I get asked this question a lot still to this day.
“why should I should I see you instead of using a bank directly”
The question is still valid and I am more than happy to discuss this question.
The biggest difference that we see is the ruling that us brokers are bound by. That is we are bound by “best interest duty” which means that we must, by law, do what is the best interest by the customer first and foremost.
The banks are only bound by “responsible lending”.
But what does that actually mean?
Well if you were to walk into a big bank like the Commonwealth Bank of Australia and sit down with the home loan manger, they are not going to tell you that the NAB has a better deal going on at the moment as that is not the best interest of the bank now is it? Or best interest of the manager so that he can make his commission check at the end of the month.
Now lets be frank, Brokers also earn commission to introduce you to a lender however, as most lenders now pay the same regardless it is in ‘the customers best interest’ to make sure that we as brokers are placing our customers with the best loan to suit the clients individual needs and objectives.
In my personal opinion, the fact that this rule exists should mean that banks shouldn’t sell mortgages direct to their customers at all because it will never be in the customers best interest and will always be in the banks interest however, that is a post for another day.
So, what else is there?
A bank is usually open 9-5 Monday to Friday and sometimes until 12 pm on a Saturday and you usually have to go into the bank to get things sorted.
Whereas a broker will generally come to you in the comfort of your own home to and meet you face to face. During the day or, if you cant meet during the day, after hours.
Our customers get access to 40 different banks which, in turn, have access to 10,000 different products to offer our clients so we make sure that we place you with the correct bank and via the correct product that will suit your individual needs.
We book in 2 year reviews with out clients so that we make sure you are on the best rate moving forward for the life of the loan, instead of a ‘set and forget’ methodology.
So the next time you need a loan to buy or refinance get in contact with us as we are more than happy to help you through whatever your needs are.
Contact us today!
