So what is the big deal about brokers anyway?

[Mikhaila]

In my opinion, alot (and probably most) Brokers are just glorified computer operators. They calculate your capacity then assist in filling out the application and thats it.

Obviously there are a couple from here that I have dealt with that do not fit the description above at all. However, if you're lucky enough to aquire an "inside person" at a bank who can always fix you up with what you need then you're more than likely going to be better off doing so than taking the standard product that the broker channel has access to.

I couldn’t agree more with the above!

My personal experience dealing even with recommended brokers wasn’t positive (I wouldn’t call it negative though it was just a big waste of time). I got the feeling when the situation is complex and non standard the broker wasn’t interested. In our case actually broker said no, and the bank said yes. I am about to do it second time actually after the broker AGAIN showed little interest.
M.

 

[Bargain Hunter]

We had no problems getting loans until about our fifth property. At that stage we moved to Sydney and lost our personal banker, the bank we dealt with became unfriendly and didn't want to know us. Being time poor we decided to go to a broker.

We tried a couple of brokers and were not impressed. We finally found a broker (fellow forumite Rolf L) and haven't looked back. Rolf has set up several deal and continues to service us well.

If you are having no problems getting loans from your bank, you may not need a broker (although they may access better deals). On the other hand if you get to the same point as we did and can't borrow any more money then a broker might be the answer. By the way we got several standard loans via Rolf and have now only started to require LoDocs.

 

[Medine]

The trouble with Mortgage Broking is that it is terribly easy to offer a better service than the banks do, especially for clients who are investors (how many bank clerks do you know who invest?). Consequently, the bar is not very high for brokers to enter the market and make a living, even if they're not very good at it .

Wouldn't it be great if the banks lifted their game and made it a bit harder for us brokers? Now that would be a great service for brokers to offer !

Cheers, Medine