Mortgage and finance broker or bank?
Published by MFAA
When you’re looking for a home loan, you could go to a mortgage and finance broker or to a bank. While a bank will only offer you its own products, a mortgage and finance broker is an industry expert who will take the guesswork out of finding the mortgage product that suits you and your needs.
Mortgage and finance brokers are now the number one choice for consumers who are seeking a home loan or to refinance an existing loan. Businesses are also engaging finance brokers to help them with their finance needs from car and equipment leasing to loans to help their businesses expand.
What can a mortgage and finance broker do for you?
Mortgage and finance brokers already know the industry, the lenders, their products and their requirements, saving you a lot of time and energy on research. They will also put the time into finding out about your particular credit situation and have a wealth of experience to draw on to help you simplify it.
Translate industry jargon
Mortgage and finance brokers are able to make sense of what loan documents and lenders are saying – put it into lay-person’s language, so to speak.
Get you what you want
Mortgage and finance will determine your borrowing needs and fiscal ability, and recommend only appropriate products to suit your requirements.
Give you a broader choice
While a bank can only offer you its own products, mortgage and finance brokers can help you choose from a selection of loans provided by different lenders.
Mortgage and finance brokers have the knowledge and tools to compare often hundreds of products and get you a loan suitable for your circumstances and needs.
Find you a good deal
Lenders are always spruiking a special deal or two, and these could make a big difference to your repayments or success rate. A mortgage and finance broker will know which of the deals on the market at the moment will be appropriate for you.
Act as your advocate
A good mortgage and finance broker wants the best for you, the client. They will be your cheer squad, middle-man, team player and coach throughout the process.
They’re in it for the long haul
A mortgage and finance broker won’t just love you and leave you – they will oversee and manage the loan’s progression right through to the end on your behalf. Mortgage brokers also adhere to a Best Interests Duty, this means they act in your best interests.
By the way, ‘the end’ isn’t when you sign the documents and buy your property; you can expect your broker to keep track of you and your changing needs, helping you should you need to switch products or wish to purchase another property.
The key is to choose a finance broker who is MFAA accredited. The Mortgage & Finance Association of Australia (MFAA) is the peak national body representing professional finance brokers across Australia, and all members must adhere to professional development standards and a stringent code of conduct.