Mortgage Brokers vs. Direct to Banks

by Apr 21, 2016First Home Buyers, Mortgages, Non-Bank Lending


Those looking to secure a mortgage loan for their dream home or for an investment property understand how stressful this process can be. With so many different loan options, variables and specifics, it can be difficult to understand what best matches your situation. This can be made even more difficult when you have a large Bank trying to push you in a direction of which you are unsure. That is why you should always consider consulting a qualified Mortgage Broker who has your best interests in mind.

Our team at iLender are here to advise you independently of a Bank, about the different ways in which a mortgage can be structured to suit you and not the Bank.

What Does a Mortgage Broker Do?

A Mortgage Broker’s job is to source the mortgage market for mortgage loans which best suit their clients’ unique needs. When contacted, a Mortgage Broker will look into your current positon to assess the type of loan best suited to your individual needs. By tapping into a vast pool of resources, our Brokers at iLender are able to bring together many different loan options and carefully present to you which options would be most appropriate. We understand the importance of making decisions which are always forward looking and which are able to ensure your financial health for the long term.

Offering Superior Home Loans to Banks

It is rarely possible to attain the best mortgage loan when dealing directly with a Bank. The fact is that Banks operate to increase margins and profits every time you deal with them. This means that while some loans are available with some variability, there is little chance that any particular Bank has the right option for you. Naturally, they will not send you on your way to another Bank! Rather they will probably try to convince you to take up one of their mortgage options. That is why you should always consider a Mortgage Broker when searching for home financing. Here is a recent comment from one of our clients.

“We would highly recommend Bruce to anyone. Customer service and effort to help was fantastic! For the first time we decided to try out the services of a broker. We were a little unsure of how it would go or if the time & effort was worth it BUT our own bank had said no to us (and we have a high star rating with them!) so we decided we had nothing to lose. Not only did Bruce provide exceptional service he got our loan approved from the bank that had said no to us! Will use him every time now!” Paula from Warkworth.

We Work for You

The key difference when dealing with a Bank compared to a Mortgage Broker is that a Bank will actively sell you their own products, whilst Brokers try and find you the best deal possible. A Mortgage Broker actively works for you and no one else. By searching and comparing home loans from many different Banks and financial institutions, Mortgage Brokers are in a far better position to help you plan for the future. At iLender we always treat you as an individual and not just another number in our database. Our  priority is to help you enjoy the benefits of home ownership as quickly and easily as possible.

Get in touch to find out more about the type of services our Brokers can offer.

About iLender

At iLender we put your best interests first and not the Bank – our advice is unbiased as all Lenders who we do business with pay about the same in commissions.

Although we are Auckland based Mortgage Brokers, we help customers everywhere in New Zealand and overseas with buying property in New Zealand, as we are very much about online and giving advice here and now!

Options for when your ‘Interest Only’ term expires

In an increasing interest rate environment, coming off a low interest rate PLUS coming to the end of an ‘Interest Only’ term, can be financially traumatic! Be proactive and explore your options. With a Mortgage of $500,000 on an interest rate of 2.99%, if you refix at...

When a Bank can’t help, where can I get a Home Loan at Bank rates?

Good question! We are asked this a lot, so here's our guide to 'close to, but not a Bank, lending'. The first thing we ask is why? What is it about the application that makes the Bank say No? There are multiple reasons and here are the top five. "I'm self employed and...

4 Tiers of Non-Bank Lending: What You Need to Know

It’s currently a struggle for every New Zealander: trying to get the bank to approve their home loan. Lending restrictions are tighter than ever, even for New Zealanders with a perfect credit history.  Luckily, non-bank lenders offer an alternative approach that...

The New Zealand housing market: Is now a good time to buy?

The New Zealand housing market has experienced some major ups and downs in recent months due to some interesting regulatory changes as well as wider global economic conditions.    House prices across the country have started to fall while interest rates have...

Best mortgage rates, 10% deposit owner occupied and 20% rental purchase, self employed with no financials and help for those with bad credit or arrears.

Hundreds of reviews on TradeMe and Google makes us your ‘Number 1’ choice.

Call 0800 536 337