Why using a broker is better than going to the bank

mortgage broker vs bank

Still not sure how using a broker can be more valuable than going straight to your bank for your home loan? Here, we’ve come up with just a few ways how a mortgage broker can add value and streamline your finance approval process.

  • Brokers can often get cheaper rates than the branch.
  • Brokers have the ability to have fees waived.
  • We can get priority assessment – sometimes 24 – 48 hours.
  • We have direct access to credit assessors to discuss scenarios before applying.
  • Easier to manage the process for all parties involved (we can liaise with other brokers, real estate agents and settlement agents on your behalf to ensure everyone is on the same page and your finance application or real estate contract is not compromised by misunderstandings).
  • Brokers earn money by commission only whereas bank employees are on a salary. Therefore, a broker will do everything within their power to get an approval as they are incentivised – where as the branch isn’t, they’re just going through the motions.
  • Brokers also receive a trailing commission so they are incentivised to look after clients on an ongoing basis, not just a once-off transaction.
  • Brokers grow their business on referrals and are therefore incentivised to provide top service -unlike a bank spending millions on advertising to churn people through the door.
  • A broker has 300+ products to offer. The banks have a few at most.
  • A broker will look after you for the life of the term where as a good banker will be promoted and moved through the ranks so you’re rarely dealing with the same person.
  • We can arrange upfront valuations at no cost.
  • We always have a plan B if Plan A doesn’t work. The bank is likely to turn you away if you don’t fit the mould.
  • You have direct access to broker via mobile phone or email. If you call the branch hotline, you’re on hold for hours and speaking to someone in India or elsewhere about your finance.
  • Brokers work 7 days a week, along with evenings to fit in with your schedule.
  • We offer a mobile service to fit in with your schedule.
  • We deliver expert advice based on lending due to our experience.
  • Our team of experts to provide other finance services if required, relevant and in your best interests. The bank will always focus on the upsell.

All Napoleon Finance brokers have 7 years + lending experience so we have seen most situations before.

We look forward to speaking to you soon! You can contact us straight away using our contact form or feel free to give us a call at anytime, 7 days a week!