans

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