Believing the best deal will be made through a bank

Rather than going directly to a bank, savvy borrowers are now choosing to use mortgage brokers to apply for a home loan on their behalf.

Some do it for convenience and to avoid wasting valuable time putting in hours of research, while others like it because they don't have to deal directly with the lender.

While mortgage brokers have access to various lenders and loan products via their lending panel, like most other professions, some are better than others.

I've found some don't actually research the entire market for you.

In fact, some non-bank lenders, like building societies and credit unions, won't even allow brokers access to their products, so if the best deal for you happens to be with one of these institutions you could miss out by engaging a broker.

Get it right

Mortgage brokers can be a very good option, but if you want to make sure you're going to secure the best possible loan for your needs, you really have to do some homework of your own.

As I said, like all professions, some brokers are much more proficient than others

You should be a broker who thinks strategically, is a property investor themselves, and has access to a wider range of lenders and loan products on the market.

At the end of the day, an experienced finance broker is a good ally if you're starting out and feel overwhelmed by all of the information out there or if you're an experienced investor looking for someone to assist with your financial portfolio.

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Jason Gwerder
Thursday, 25 August 2022

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