Finance Broker or bank

July 14, 2016
Nicholas Dennett

When you’re looking for a home loan, you could go to a finance broker
or to a bank. While a bank will only offer you its own products, a
credit adviser is an industry expert who will take the guesswork out
of finding the mortgage product that suits you and your needs.

It’s understandable that finance brokers are now the number one choice
for consumers who are seeking a home loan or to refinance an existing
loan. Businesses are also engaging finance brokers to help them with
their finance needs from car and equipment leasing to loans to help
their businesses expand.

What can a credit adviser do for you?
The leg-work

Finance brokers already know the industry, the lenders, their products
and their requirements, saving you a lot of time and energy on
research. They will also put the time into finding out about your
particular credit situation and have a wealth of experience to draw on
to help you simplify it.

Translate industry jargon

Finance brokers are able to make sense of what loan documents and
lenders are saying – put it into lay-person’s language, so to speak.

Get you what you want

Advisers will determine your borrowing needs and fiscal ability, and
choose the only an appropriate product to suit your requirements.

Give you a broader choice

Being brokers, finance brokers have to offer a larger selection of
loan products. While a bank can only offer you its own products,
finance brokers can help you choose from a selection of loans provided
by different lenders.

Help you compare apples, oranges and the whole fruit basket

Finance brokers have the knowledge and tools to compare often hundreds
of products and you get a loan suitable for your circumstances and
needs.

Find you a good deal

Loan providers are always spruiking a special deal or two, and these
could make a big difference to your repayments or success rate. A
finance broker will know which of the deals on the market at the
moment will be appropriate for you.

Act as your advocate

A good finance broker wants the best for you, the client. They will be
your cheer squad, middle-man, team player and coach throughout the
process.

They’re in it for the long haul

A finance broker won’t just love you and leave you – they will oversee
and manage the loan’s progression right through to the end on your
behalf. By the way, ‘the end’ isn't when you sign the documents and
buy your property; you can expect your finance broker to keep track of
you and your changing needs, helping you should you need to switch
products or wish to purchase another property.


The key is to choose a mortgage broker who is
MFAA-accredited. The Mortgage & Finance Association of Australia
(MFAA) is the peak national body representing professional finance
broker across Australia, and all members must adhere to professional
development standards and a stringent code of conduct. All Mortgage
Choice brokers are MFAA approved and are more than happy to help you with your financial needs.

An MFAA Approved Finance Brokers is much more than your average mortgage broker.

Find out how a our brokers can help at www.mortgagechoice.com.au/bowral1

Posted in: Tips

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