Quite simply, a bank’s goal is to sell you a loan or other banking products. More importantly, a bank operates on a no-advice model as they typically don’t have the expertise, flexibility or in many cases, even the interest in assisting you to structure a loan to suit your needs.

A good mortgage broker, however, can not only offer you the same loans as the banks and lenders.

Mortgage brokers have better access. They have built constant communication with various lenders, valuers, solicitors, and even building inspectors throughout their careers. And some of them you may not know about yet. Given their access to a large range of them, can identify a loan product that best suits your needs. They can help you choose the right lender that offers excellent payment terms to their clients. Working with a broker can also help you connect with the right people you need when buying a property.

A few lenders may also work exclusively with brokers who have met the FBAA membership requirements. With this, a broker may help you get special rates from these lenders because they bring them potential clients.

They can manage your fees. When you apply for a new mortgage, you may need to pay for various fees which may affect your golden eggs. Sometimes mortgage brokers can help you find a workaround with these fees and find a way that suits your financial needs.

They are excellent financial advisers. Every money coach in Melbourne would agree that mortgage brokers are amazing coaches for managing your finances. They’ll coach you with your finances so you can increase your chances of getting your mortgage application approved.

Our mortgage brokers take this a step further and offers insight into loan options you may not have realised existed. These options will ensure your loan is structured in such a way that it helps you reduce your overall costs as well as guide and support you along the path of collecting your own Golden Eggs!

The benefits and downsides

To help you further see why it is better to work with a mortgage broker than with a bank, here are the benefits of choosing a mortgage broker from Golden Eggs and the drawbacks of using a bank.

The Bank
The bank is unlikely to take into account your long-term plans
The bank will only have limited products and always recommend their own
Banking staff are typically not investors
There is no financial advantage in going direct to the bank

Are you ready to work with a mortgage broker? Contact us at Golden Eggs. We’re ready to partner with you.