It’s easy to walk into the local bank and talk to a lender, or apply online for a home loan, but it may not always be the best option.
When you’re buying a house, do you go to one real estate agent, decide you will buy a house from them, and choose from what they have on the market? Do you make the best of what may actually be a poor fit for your circumstances (it’s okay, one of the kids can sleep in that fourth bathroom we don’t need)? No? Of course not – why would you limit your choices in this way? It’s really no different with the loan your use to pay for that home. Every lender, including the big four banks, second-tier lenders and specialist lenders, offers different products with different features, some of which will suit your goals and lifestyle, and some of which will not.
2 Industry expertise
Your mortgage broker will use their expert industry knowledge to help you sort through them and, unlike a bank lender, can find the one that most closely fits your needs. You can expect, when it is time to make a decision and settle on one, that your mortgage broker may offer two or three alternatives that would all be suitable, with a recommendation for one in particular that stands out.