Mortgage Planners & Advisers (02) 8415 - 8959

Mortgage Broker vs Bank Manager

By Mitch Tilbrook


A question I get asked frequently from people I meet when they find out what I do isWhy Should I Use Your Mortgage Broker Services?



It’s one of those things that’s ironically difficult to answer given the fact that I believe 100% in the service I’m giving my clients and the feedback I receive from them is always positive.

Why Enlist A Mortgage Broker To Help Secure Your New Home Loan?

The easiest way to answer this I find is to compare what I offer to that of your local bank manager has to offer and then I turn the question around. What would you rather be, a Customer or a Client?


Let’s look at the Oxford Dictionary definitions for both…



A person who buys goods or services from a shop or business:

Mr Harrison was a regular customer at the Golden Lion


A person or organisation using the services of a lawyer or other professional person or company:

Service tailor-made to a client’s specific requirements


Ok, I’m no Lawyer but my service is always tailor made to my client’s specific requirements. The reason for this is that I take the time to find out my client’s needs through open ended questions in my initial meetings. Once I have my client’s needs determined, I work out my strategy to help them achieve their goals from there.


I have a habit of jumping on board with my client’s journey because the home loan is merely a means to an end, and Happy Endings is the other business I’m in.


Key Difference Between Mortgage Broker and Bank Manager

When you walk into your local bank branch you are essentially a customer. At some branches you literally do take a number before you’re served. Gone are the days where it was a rite of passage to suit up and front down to your local Bank Manager who you’d known for 20 years and all your loyal banking patronage was going to help you secure your home loan.


Whoever your Bank Manager is this week will look at your basic information and assess your eligibility based solely on your financial situation on that day with no consideration of your long time banking history with them. It’s nothing personal, it’s the guidelines brokers have to follow as well but it’s a myth to think that your banking history plays a part in your eligibility for a home loan.


The Bank Manager will then see which of their products they can fit you in with. Usually it will be their package home loan with a “fee free” credit card that you probably don’t need that comes with a $395 a year annual fee. “We are delighted to also tell you Mr and Mrs Jones that this particular Home Loan Package comes with a 1.1% discount off our standard variable rate”.


This is their best rate on offer but is it the best rate on the market?

“I see Mr and Mrs Jones that you also have saved 15% deposit which is fantastic and really reduces your mortgage insurance premium. Yes your premium will be $10,000.”


Here’s the difference, as a Mortgage Broker, I would also congratulate you on your savings achievement and clean credit history. I would suggest that whilst you could fit with this bank’s particular home loan product, you could use this other bank for your home loan because they allow customers to purchase owner occupied properties with a 15% deposit and clean credit history, without charging mortgage insurance, saving you $10,000. How about we go with them?


That’s just one of many examples of why you should choose a Mortgage Broker over a Bank Manager to organise your home loan.


Would you use this Mortgage Broker to help you with your home loan needs? Call me today and become my next client. I’m waiting to help you make the Great Australian Dream a Reality.





Ph: (02) 8415 8959

Mob: 0411 637 661




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(02) 8415 - 8959
0411 637 661
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5/345 Kingsway Caringbah 2229.
By Appointment
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Phone No: (02) 8415 8959
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