4 Differences Between a Broker and a Bank Lender
Jun 26th, 2018 • Industry News
4 Differences Between a Broker and a Bank Lender
It’s easy to walk into the local bank and talk to a lender, or apply online for a home loan, but it may not always be the best option say Shaun from Approved All Loans Group.
1 Choice
When you’re buying a house, do you go to one real estate agent, decide you will buy a house from them, and choose from what they have on the market? Do you make the best of what may actually be a poor fit for your circumstances (it’s okay, one of the kids can sleep in that fourth bathroom we don’t need)? No? Of course not – why would you limit your choices in this way?
It’s really no different with the loan your use to pay for that home. Every lender, including the big four banks, second-tier lenders and specialist lenders, offers different products with different features, some of which will suit your goals and lifestyle, and some of which will not.
2 Industry expertise
Your Finance Broker will use their expert industry knowledge to help you sort through them and, unlike a bank lender, can find the one that most closely fits your needs.
You can expect, when it is time to make a decision and settle on one, that your credit adviser may offer two or three alternatives that would all be suitable, with a recommendation for one in particular that stands out.
3 Approved All Loans Group difference
Approved All Loans Group finance Broker must meet higher education and professional development standards than industry regulation demands, and they regularly attend training and development courses run by the MFAA and others.
They are also answerable to the MFAA Tribunal, which imposes penalties on members who are found to have breached the MFAA’s Code of Practice.
Approved All Loans Group finance Broker not only have the support and resources to be the best, their livelihoods depend on it.
4 Let’s talk commission
Of course, Finance Brokers earn commissions. This doesn’t mean your credit adviser is not on your side. Whether you see a credit adviser or a bank lender, that person in front of you earns money by selling you a home loan. The difference, then? The bank lender is there to sell you one of their loans. The Finance Brokeris there to help you locate a product from a choice of lenders that works for you so that you come back to them when you’re thinking about refinancing, and so that you are comfortable recommending them to your friends and family.
Call Approved All Loans Group to day so they can find the right product for you needs.
← Return to Blog.png)
.png)
.png)