MORTGAGE BROKER OR BANKER?

Mortgage brokers offer variety – banks are limited to their own products

When you walk into a bank – they are limited to providing advice on their own products.  They aren’t able, or willing to tell you, that there could be a better offer down the road with their competitor. On the other hand – most brokers typically have a large number of lenders they are accredited with. For instance – at Pass Go we currently deal with 20+ lenders including all the Big 4 banks – so we have access to hundreds of different loan products.

High level of expertise – and possibly a higher chance of approval

A high performing broker will know the ins and outs of lender policies. They’ll be familiar with certain niche policies and have a good understanding of how to structure complex deals. It goes without saying – it’s likely that your chances of getting a loan approved are greater when using a high performing broker with access to many lenders rather than approaching one bank who can only advise on its own products and policies. Take for instance the enquiries we get for borrowers on maternity leave who were refused finance from their current lenders and come to us for assistance.

Good mortgage brokers stick around – we’re here for the long term

Mortgage brokers aim to please.  We want you to rave about our service and refer your friends and family – we aim to provide an outstanding experience from the start and continue that service for the life of the loan. For instance – for Pass Go clients, if there’s something they require with their loan, they can expect to get a prompt response from the broker that set up their loan. With banks – this isn’t often the case. You’ll contact their generic helpdesk number and deal with whoever happens to pick up your call.

This is an important factor particular for our investor clients – they take comfort in knowing that we’re not just focused on the one transaction. We’re here to work with them over the long-term – whether they purchase a couple of properties or 10.

Saving you time and money

An efficient broker will listen to your requirements and then present a recommendation on which lender to go with. Once you’re happy with that recommendation they’ll request your supporting documents (payslips, ID, etc.) – get your application processed, submitted and do all the following up on your behalf. Not only does this save you time but also the hassle of dealing with banks!  To top it off – most brokers (including Pass Go brokers) do not charge you an upfront fee for our service. Instead – the bank that you get your loan with pays us a commission from introducing your business.

Jamie

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If you’d like to have Jamie provide advice on your finance structure, investment strategy, first home purchase, upgrade or refinance simply complete and return this FORM and he will be in touch – this is a FREE, no obligation service.

The information herein is not intended as investment, financial, legal, taxation, building, development or any other advice and must not be relied upon as such. You should obtain independent professional advice and make further independent enquiries before making financial, legal, taxation, building, development or investment decisions.