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Is using a big bank costing you $18000?

Data shows that more than 50% of new loans are with the big banks despite their loans being some of the most expensive available (source here).

Recent data shows that borrowers start looking at the cheaper products and often therefore smaller lenders but end up going with the big banks and paying more (source here). But why?

Why would anyone willingly decide on a more expensive loan product ie still borrow the same money but have it cost more??? It appears to be that the perceived safety of the bigger banks might have something to do with it. But is it right that smaller lenders aren't as safe? Smaller lenders are more able to respond to both the market and their customers and can be a great option.

We have several lenders on our panel and they're offering great rates that often the big banks can't. The article (source above) says 'tightening of credit ha(s) created opportunities for smaller lenders to help those that are shut out of the market'.

But how do you know? This is our role as mortgage brokers. We do the legwork for you; breaking the information down so we can compare apples with apples when it often looks like pears and carrots!

Call the office anytime and let's talk.