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Using a Mortgage Broker vs. Going Direct to Bank - What鈥檚 The Difference? (Australia) - YouTube
Channel: Lendi
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Sam: Are you thinking of getting a home loan
or maybe refinancing an existing loan?
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In this video, we'll go through the three
main differences of using a mortgage broker
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or online platform versus going directly to
a bank.
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We'll talk through why banks don't reward
loyalty and how online platforms are designed
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to do the hard work for you offering you more
choice and convenience.
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Sam: Hey guys, it's Sam.
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Here at Lendi we've helped thousands of Australians
refinance or get a new home loan and we know
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that almost 60% of Australians get their home
loan via a third party.
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That means they use a mortgage broker or online
platform like Lendi to find the right loan
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for them.
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Now before we start if you're interested in
getting home loan tips in Australia make sure
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you subscribe to our channel and hit the bell
so you can get notified when we post new videos.
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Sam: So what are the differences between using
a mortgage broker or online platform versus
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going directly to a bank?
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The first is more choice.
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When you use an online home loan platform
or mortgage broker you have access to a much
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wider range of products.
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For instance, Lendi compares over 2,000 options
from over 35 different lenders.
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If you go directly through a bank you'll only
see a handful of the products that that bank
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offers.
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Third parties are also not tied to a particular
bank or lender and must offer a product that
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best suits the customer's needs.
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Their role is to help you understand and compare
all of the options available.
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Sam: The second is more choice, which ultimately
means you can make more educated decisions
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which would hopefully mean more savings in
your pocket.
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The more loans that you can compare and understand
the more chance you can find the needle in
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the haystack and find the best product that
meets your needs.
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If you go directly to a bank you are significantly
limiting the amount of options that will be
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offered to you which could mean you end up
with a product that doesn't have all of the
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features that meets your needs.
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Third parties could also have access to special
offers and products such as cash back as well
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as discretionary pricing on different rates.
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On occasion they can also offer a significant
reduction in fees.
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Sam: The third factor is convenience.
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Home loan applications require a lot of information
and paperwork and using an online platform
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can make the entire process a lot more convenient.
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If you go directly to a bank you'll often
need to take the time out of your day to visit
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your local branch.
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Although some banks allow you to start your
application online you'll often still have
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to visit a branch or see someone face to face
to provide verification documents such as
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income documents or bank statements.
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Sam: If you use a mortgage broker or online
platform they'll take the hard work out of
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the process for you, from finding the right
loan that meets your needs to submitting and
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settling the loan application for you.
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They'll take the stress out of the entire
process.
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If you use an online platform such as Lendi
this goes one step further.
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You can add all the information online as
well as compare all products and upload all
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documents so you never have to visit a branch
or actually see someone face to face.
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Online home loan platforms like Lendi also
offer around the clock support from Home Loan Specialists
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that can answer any questions
you have.
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You can keep track of where your application
is up to 24/7 using the online platform, so
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there's no need to chase up the bank
to find out where your application is up to.
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Sam: A common question that gets asked is
do you have to pay for using the service of
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a mortgage broker?
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The answer is no.
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The service is free and there are no hidden
costs.
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The mortgage broker will get paid by the bank
when your loan settles and none of this cost
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is passed onto you.
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Sam: When does your broker relationship end?
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Many homeowners use the same broker over and
over again for future refinances, other property
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purchases, or upgrades.
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A good broker will stay in touch with you
every six to twelve months to make sure you're
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still on the best product and the product
that you're on still meets your needs and
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objectives.
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Sam: That's it, the difference between using
a mortgage broker or online platform versus
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going directly to a bank.
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If you found this video helpful please give
us a thumbs up and remember to ask any questions
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you have in the comments section below.
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If you're looking for more tips you can also
join our private Facebook group Home Loan
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Hacks Australia where we'll answer all questions
home loans.
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If you're also wanting information on other
relevant home loan topics you can check out
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our other videos here or here.
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