If you’re looking to buy a home, you’re going to have hundreds of questions running round your mind. One of most common – and most important – is the bank vs mortgage broker debate.
Now, of course, as a mortgage brokerage, we’re going to be biased. To us the decision is obvious and hopefully after reading this you’ll agree that mortgage brokers are better than banks.
Should you use a mortgage broker? Here are a few reasons we’d encourage you to at least give us a call:
- Free service
- Access to multiple lenders
- No damage to your credit rating
- Better for unique financial situations
- Support throughout the process
- Convenience
Mortgage brokers are free
One of the first questions we get asked by new clients is “Are mortgage brokers free?”
The answer is a resounding yes. You’ll never pay a cent for our services and, as you’ll read later on, you’ll generally save money using our services.
We get paid by the lenders, not the borrowers. With more than three quarters of new home loans being arranged through brokers in 2025, banks and other lenders are happy to pay a finder’s fee for new business.
Worried that a broker might suggest the best loan for their pockets rather than yours? Because of the legal ramifications of fiduciary duty, that very, very, very rarely happens. Going to a well-known and trusted broker can help give you peace of mind in this regard.
Access to multiple lenders
At Wisebuy, we have access to more than 40 lenders. Now there’s a chance that the bank you’re currently with is the best on the market, but isn’t it worth checking just in case?
By providing us with the same documents and paperwork that your bank would require, we can check with your borrowing capacity and proposed rate with every lender on our panel. If it is your bank, you can still go with them, but if it’s one of the others then you could have just saved thousands of dollars.
No damage to your credit rating
One of the key things that a lender will look at when you apply for a home loan is your credit rating. A high score generally means you’re trustworthy while a lower score may make a bank think you’re more of a risk.
So what sort of thing lowers your credit rating? Paying back credit cards late, having defaults on payments and, annoyingly, applying for mortgages.
You might think that it’s best to do your due diligence and see what a few banks will offer you. And while there’s truth in that, unfortunately the Australian lending industry isn’t set up for individuals to do their own research.
Every time you ask a bank how much you can borrow, you’re putting a hard hit on your file. Too many of these in a short space of time can make your score drop. So even if you find that the first lender you spoke to was the best, by the time you go back your new score might mean you can’t get their original offer any more.
A mortgage broker, however, can do a soft hit on your file. This lets us see how much you can borrow and at what rate, but without making any difference to your credit file.
Better for unique financial situations
If you’re applying as a couple with good income, no debts and no dependents, the application process should go pretty smoothly for you. But not all lenders like self-employed applicants and if there’s anything out of the normal about your application, you might find it hard to find a lender who fits.
Experienced brokers will know from the moment they’ve taken your details where you won’t be accepted and who you’re likely to succeed with. From there, we’ll find the best deal available to you or give you guidance on how you can improve your application.
Support throughout the process
Have you tried to call your bank recently? If the words “We’re experiencing higher than average call volumes” is like nails down a chalkboard to you, you’re not alone. And with a broker you’ll never have to hear those words. In fact, we’ll be the ones who sit on hold for you.
We’re a small, independent brokerage in Newcastle, NSW, with a team ready to take your call, keep you updated on progress and chase up lenders on your behalf.
Convenience
When you speak a broker, we’ll get all your details in one go. We can then take that information to all the lenders on our panel. Even if you disregard the problems you’ll have with your credit file, if you go to multiple lenders yourself, you’ll have to supply each of them with your financials, income details, ID and more each time.
Should you use a broker?
When you’re looking to make the biggest financial decision in your life, it pays to have the best help on your side. Mortgage brokers can find you the best deal for a home loan, potentially saving you thousands of dollars, without it ever costing you a dollar. On top of that, we make the entire process simpler and deal with the sides of financial applications that most people would rather not to do.
