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Banks vs Mortgage Brokers

Well first home owners are a good example of why you should use a mortgage broker over going into a branch, examples of a young couple who had saved a small deposit to buy a property, they went into one main lender off the high street, that lenders they had not fitted within that lenders policy because they would only lend 90% unless they was an existing customer, so they had been told no, they’ve walked away thinking that they can’t get a home loan, then a friend of them have said why don’t you call a mortgage broker we’ve gone round and yes they couldn’t fit within that banks’ lending policy but being accredited with around 30 lenders we managed to place them with another lender who is lending policy was a little bit more were you have to declare that and the client signs to accept that they’ve been shown that all banks pay us a commission.

The Commission’s vary from lender to lender but we would consider never enough for us to put you with the wrong lender, they will have a selection of products to offer you but only their products, they will never offer you something else, so they will offer you the most suitable product that they have, and that’s all they required to do, yet you come to a mortgage broker and we will offer you we will look at all the lenders and we will find the most suitable product for you across all the lenders, it costs you nothing, we pay a commission by the banks that is how we get paid.

Written by

Stephen Bonfield, the Managing Director, previously worked for one of Australia’s major home loan companies as an independent mortgage broker. Steve used this experience to set up his own mortgage broking company - a company that places customer needs at the forefront.

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