10 reasons your client is better off with a broker
According to a Deloitte report**, brokers’ share of new home loan residential settlements is estimated to have reached 55.7%, three years ago, and over 90% of mortgage broker customers are satisfied with the service they receive. And I can understand why: you can receive a serious, measurable financial benefit at absolutely no cost.
Still, 40 per cent of borrowers are walking straight into their bank or to a locally based lender or via one online platform presuming they’ll get a good, balanced deal in a broad, competitive marketplace. It surprises me that some people are still choosing to limit their options. The visual for me is using a basic vending machine for your lunch choice when there is a plentiful smorgasbord available.
My role - one I am passionate about - is to deliver in the borrower’s best interests: to hunt down the right deal, with suitable inclusions and terms, and save them much money as I can in the process. This is where a Loan Market mortgage broker like me can be worth their weight in gold to your client. Look, they might even end up with their current bank in the process but boy will we make them work for the business.
If your client has already met with their bank or a local lender, it’s not too late to get a broker involved. And if they need reminding of the value, share with them my 10 reasons why a broker beats a banker:
10 reasons you’ll love a broker more than you love your bank...
- On January 1, Best Interests Duty (BID) will apply to brokers, not banks. This means, your client will have a professional who is legally obligated to work and act in your best interests - and no one else's.
- Your client gets someone who works for them. Banks work for their shareholders.
- Your client benefits from a comparison of over 60 banks and lenders who offer thousands of loans.
- Your client will have someone with you for the long haul, regularly checking in on your loan to ensure it aligns with your goals.
- Your client will have someone fighting for the fittest rate on the market for them.
- Your client will get a loan that matches their needs and goals, not the first product on the shelf.
- Your client will have a professional on their side advising on rates, repayments, incentives and contracts.
- From the first Fact Find to the final repayment, their broker is with them all the way.
- They won’t be left alone to negotiate with bankers, agents, conveyancers, accountants…
- Oh, and did I mention that having a broker comes at no cost to your client?*
I’ll search high and low, across hundreds of products, all the best known and emerging lenders to find your client’s loan. A Loan Market broker is part of a family owned company, I genuinely want what’s right for your client.
Remind your client of the financial benefits of using a broker.
^Not all lenders are available to all brokers. The exact details of the lenders your broker has access to is disclosed within the Credit Guide your broker gives to you when providing credit assistance or is available upon request.* There may be occasions where you may be charged a fee by your broker. This document has been created by Loan Market Pty Ltd (ABN 89 105 230 019, Australian Credit Licence number 390222). It provides an overview or summary only and it should not be considered a comprehensive statement on any matter.You should before acting in reliance upon this information seek independent professional lending or taxation advice as appropriate specific to your objectives, financial circumstances or needs. Information included has been sourced from third parties and has not been independently verified. Accordingly, Loan Market Pty Ltd is not in any way responsible for nor provides any warranty express or implied as to its accuracy or relevance. **https://www2.deloitte.com/au/en/pages/economics/articles/value-mortgage-broking.html