Finance Broker or Bank?

Updated: Mar 11, 2021



Did you know, that approximately 60% of home loans are now sourced using a Finance Broker?


Why?


Broader choice

While a bank can only offer you its own products, Finance Brokers are able to offer comparisons of a larger selection of loan products from a variety of different lenders so you can compare ‘apples with apples’. They help take the guesswork out of finding the finance product that suits you and your needs, thereby allowing you to make an informed decision.


They Can Find You a Good Deal & Translate the Jargon

Loan providers are always spruiking a special deal or two and these could make a big difference to your repayments or success rate. A Finance Broker will know which of the deals on the market at the moment will suit you and be able to translate the industry jargon into lay-person’s language to make things easier to understand.


They can save you time

Sometimes, applying for finance can be a confusing and complex task. A Finance Broker understands the industry, the lenders, their products and their requirements, saving you a lot of time and energy on research because they will do the legwork for you. 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.


They will look after you

Finance Brokers are required legally to act in their client’s best interests. So they will look for a suitable competitive deal by negotiating with lenders on your behalf and oversee and manage the finance application and loan’s progression right through to the end. By the way, the ‘end’ isn't when you sign the documents and settle your finance; you can expect your Finance Broker to keep in contact with you and your changing needs, ready to help you should you need further assistance into the future.