The ‘Big 4’ banks have maintained a dominant profile in the complex and ever-changing Australian finance market – just think about how often you read about them in the news! And it is this high profile in our everyday lives that has contributed to a perception that all lenders are the same.
Is that what you think?
In fact, Australian consumers are spoilt for choice…
Did you know there are over 40 banks (plus multiple foreign bank branches) and around 60 credit unions and building societies in Australia* as well as a number of non-bank lenders?
Of course if you are receiving this email you would already know that one of the key advantages of using our mortgage broking services – as your finance specialist – is that we have access to a range of lenders when seeking a loan that may be suitable for your individual circumstances. We are not tied to just one lender and their available loan products. (Eg, if you walked into a Westpac branch, do you think they would tell you what CBA are offering??!!)
So what is the difference between the lender types?
Second tier banks
Building societies and credit unions
Non bank lenders
So do we recommend the Big 4 to clients?
The Big 4 are strong competitors with broad product ranges so if they have a solution suitable for your individual circumstances then of course we do! However, we may also recommend second tier banks or non-bank lenders if their product, pricing and services are ideal for you.
Most importantly, you will have the confidence of knowing we only recommend lenders that have provided a good personal experience for our other clients.
Call our office today on 8004 2222 if you would like us to take the legwork out of your search for lenders….or ask us for a copy of our article “Is switching loans a suitable alternative for me?”