Using mortgage broker vs. applying directly to the bank ?

Looks like I will make that appointment! thanks

If you are a very busy person, and not prepared to do any research, a good (empahisis on good) broker can definately be a good idea – and it does/should cost you nothing. That said, a broker is simply an intermediary, and unless in the minority that has a special relationship with someone at a major bank, usually via a dedicated Broker manager or business banker, is quite simply put, another link in the chain. To put things in perspective, the two main arguments 'pro broker' are:-
1 – Bank staff will not recommend any product other than their own.
   … Sheesh, what would you think if your CBA guy suggested you get a NAB loan – unless of course they were being very helpful 'off the record' if the CBA had declined your loan.  May I also point out, a broker will never recommend a loan via a provider that does not pay commission, and very frequently the lower paying commission lenders are only recommended as a 'last resort'. AND on that point would a broker continually provide advice & recommendations for no commission, or rebate all their commission as part of their service? Of course not; and why should they. Bank staff, all lenders, and mortgage brokers have to eat.

2- Brokers have access to 'over 10 banks & 50+lenders'……
  ….mmmm how many can you name of each?   Yeah, I thought so. Post GFC these days are well & truly over. Stick to a good major, which is what most good brokers generally recommend anyway as statistics form the MFAA confirm.

And as for the perceived problem of shopping around yourself can result in numerous credit checks being done, I thoroughly dispute this. True, if you sign a home loan application at every bank & lender you go to….yeah, it can & will happen. However, time and time again I see CRA's that show four or five enquiries that customers claim to know nothing about….'but I never went to those banks"….., that a bit of careful questioning reveals were all done via the broker they 'saw recently'. Very frequent occurrence once they sign the all encompassing paperwork the broker has asked them to for blanket consent.

Just adding a bit of balance……without taking anything away from experienced brokers regularly posting here. All the best with whatever you decide.

Cheers

More hits = desparate ( as Terry mentioned )

MOST ppl once they get their first approval- they normally go with that.

Normally 2 outcomes with active credit file
1. You got rejected by the another banks (something to hide? something we don’t know?)
2. You may have gotten accepted but is shopping around on your own accord – so why waste our time on your file …if your not serious or not certain.

The big 4 banks has a credit scoring system, if your file is to active the system will AUTO reject you.

Regards
Michael

I agree to deal with only one banker.

I used to refer people to multiple bankers as they desired the best rate. But it only makes thing difficult.
Now I refer customers to one bank and one bank only

In any industry this day and age- the internet has became a dominate part of doing business- even my Local milk bar store has a online purchase system now 0.o

It’s simple as a Phone call/skype/facetime an a few emails an your done.

Phone call to understand your requirements
Email to collect your payslips, and bank statement etc…

Regards
Michael

It's not difficult – the majority of my clients are interstate.

As Mick said – phone and email is all you need.

Cheers

Jamie