Buying a home
Mortgage brokers vs banks
30 October 2019
If you're thinking of applying for a home loan, there are a couple of ways you can go about it. You might directly approach a bank—either your own or one you've not dealt with before—or you can go through a mortgage broker. Both options will help you get closer to your lending goals, and both have benefits to be aware of.
What are the benefits of going through a bank lender?
Speaking to a specialist at a lender like Suncorp Bank means that you'll be dealing with someone who knows the products they offer back to front and inside out. So they'll not only know which products are available and what the benefits are, they'll also know the less obvious stuff, like fees and lending criteria.
Since a Suncorp Bank Home Loan Specialist has an intimate knowledge of Suncorp Bank home loan products, they'll be able to answer your questions quickly and thoroughly.
Getting your home loan through the same bank with which you have other products might also be beneficial. For example, if you have a Suncorp Everyday Options transaction account and you combine it with a Suncorp Standard Variable Rate, Fixed Rate or Access Equity loan of over $150,000, you can take advantage of our Home Package Plus offer. This means that you'll receive a discounted interest rate, $0 loan establishment fee and $0 monthly account-keeping fees. You could also enjoy a few optional benefits, such as discounted Home & Contents Insurance and no annual fee credit cards.
What are the benefits of using a mortgage broker?
A mortgage broker, since they're not aligned with any one lender, can potentially offer you a broader range of products from a variety of financial institutions. This offers you more choice and may enable you to discover a product or lender that you hadn't otherwise considered.
Which is better for me?
Ultimately, there's no one correct choice. Applying for a home loan can be a stressful time, and you should go with the method with which you're the most comfortable.
It can be a good idea to ask friends about their experiences and recommendations. And don't be afraid to speak to multiple lenders or brokers.
If you'd like to speak to a Suncorp Bank Home Loan Specialist, you can submit an enquiry online. If you'd like to meet with a specialist at a time and place that's convenient for you, you can book an appointment with a Mobile Lender.
Information is intended to be of a general nature only and any advice has been prepared without taking into account any person's particular objectives, financial situation or needs. You should make your own enquiries, consider whether advice is appropriate for you and read the relevant Product Disclosure Statement or Product Information Document before making any decisions about whether to acquire a product