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HomeFinanceIs it Better to Get a Mortgage from a Bank or Broker?

Is it Better to Get a Mortgage from a Bank or Broker?

From a quick glimpse, banks usually provide attractive incentives like discounts to existing account holders. When it comes to a mortgage application, a bank will assign a mortgage expert to help you with the process. Mortgage brokers often take a more personalized approach, which includes working out the fine details of the mortgage application, thereby relieving the workload. Customers also benefit from wholesale rates and more loan options. The broker-foisted mortgage application process is also faster compared to that of banks. On the downside, banks are generally conservative and offer limited loan programs.

Banks also tend to hide disclosures on yield-spread premiums and generally have a lengthy mortgage application process. Derwent Finance prides itself on being Hobart’s home of loans. We understand the painstaking process of finding a trusted mortgage provider, and that is why we’re committed to addressing all your needs and queries. A reputable home loan broker in Hobart offers loans with rates as low as 1.89 percent. Customers also enjoy credits of up to $5 million. Loans are processed in as little as two days and come with lengthy loan repayment terms of up to 40 years. Here’s how a mortgage from a broker and a bank pair up.

Personalized Advice

Advisors working for banks are highly adept at providing informed personal advice. For the most part, the advisory opinion favors popular products that promise high yields. When seeking personal mortgage advice, a high-ranked broker will offer 100% impartial, personalized advice. The assessment shows brokers offer superior and more personalized services.

For first-time home buyers, brokers provide a perfect platform to build fruitful engagements in the future. Derwent Finance is a leading home loan expert offering competitive home loans, investment loans, construction loans, and car loans. We are driven by a deep-rooted approach that aims at achieving 100% customer satisfaction. Our services are available throughout Tasmania, from Hobart to Devonport and surrounding areas.

Home Loan Application Process

Banks generally offer controlled home loan application advice, which may fall short even with new improvements. If the mortgage issuing bank denies your application for any reason, the chances of starting the process again will always remain high. An experienced mortgage broker or advisor will do everything in their capacity to assist you with the application process.

For instance, if your mortgage application is on the path to be denied, the broker will give you tips for improving your application. The wise support can go a long way to rebuild your financial standing and enhance your chances of success. Derwent Finance offers tailored, strategized solutions to help you find the right mortgage. We work alongside leading banks, investment property researchers, and insurance providers.

Access to Multiple Lenders

Bank mortgage products are readily accessible when you visit the banks. If you visit a mortgage broker offering high-quality products, you will access the product recommendations from select banks and mortgage lenders. Taking the time to compare the offerings will help you find an attractive, low-interest-rate mortgage and improve the probability of getting approved.

When you choose our services, we will guide you through the entire process. Our Herbert mortgage brokers are enthusiastic and will go the extra mile to help you realize your dream of owning a home. The team has extensive knowledge of the local housing market, mortgage and loan products, as well as policies that drive the real estate market. In terms of numbers, we’ve so far issued over 400 loans from 45 plus lenders.


When analyzing the loan cost factor, you need to pay attention to critical issues like loan repayment, repercussions of an interest rate increase, and the pros and cons of the loan structures. You also need to know what will happen if the loan is discharged before the full term, runs in default, and whether a variable or fixed rate is better. The cost of applying for a bank mortgage is usually free but may attract a small application fee. Unlike the banks, mortgage brokers and advisors do not charge any fee for this particular service.

When you approach our mortgage broking specialist, we will first evaluate your situation and advice on the best strategy moving forward. We have an online calculator that uses parameters like Loan Amount, Residual Value, Interest Rate, Number of Months, Monthly Payment, and Total Payment to help you calculate repayment. Besides cost assessment, we will offer you up-to-date market insights and explain the entire process of acquiring a home loan. We encourage you to visit our website to start a hassle-free strategy session.

Syandita Malakar
Syandita Malakar
Hi guys this is Syandita. I started Business Module Hub to help you all to post updated articles on technologies, gadgets. Although I love to write about travel, food, fashion and so on. I quite love reading the articles of Business Module Hub it always update me about the new technologies and the inventions. Hope you will find Business Module Hub interesting in various way and help you accordingly. Keep blogging and stay connected....!
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