01 Sep 16
Let's look at the mortgage market.
There are 150 deposit-taking institutions, basically banks and credit unions, in Australia and from just a sample of 91 of them, more than 3000 home-lending products are generated. That's quite some choice right? But it's also a lot of interest rates, terms, conditions, establishment fees and application criteria to sort through. Then there's fixed rate versus variable rate, interest only versus principal plus interest, and whether a package is worthwhile.
If you use your trading bank for your home loan, you are limiting your scope. And when you go online and do searches for home loans, you have to start comparing. And how do you do that with so many products? Will your knowledge ever be as complete as the professional who works full time in this market? Who works alongside other real Australians, families, individuals with individual circumstances every day?
When you use a broker you save time and energy, and you are more likely to find a mortgage not only at the lowest cost but with the best features for you. Most brokers not only have professional networks and industry expertise to draw on, they also have software platforms that give them detailed access to a much greater variety of home loan than the average consumer can access.