Bank or Mortgage Brokers – Who should you choose?

Getting a home loan is a complex exercise. There are so many options of interest rates, lenders etc so it can be hard to know what you should do. Should you work with a mortgage broker? Or perhaps just go through the bank that your family has been going to for years? The answer depends on who gives you the best deal, but there are some things you need to understand before making this decision.

Mortgage brokers are mortgage specialists who are accredited to write loans with many different lenders. For example, RyRo Loan Centre have more than 35 lenders under their panel including Big 4 (Commonwealth Bank, ANZ, Westpac & NAB). We will filter out the best possible lender based upon your income level (what’s available), savings, and overall financial circumstances.

A key difference between banks and mortgage brokers is that banks are only able to offer their own products, whereas mortgage brokers can render multiple mortgage options.

How many banks can you try on your own if you’re looking for a home loan? It’s not feasible to go to five or ten different banks and then figure out who provides the best option based on your requirments. When you visit a mortgage broker, they will provide you with a list of lenders that will be suitable for your loan requirements, or who offer cashback/offers. To summarize, when you visit a mortgage broker, you will have access to many lenders and they’ll do all of the legwork to help you determine which lender is best for you.

No, not at all! In fact, most mortgage brokers try to get fee waivers for any little charges and expenses. Well at least that is what we do here at RyRo loan centre. Moreover, they get compensated for the applications that they write on behalf of the bank/lender.. All the paperwork that a mortgage brokers does for you is free of cost.

Overall, it is up to you. However we do suggest going through a Mortgage Broker because they offer benefits that will definitely work in your favour. 

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