Mortgage Broker vs Bank – What’s Right For You?

When it comes to navigating the realms of finance, what’s right for you – mortgage broker vs bank? First, you’ll need to understand the key differences. 

It’s no secret that banking is big business, and there are many lending providers to choose from. Since purchasing a home is not an everyday purchase for most Australians, navigating the many options can be overwhelming – which is where the services of a mortgage broker can be a life saver. 

Why Use A Mortgage Broker To Secure A Home Loan

When it comes to knowing the key points of difference between using a mortgage broker vs bank, many people simply aren’t aware of what a mortgage broker actually does. Just a handful of the associated benefits that come with using one can include – 

Home Loans Are Their Specialty – While banks offer many products and services, home loans are the speciality of mortgage brokers. Their ability to turn the complexities of a lender’s policies into black and white information is invaluable. 

They Play Matchmaker – With hundreds of loans available to Australian consumers, how do you know which option is right for you? A mortgage broker is able to “sift” through all of the choices, and present the one that best suits your circumstances. 

They Do The Leg Work – Did you know that Australia has over forty different lending providers? Your mortgage broker sure does, along with the ins and outs of almost every one. A mortgage broker provides you with one point of contact, while they handle all of the paperwork. 

Assess And Present Favourable Options – “Packaging” your application is where a mortgage broker really shines. There is never a one size fits all approach with a mortgage broker, as they know what works and what doesn’t, and how it varies between each lending provider. 

Competitive Interest Rates And Reviews – Mortgage brokers have access to insider information, and the banks know that. The banks want to keep mortgage brokers happy for their regular influx of customers, and will make exceptions to keep them happy. 

Their Allegiance Is To You – Is a bank going to give you the heads up when interest rates drop, check in with you every few months, and swap your loan conditions to more favourable options if necessary? Probably not, but mortgage brokers do – they work for you, not the banks.

Things To Look Out For When Choosing A Mortgage Broker 

One common reason that consumers stick with a bank that they’ve used all of their life is security – after all, they’re unlikely to go bust anytime soon. The thing is though, banks are not obliged to ensure that your interest rates are competitive, and are generally not renown for rewarding loyalty. 

However, just because many mortgage brokers operate as small and medium size businesses, doesn’t mean that you shouldn’t place your trust in them. Be on the hunt for the following, and any reputable operator will be able to pass your assessment with flying colours. 

  • Are they a registered credit provider?
  • Are they able to show or produce past client reviews?
  • Exactly how many lending providers do they work with?
  • Do you charge a fee, or do the banks give you a commission?
  • Why are you recommending particular loans to me?

A reputable mortgage broker will only be too happy to answer your queries, and should be transparent enough that you won’t need to ask at all. 

Where To Find A Mortgage Broker In Brisbane 

If you’re on the hunt for a highly recommended mortgage broker in South East Queensland, then it’s time that you met with George Samios and the team at Madd Loans

Since their inception in 2012, the team at Madd have worked tirelessly in providing over 1700 Queenslanders with finance options to help turn their dreams into reality. With the entire brand being built on referrals, George takes great pride in making the mortgage process both fun, educational and stress free – and he has a swag of awards to prove it. 

An independent operator can be your greatest asset when it comes to navigating loan options, as brokers are there to make you happy – not the banks. To speak to a Brisbane based mortgage professional, please get in touch with the team at Madd Loans today to help turn your financial dreams into reality.


MADD Loans