The growing use of Finance and Mortgage Brokers is clearly on the rise with over 55% of all borrowers now securing loans through a broker instead of dealing directly with a bank.
To cater for the increasing demand there are now more than 16,000 qualified finance and mortgage brokers operationing across Australia.
So, beside the trusted relationships customers build with their broker and the superior customer service brokers offer over banks – why are Australian’s choosing to take a loan out by calling their local Finance and Mortgage Broker over their local bank branch manager?
There are a number of reasons, but here’s the top 3:
1. Choice of Lenders
With so many lenders to choose from are you really getting the best deal through your local bank branch. When you walk into your local branch you only get one option.
When you sit down with a broker you are accessing the information of over 35+ lenders and the 100s of different loan choices offered by these lenders. This means discussions can be based around what lender best suits your individual needs opposed to your loan being rejected because you don’t meet a particular lenders criteria.
Technology is driving the gig economy and an increasing number of Australian’s now earn income via non-traditional means. Concepts such as Airbnb, Sheba, Air Tasker, Uber and monetised blogs are just some of the new income generators. When it comes to servicing a loan, gig economy income is not always understood or catered for by the main stream lenders. Hence a broker who is across all lender offerings is paramount to the choice of loans available.
2. Experience and Education
Believe it or not, a bank branch manager may never have processed a home loan and may in fact only have acted in a managerial role. So, whilst their role is essential to the running of a branch, they may not be well versed in the finer points of getting a home loan.
Mortgage and finance brokers are required to stay up-to-date with borrowing options across a wide range of lenders. They also participate in ongoing training; are held accountable with professional and ethical standards; and bound by a code of practice.
3. Convenience and Flexibility
A finance and mortgage broker doesn’t sit in an office from 9-5. They are mobile and therefore able to meet with you at an hour that works in with your schedule. Bringing all information and online services with them – they offer customers a one stop borrowing shop. They also have direct access to industry and lender experts who can assist with navigating difficult credit application scenarios.
In the end it makes sense to have an expert working for you who has access to all the various banks loan products, opposed to dealing with just one bank who may not be able to secure a suitable loan for your specific situation.
Need a loan? At Home Loan Connexion we work with a panel of 35+ banks and lenders which ensures you have the choices required for buying their dream home. Call and speak to us now about the type of loan you are looking for T: 1300 888 299.