Newbie Q's

Ok so my partner and I are looking to purchase our first place.
The first question I had for you guys was what you think of using a broker VS. doing the run around the big 4 banks and seeing what/if they offer you.

We have already met a broker whom my family have used previously, he projected our situation for us and all was well. However, I have heard good things of directly going into the banks and speaking with them face to face, in order to bring forward any queries you have with them regarding fees etc.

Any advice would be great.
 
No way would I ever bother going direct any more. Find a good broker (several here on this forum) and let their fingers do the walking.

Our broker is worth his weight in gold and has got things through that we probably could not have, simply because he knows which banks will do what. There is nothing dodgy about it, simply knowing where he should look for our particular financial strengths and weaknesses.
 
Broker. A good broker knows how to get your finance through for you and how to deal with last-minute hassles, so you have someone helping you if the lender decides they've lost your paperwork with 24 hours to settlement. And they'll be able to paint the best picture possible of you for the bank.

Also, you will probably get much better service from a broker ... they have a business to run!
 
Thanks for the input guys.
The thing that got me thinking about dealing with the bank directly were stories of people having their app. fee waved & things like that. However, you could argue that the $750 app. fee could be saved by going elsewhere anyway…
 
I have used both brokers and approached bank direct. Personally, I like the second option. I approach the Loan Manager of a retail bank who has the authority to approve loans of up to a certain amount (around half a mil these days). If I borrow less than that, he can tell me for sure how much the bank will lend me and how long it will take for them to officially aprove the loan - because he'll be approving the loan personally. If I need to borrow in excess, it is still a safe option because he knows what their 'upstairs' require in approving a bigger loan. It gives me peace of mind.

I'm interested to hear other people's experiences.

No way would I ever bother going direct any more. Find a good broker (several here on this forum) and let their fingers do the walking.

Our broker is worth his weight in gold and has got things through that we probably could not have, simply because he knows which banks will do what. There is nothing dodgy about it, simply knowing where he should look for our particular financial strengths and weaknesses.

wylie ... care to share your experience with us? or have you already done so on an existing thread?
 
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