{"id":24179,"date":"2019-04-11T12:14:11","date_gmt":"2019-04-11T02:14:11","guid":{"rendered":"https:\/\/timesnewsgroup.com.au\/surfcoasttimes\/?p=24179"},"modified":"2019-04-11T12:14:11","modified_gmt":"2019-04-11T02:14:11","slug":"broker-vs-bank-whats-the-difference","status":"publish","type":"post","link":"https:\/\/timesnewsgroup.com.au\/surfcoasttimes\/real-estate\/broker-vs-bank-whats-the-difference\/","title":{"rendered":"Broker vs Bank What\u2019s the difference?"},"content":{"rendered":"

When it comes to deciding if you\u2019ll use a broker or go direct to your bank for your next refinance, investment property or car loan, it\u2019s important to know what each can offer.<\/p>\n

Product choice<\/strong>
\nAs you\u2019d expect of any business, a bank will only promote its products, which can limit your options. But with access to a panel of over 45 banks and boutique lenders and thousands of products, brokers make the bank or lender work hard for you. They can potentially save you thousands in interest and, if your situation is unusual or tricky, there\u2019s still a chance they
\ncan find a lender who\u2019ll cater to your situation.<\/p>\n

Understanding different loan\u00a0<\/strong>criteria<\/strong>
\nA broker can understand multiple banks and lenders\u2019 application criteria for different loan products which can potentially speed up the application process. If you were applying directly through a bank, you may research different options, apply for a loan and then potentially realise it\u2019s not going to happen which can be frustrating. A bank has set criteria for its products which are hard to change if your circumstances don\u2019t quite fit.<\/p>\n

The cost<\/strong>
\nThere is no cost to you for my services as I\u2019m paid by the lender you choose. You get all the benefits, without the cost.* Banks usually don\u2019t charge an additional service cost either, but their knowledge is limited to their range of products only and you may have to deal with multiple staff members throughout your application which can be frustrating.<\/p>\n

And once the loan is set up<\/strong>
\nBrokers should check in yearly to make sure your loan still suits your individual needs. If not, you should move to one that does. Banks usually do not look at your loan on an individual basis regularly or let you know if you could be saving if you moved products. It\u2019s up to you to keep a close watch on your loan.<\/p>\n

If you want to know more about how a broker can help, search for one today.<\/p>\n","protected":false},"excerpt":{"rendered":"

When it comes to deciding if you\u2019ll use a broker or go direct to your bank for your next refinance, investment property or car loan, it\u2019s important to know what each can offer. Product choice As you\u2019d expect of any business, a bank will only promote its products, which can limit your options. But with […]<\/p>\n

Read More…<\/a><\/p>\n","protected":false},"author":26,"featured_media":24180,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[29],"tags":[],"post_folder":[],"class_list":["post-24179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"acf":[],"yoast_head":"\nBroker vs Bank What\u2019s the difference? - Surf Coast Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/timesnewsgroup.com.au\/surfcoasttimes\/real-estate\/broker-vs-bank-whats-the-difference\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Broker vs Bank What\u2019s the difference? - Surf Coast Times\" \/>\n<meta property=\"og:description\" content=\"When it comes to deciding if you\u2019ll use a broker or go direct to your bank for your next refinance, investment property or car loan, it\u2019s important to know what each can offer. 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