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241 Posts.

19/01/17

13:22

Post #: 22000394
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Originally posted by plough ↑

"But we have already established that you are minnow, and the bank is not going to bend over to maintain a good relationship with a dinky bottom-feeder broker."

The broker may be a minnow but he is able to facilitate a deal by putting a loan package in front of competing whales ie the big 4 banks plus other wholesale lenders .
Yes the broker is a middleman by charging ets say 100 points (1 % ) of the loan value to a customer but if he can get more than 1% by saving by going through the wholesale arm of the bank rather than the retail arm then the customer wins

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Is the net benefit, even if the broker gets you a discount, any better than just doing a google search "Compare home loans" and going outside of the big 4 banks?
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