Common Myths About Mortgage Brokers

✅Buying a home is one of the largest decisions you will ever face.  And as the lending criteria gets stricter and more products come onto the market, it's easy to see why more people are using mortgage brokers than ever before.

✅There is a lot of confusion about what a mortgage broker actually does.  And why exactly should you use a mortgage broker rather than stick with your bank?

✅It's important to have a professional in your corner to help navigate these questions and help manage your mortgage for the life of the loan - not just the origination.

Do mortgage brokers charge a fee?

✅No!  Mortgage Broker Revesby gets paid directly from the lender by a commission.  This fee is not built into your loan or interest rates, meaning this service is free to you as the client.  

✅Think about it: how much do you think it costs to build a bank branch, employ a home loan manager and an army of mortgage lenders?  When the banks pay a mortgage broker their commission, it is a fraction of what it costs to do it all in house.  And that's the reason they do it - to save money!

✅So you can relax knowing you aren't being stung for this commission in some underhanded way.

Does a mortgage broker work for the bank?

✅A resounding NO!

✅It's a fair enough misconception, as mortgage brokers are paid by the lender.  However broker commissions are fairly even between lenders for a reason: it keeps brokers unconcerned who they use as a lender and helps ensure the decision to go one way over the other is purely in the clients best interest.

✅A mortgage broker is your eyes and ears in the lending market.  Our objective is to guide you through all the potentials to finally figure out which lender is right for you. Then we do all the work in getting the loan over the line.

✅Mortgage Broker Revesby will then manage your mortgage for the life of the loan.  We will assess your loan for a better rate or product every 2 years to help you pay off your loan quicker.

If I stay with my local bank, won't I get a cheaper rate?

✅Absolutely NOT!  Bank loyalty is largely a myth and it pays handsomely to know your options.  

✅Mortgage Broker Revesby has a panel of 30 lenders to find you the best product on the market for your situation.  Your situation will change over time, and so will our approach to selecting you the best loan.  We manage your loan for life.

✅A 2019 consumer survey conducted by ASIC revealed a large disappointment in the rates and products offered by banks to loyal customers.  They were largely no different to a stranger off the street.  Lenders did not rewards loyalty.  Access ASIC report here.

✅Your long term bank may not even be able to offer you a loan.  You must be willing to search the entire lender panel to see which lender is hungry for your business.  That's what a mortgage brokers job is!

Contact Us

No Fee Service.

Matthew Stack

matthew@mortgagebrokerrevesby.com.au

www.mortgagebrokerrevesby.com.au

0423 237 242

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