More choice. More competition.
Twenty or so years ago, applying for a loan meant a visit to the local branch manager of your bank. And you probably wouldn’t have shopped around, because there really wasn’t much competition back then – it was pretty much just the big banks with similar products.
Today is totally different.
Fast forward twenty years – 55% of people now use a broker to apply for a loan. This has created a completely different banking environment. For a start, it has opened the marketplace to a whole range of boutique banks and financial institutions – they no longer need to have a physical presence. And because they are keeping their overheads down (by not having infrastructure and wages etc) they can offer more competitive products.
It means we have much more choice, with more variables. It provides greater scope for finding the loan that suits you best.
Financial institutions pay us (like all brokers) a commission on any loans we write. They do this because we are providing them a service (while also being more cost-effective). The commissions are regulated, so there is no favouritism or back-handers – we simply find the best loan for each individual client. We are up-front and totally transparent when it comes to how we are paid. It’s one of the first things we discuss with our clients.
The bottom line is that our commission has no effect on your loan. And there is no charge for our services.