Home Loan, Mortgage, Mortgage Broker

Mortgage Brokers in Australia vs Bank Loan Officer

How to Differentiate Between Mortgage Brokers in Australia and 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 mostly in their organisation or employer’s interest.

Mortgage Brokers in Australia, on the other hand, are who works as a “middle man” between lenders and borrower. Hence, mostly mortgage brokers have access to various loan products from different lenders. Mostly they can offer better deals to 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 borrowers who are seeking a home loan to purchase or refinancing their existing home or investment property 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 Sydney mortgage broker knows the industry, the lenders, their products and their requirements. It can surely save you a lot of time and energy in performing research and offer broker services. 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

Sydney mortgage brokers can make sense of what home loans documents requirements and lenders are saying – put it into layman’s language. So you will be aware of what deal you were 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 Sydney mortgage broker can offer you more help to choose from a more extensive selection of loan products across different lenders in the market. In contrast, a bank loan officer or a bank can only offer you only its products.


Find a 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. Sydney mortgage brokers know what deal in the market currently is the 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’s choice the most!

It presumed that a bank loan officer might able to process loan documents speedier than a mortgage broker. However, in Australia mortgage brokers can provide better assistance finding home loans or refinance options. They are expert in exploring opportunities to find better suitable deals while saving ample of your precious time and money. They have tools to conduct research giving hassle-free advice because not tied to a single lender, unlike a bank loan officer. 


Finmortg Brokers have both the industry knowledge and expertise in mortgage loans, refinance, business loans and commercial lending. With the 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 until 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!

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