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Direct to Bank vs mortgage broker: Why it can pay to have an expert in your corner
When you’re buying a home, there’s plenty to think about – inspections, contracts, boxes to tick, boxes to pack.
And then there’s your home loan. With everything else you’ve got going on, we get how tempting it is to just walk into one bank and take whatever loan they offer.
It’s an easy option, but is it the right one for you?
Short answer: maybe not. When it comes to finding the loan that’s most appropriate for your circumstances, a mortgage broker can offer invaluable support. Beyond helping find the right loan for you, they can save you time, stress and even money.
Let’s break down all the areas a good mortgage adviser can make a difference. Once you’ve read through, we’re just a phone call or email away to help you take the next step in your home buying journey.
1. More options than just one bank
When you go straight to a lender – say, your regular bank – you’ll only see the loans and products they offer. Just like shopping at a store that only sells one brand of jeans.
A broker, on the other hand, works with lots of lenders – for Sky Blue Finance, that’s more than 40. That means you get access to a range of loans, including ones you might not find on your own. And not only from the big banks. We can access loans from credit unions and smaller lenders, together with other options that might work better for your situation.
More choice means a greater chance of finding something that suits you – not just something that suits the lender.
2. Finding a loan fit for you
Finding a home loan right for you means digging through a lot of information. Interest rates, fees, different features, eligibility rules... it can get a bit much sometimes.
Maybe you'd like a loan with an offset account. Or maybe the flexibility to make extra repayments is important to you. A good broker can explain how these features work and help you find a loan that has what you need, even if it’s not from the first bank you thought of.
It’s about getting a loan that fits your life, not just today, but also down the track.
3. Someone in your corner
A mortgage broker works for you, not the bank. That means they’re focused on what’s most appropriate for your situation – your income, your goals, your plans.
And because we’ve seen all sorts of scenarios before, we know how to navigate the tricky bits. Like if you’re self-employed, or buying with another person, or even perhaps have a few quirks in your credit history.
You don’t have to explain your circumstances to a multitude of lenders. Just once to someone who listens – and knows exactly how to determine the most suitable lenders for you.
4. Avoid paperwork overload
Home loan paperwork can feel like learning a new language – one full of jargon, fine print and forms that ask for the same thing in slightly different ways.
A good broker handles all that. In our case, we help you understand what’s needed to secure your loan, and make sure your application gets done properly the first time. That means fewer delays, fewer headaches and a much smoother process.
5. They know what the lenders are really like
Brokers have invaluable “inside” knowledge. They know which lenders are quicker with their process, which ones can take their time, which regularly require additional information, and which might tend to be somewhat unpredictable with their policies.
That kind of insight could be the difference between a smooth, quick loan application and one that gets “stuck” and becomes difficult to approve.
So, is a broker right for you?
Like the idea of saving time and stress, having more loan options and getting help from someone who’s genuinely on your side? If the answer’s yes, a broker can be a smart move.
You are always the one to make the final decisions throughout the process, but you’ll be making it with better information, more support and less stress.
If you’re ready to find the most appropriate home loan for you, Sky Blue Finance is ready to help. As a licensed mortgage adviser, we’ve been supporting home buyers for over 10 years with honest advice, expert support and clear explanations of all that home loan jargon.
We’re ready to help find you a home loan that truly works for you, so get in touch with us today to start the ball rolling.
📞 Call Peter on 0414 602 491
📧 Email Peter at info@skybluefinance.com.au
Note: The above information is general in nature and does not constitute personal financial advice. It has been prepared without taking your unique objectives, financial situation or needs into account. You should seek your own independent advice as to whether or not this information is appropriate for you.
Image: Mikhail Nilov via Pexels