Home Loan, Mortgage Broker

Mortgage Brokers in Australia vs Bank Loan Officer

If you are unaware of the difference between Mortgage Brokers in Australia and Bank Loan Officers then you’re not alone. In many cases, people who look for a home loan or refinance come across this one of the difficult questions – “should I go for mortgage brokers or bank loan officer?”  It is more evident among the first home buyers! 

So let’s put it here in simple words!

Bank Loan officers are typically employees of the banks or lending institution. They may be able to offer various loan products. However,  all the products will be from the same lender. Mostly they are paid through the bank or lender where they work and mostly work in the organisation’s interest.

Mortgage Brokers in Australia, on the other hand, are independent who works as a “middle man” between lenders and borrower. Hence, mostly mortgage brokers Australia have access to various loan products from different lenders. Mostly they are able to offer better deals for their clients. They do not get paid unless they fully settle a loan deal. Therefore, they will work thoroughly to provide the borrower with a suitable loan.

The research says that mortgage brokers in Australia are now the number one choice for one in every two consumers who are seeking a home loan or to refinance an existing loan. Businesses are also engaging finance brokers to find loans for the car, truck, asset finances and equipment leasing.

So, here are some of the benefits you as a borrower can get from the mortgage brokers in Australia.

The leg-work

A good mortgage broker knows the industry, the lenders, their products and their requirements. It can surely save 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 brokers are able to make sense of what home loans documents requirements and lenders are saying – put it into lay-person’s language. So you will be aware of what deal you actually going to get.  

 

Get you what you want

Mortgage brokers in Australia can also help you to determine your borrowing needs and repayment capacity, and choose the best product to suit your requirements.

 

Give you a broader choice

With access to the multiple lenders, a mortgage broker can offer you more help to choose from a larger selection of loan products. While a loan officer or bank can only offer you its own products.

 

Find related article: How to avoid or reduce LMI for your home loan or mortgage. 

 

Help you compare apples, oranges, and the whole fruit basket

Mortgage Brokers in Australia have the updated knowledge, industry insights and tools to compare mortgage rates and hundreds of products to get you the right home or business loan for your circumstances and needs.

 

Find you a good deal

Home or refinance loans providers are always spruiking a special deal or two, and these could make a big difference to your repayments mortgage rates. Mortgage brokers in Australia know what deal in the market currently is right deal for you.

 

They’re in it for the long haul

Mortgage brokers in Australia oversee and manage the home or refinance loan’s progression on your behalf right through to the end. By the way, ‘the end’ isn’t when you sign the loan documents and buy your property; you can expect your mortgage broker to keep track of  your changing needs, helps when you need to switch products or wish to purchase another investment property.   

 

Should I go for Mortgage brokers in Australia or Bank loan officer?

It merely depends on what the person preferred the most!

It is presumed that a bank loan officer may able to process loan documents speedier than a mortgage broker. However,  mortgage brokers in Australia can provide more home loans or refinance options and opportunities to get better and suitable deals whilst saving ample of precious time time to conduct research giving hassle free advice because they are not tied to a single lender unlike bank loan officer. 

Finmortg Brokers have both the industry knowledge and expertise in mortgage loans, refinance, business loans and commercial lending. With a support of the advance technology and systems, our dedicated team can find a suitable deal, process home or business loan application quickly and continue support till the final and post settlement of the loan.

If you’re in the process of finding a new mortgage, refinance or business loan, then don’t hesitate further to Contact Us. We will get you the suitable deal!