Newcastle Living Magazine

10 Reasons You’re Better off With a Broker

Let me say this loudly: loyalty doesn’t pay anymore. Not with lenders and banks anyway. They’re busy acquiring new clients, delivering dividends to shareholders, and they know Aussies like to stick with the brands they know. 

Banks can be guilty of taking their current clients for granted. You may have a long term savings account with a bank, but that doesn’t guarantee you a great home loan. Loyalty is a characteristic we value but when it comes to home loans, it could end up costing you more in repayments than is necessary. That’s when you’ve got to question the value of asking your bank directly for a loan. 

Often customers who have been with the same bank for a while can be easily swayed by the offers put right in front of them. These days, if you’re looking to find the right deal, with suitable inclusions and terms, and would like to save as much money as you can, this is where a mortgage broker can be worth their weight in gold to you. You might even end up with your current bank in the process, but boy will we make them work hard for you. 

Keeping that in mind, here are 10 reasons you’ll love a broker more than you love your bank:

1. Best Interests Duty (BID) applies to brokers, not banks. This means you have a professional who is legally obligated to work and act in your best interests – and no one else’s. 
2. You get someone who works for you. Bankers work for their shareholders. 
3. You benefit from a comparison of over 60 banks and lenders who offer thousands of loans and products.
4. You have someone with you for the long haul, regularly checking in on your loan to ensure it aligns with your goals. 
5. You have someone fighting for the fittest rate on the market for you so that your loan matches your needs and goals, not the first product on the shelf. 
6. You can contact me at any time, not just during the restricted working hours of a bank. 
7. You have a professional advising on rates, repayments, incentives and contracts.
8. From the first ‘fact find’ to the final repayment, your broker is with you all the way. 
9. You won’t be left alone to negotiate with bankers, agents, conveyancers, accountants.
10. Did I mention that having a broker comes at no cost to you?