- Bradles CParticipant@bradles-cJoin Date: 2004Post Count: 52
Can someone please outline the positives and negatives for getting finance through a mortgage broker vs a bank. I currently use Bendigo Bank for my home loan and I am almost ready to purchase my first IP.
I am sure I could get a better deal if I use a mortgage broker. What sort of fees do you charge to find the best loans ?
Thanks heaps [biggrin]
BradMobile MortgageMember@mobile-mortgageJoin Date: 2003Post Count: 913
The majority of Mortgage Brokers donâ€™t charge their clients a fee for their service, most get paid a commission from the lending Institution after settlement, cheers.
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PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.DerekMember@derekJoin Date: 2004Post Count: 3,544
A broker has the advantage of having acces to a whole range of lenders each with their own range of products.
By way of contrast a bank is limited by their policies and products.
As Steven said a broker earns their income from a commission paid by the bank – you do not have to pay anything.
I would also add that you are more likely to access an ‘investing broker’ on forums such as this and because of this they will be familiar with your likely short & long term needs.
Property Investment Support Available.Alistair PerryParticipant@aperryJoin Date: 2004Post Count: 891
There are new products coming out all the time from different lenders and it would take a lot of work to keep up to date with them if you don’t do so as a business. Also, as you don’t have to pay brokers yourself and you’re unlikely to get a better deal by going direct, I can’t see any reason not to use a broker.PropertyGuruParticipant@propertyguruJoin Date: 2003Post Count: 1,502
just to add what others said some times you can get better rates than bank just going through broker and some times part of broker commission also 
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