1. Brokers offer the same products, rates and fees as banks, scouring the market for you at no cost.
  2. No call centres, speak to the same locally based person from start to finish.
  3. Lender promotions vary, be it refinancing rebates from $1000 to $6000 with different minimum loan sizes, or rate specials based on varying LVRs, or $1 LMI offers, knowing who is running what and for how long often can save you thousands.
  4. Brokers research lender niches, i.e., ING consistently low rates but will typically allow a smaller home loan than other lenders, or NAB doesn’t provide Guarantor loans, or specialist professions can receive LMI waivers with participating lenders with each having different income requirements.
  5. Lender borrowing capacities can vary greatly from lender to lender. Each Bank treats income, and in particular overtime, allowances, secondary incomes, rental income or employment status differently, leading to different maximum loan sizes.
  6. Lenders Mortgage Insurance can vary vastly by lender and is likely the biggest cost variance outside of the rate.
  7. Brokers review around 30 lenders for the most suitable offer, vs banks selling the best of what they have.