Buying a home
Bank vs mortgage broker: An expert’s guide
18 May 2020
It doesn’t matter whether you’re a first home buyer or a hundredth home buyer – when you’re applying for a home loan, you want the process to be as smooth as possible.
The home loan application process can be completed in a few ways, including with a Suncorp Mobile Lending Manager or a mortgage broker. Suncorp Mobile Lender Chris Gorgis, who previously worked as a mortgage broker, is an expert at this process. And he has some suggestions to help you choose the right method for you.
Why choose a bank over a mortgage broker?
When you apply for a home loan directly from a bank, your lending specialist will guide you through various home loan options to best match your individual situation.
Gorgis says, ‘Suncorp Mobile Lenders are always kept up to date with the ongoing changes and developments to responsible lending principals and guidelines. This means we’re better equipped to assess your situation and support you to submit your application.’
Choosing a lender over a mortgage broker may have other benefits too. Take Suncorp, for example. Should you take out an eligible home loan with us, you can also manage your other banking and insurance needs in a single package. We call this our Home Package Plus.
The personal touch
‘Working for Suncorp, I pride myself on focusing on what matters to my customers, ensuring that the right products match their needs and guiding them through every step of the home loan journey,’ Gorgis said.
Suncorp Mobile Lenders like Gorgis are available for support seven days a week, at a time and place that suits you. Get in touch today!
Why choose a mortgage broker over a bank?
A mortgage broker will work on your behalf to consider the best home loan deals from different lenders. By engaging with a mortgage broker, you may have access to products, rates and offers you might not otherwise have considered or had access to.
How to give yourself the best chance of approval
Both lenders and mortgage brokers should be able to identify whether you’re eligible for a home loan, before you start your application.
When he’s with a client, Gorgis asks a lot of questions and he encourages them to do the same. ‘Tell your lender everything’, he advises, ‘even if you’re unsure about it. The more information they have about you, the better. You can leave it to us to decide what is and isn’t relevant.’
Don’t count yourself out
Of all the clients he’s worked with, Maggie* remains his most memorable. ‘When she first spoke to me, she didn’t think she’d qualify for a loan. She even apologised for calling me in the first place and wasting my time!’ Gorgis said. ‘After working with Maggie, I was able to understand more about where she was looking to purchase a property for her family of five. I suggested that she consider the suburb over from the one she was looking at, because, for a small increase in purchase price, a larger home would be in her reach while meeting our lending requirements. This gave her hope.’
‘Maggie bid on a property, won it, we formally approved her, and she settled. Later, she called me in tears saying that she couldn’t believe what had happened and that she couldn’t have done it without me. Suncorp did that for her.’
*Not her real name.
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 Information Document before making any decisions about whether to acquire a product.