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Brokers, who needs them?

Written by: David Weusten

Article Overview: A brief summary of the value add finance brokers can add.

Brokers, who needs them?

Brokers are charged with adding value to you, the banks and finally themselves. If they fail to do this, then they will cease to exist.

Reading this article suggests to me you are a DIY person and in most cases saving money is a significant aim. finance brokers however provide their service to you at no cost to you. But also

 They have experience.
 They review your total situation, income, personal situation, goals and dreams.
 They know how revolving credit works and how to make it easy to manage.
 They can explain variable (floating) rate loans, how they work and the fixed rate options.
 They know how the Overnight Cash Rate (OCR) works and its effect on the 90-day bill rate and how that in turn affects your mortgage interest rates.
 They know which lender has special interest rates on offer.

Do you think your bank could or would do this for you?

If someone offered to do all your work for free wouldn’t you seize the opportunity?


Brokers bring competition into their clients lending requirements. International trends show that brokers are becoming the preferred choice for people looking for a loan and provide choices for you. There are 40 residential lenders now in the NZ market place providing competition. Let your broker put some pressure on your bank.

As a broker, I have often seen customers that should be getting all their fees waived and/or getting interest rate discounts, but are not because the bank knows there is no comparisons being sought from another lender. Are you one of them?

I have recently had a case where my client thought they would go direct to the bank to arrange the finance. It was approved, but some conditions were not liked. They referred the situation to me and with in half an hour on the phone I had saved them $8,000 over the fixed period of their loan and removed the offending conditions. This bank was willing to let me come in and help but other banks wont deal with a broker once they have the offer on the table.

Brokers will keep your bank competitive, will cost you nothing (in most cases) and have access to the many residential lenders in the market. Look for an NZMBA member today, as they have been tested and met the standards required to be a professional mortgage broker.

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