If you want mate’s rates on your mortgage, you absolutely must go to a broker.
They’re experts whose entire days are spent pouring over every home loan product on the market in excruciating detail.
They don’t just know the ins-and-outs, but the ins-and-outs of the ins-and-outs.
It’s a specific level of detail that you’d never be able to achieve on your own, partly because it’s so complex but mostly because you’ve got a life!
Brokers are experts who are best placed to advise you on which product is right for you, by virtue of the fact that they know every product available.
More than this, they have enormous bargaining power with the big banks themselves.
Think about it – brokers are walking around with stacks of quality customers that the banks are desperate to nab… they’d love to get a slice of that business pie.
Brokers are in the unique position to negotiate a better deal.
They can ditch or significantly reduce annoying annual fees, get inclusions for free, get rid of the banking products you don’t want or need, and in many cases, secure a lower ongoing interest rate.
And if your first choice of bank isn’t playing ball, they can quickly and easily help you pivot to another one who will.
The way brokers are compensated is standardised, heavily regulated and carefully scrutinised.
There are no kick-backs from the big players for funnelling business their way.
It’s the same whether you go with a Big Four or a smaller player.
This means you get impartial advice and independent guidance, but an expert who’s inside the room and is willing to battle on your behalf.
That’s a very attractive prospect – much more so than going it alone at your local bank branch.
Author Michael Yardney.