Why is mortgage broker better than Banks
Mortgage Brokers: More Home Loan Choices
This comparison explores the advantages of working with a mortgage broker over dealing directly with banks when securing a home loan. It highlights key factors such as fees, interest rates, product availability, borrowing power, loan structure, financial analysis, property discussions, and communication, demonstrating how mortgage brokers offer a more flexible and customer-centric approach.
| Direct to Bank | Investors Mortgage |
|---|---|
| You pay standard bank fees for application, valuation, legal, etc. | We always negotiate on all bank fees. We can also offer products that may have fee discounts for a limited time. |
| You get the standard interest rate advertised by banks; they seldom negotiate if your loan is under a million dollars. | We have 30 lenders on our panel. So without the need to visit every single one of them, you are getting the best rates; sometimes even better than their advertised rates. |
| One bank would usually have only 5-10 products available at any given time, and you don't have any option but to choose one out of them. | We have over 400 products available for various lenders. You will never have a problem of – not having enough to choose from. |
| Every bank goes through a period of expansion and consolidation of its loan book. You are unlikely to know which bank is in which phase. | Since we deal with different lenders all the time and we are in the 'know,' we know exactly which bank is easier to get the loan through and which bank will lend you enough for you to purchase a property that you want and you think you can afford, not the one that the bank tells you, you can have. |
| Banks can offer you only the loan structure that they offer and is within their policy, not what will suit you the best. The available structures vary vastly between different banks. | We can offer you a loan structure that suits you, not what the bank can offer because we have access to any structure available in the market. |
| For banks, you are a number; their relationship is transaction-based. They are not interested and mostly, not equipped to provide any added service than Loan and Insurance. | We offer free-of-cost full property investment analysis to our clients because it is in our interest to place our clients in a position where they can purchase more properties in the future. |
| A discussion at the bank is usually limited to the loan you are applying for because they don't have the time, inclination, or the expertise to discuss anything else. | We also offer a full comparative market analysis along with a detailed suburb profile, showing estimated valuation for their existing property or the one they intend to buy, so they can make an informed decision. |
| Since bank managers are busy with various tasks all day, they are hard-pressed for time to communicate with the clients. You'll usually have to call them a few times before they return your call. | We work as a team and have multiple staff in our office dedicated to follow up with clients and lenders regarding the progress of the application. We use state-of-the-art technology to keep our clients in the loop. |
In the battle between mortgage brokers and banks for securing a home loan, the advantages of choosing a mortgage broker become evident. Mortgage brokers offer cost savings, access to a wider range of lenders and products, personalized loan structures, in-depth financial analysis, property insights, and superior communication. They act as your advocate in the complex world of mortgages, making the choice clear: when it comes to home loans, mortgage brokers are the winning option
Remember, buying a home can be complex, but it doesn't have to be stressful. Investors Mortgage brokers can help you find a suitable home loan from top Australian lenders. Book an appointment to learn more, with no commitment required.
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