The Mortgage Broker Difference

19.12.23 | Marc Barlow | Resources

The Mortgage Broker Difference

It’s a competitive world. And we enter 2024 with almost 1000 home loan products on the Australian loan market from banks and non-bank lenders. You’d think competition would be sky high.

But all lenders in Australia are tightly controlled. This is a good thing. If you borrow for a home loan here, you’ve got a government guarantee that things won’t go bust. The Reserve Bank and governments guarantee our biggest banks and lenders. In return, these institutions play by the rules. Reserve Bank decisions on interest rates affect every lender. This means that you’re highly unlikely to see home loan deals that vary hugely from the pack.

Still, there are usually better deals out there, and we are available to help you find them.

Brokers versus Banks

If you’re looking for a better home loan deal, about the worst thing you could do is go into a branch of your current bank, pick up the brochures, and decide on a loan.

You might have had a Dollarmites account with Comm Bank when you were 8, or you might still strut your NAB or ANZ card from 2015, but chances are you can do better when borrowing for a home loan. Banks aren’t loyal to you; why should you be loyal to them?

A survey in December 2023 showed that more that 86% of borrowers trust brokers over banks. And did you know that brokers help their clients with more that 70% of all home loans? 

While the big lenders have their advertised home loan products, there are many more options beneath the surface. Save with a broker.

BID: Best Interests Duty

Mortgage brokers like us find the best loans for borrowers, depending on their circumstances. Often they’re deals that the banks don’t advertise to the public.

The big difference is that Mortgage Broker Melbourne has to BY LAW find the best loan for you. Banks and other lenders are only selling their own products, and don’t legally have to give you the best loan for your situation. A bank only shows you the options from that bank. We are obliged to consider your circumstances and find home loan products that fit. And we search from a vast array of home loan products from banks and non-bank lenders.

Get a mortgage broker

We’ve been providing expert services to home-loan clients for 20+ years, and we continue to offer unparalleled home-loan recommendations that protect every one of our customers, as governed by financial law. We do this not just because we have to, but because we want the best for our clients. 

There’s no hard sell with Mortgage Broker Melbourne. There’s no obligation. And there’s no charge for our service (of course, if you get a loan your lender will likely charge you fees).

Talk to a Mortgage Broker Melbourne expert today.