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The difference between mortgage brokers and personal banking

Do you know the difference between a mortgage broker versus personal banking and the reasons why Police Credit Union doesn’t work with brokers? Find out what they are and why we choose not to work with them below.

What is a mortgage broker?

Mortgage brokers work to arrange home loans between a range of lenders and borrowers, finding the home loan that suits the needs of a lender, as well as assisting with the application process.

Mortgage brokers and commissions they earn

It is important to note that mortgage brokers are paid by lenders. They are paid on a commission basis by the banks and lenders who provide the home loans. If your mortgage application is approved by the lender suggested by a broker, then the lender will pay the broker a commission.

With brokers making commission from the lender you choose, many will not recommend a lender if they do not receive commission from their recommendation. This can limit your choice of lenders and could mean you’re not getting the best rate or loan features.

Does a broker know the product they are selling?

Most brokers are considering numerous products from several lenders with different features and, because of this, they may not know all the specifics of their recommendation or their recommendation may not have the features you need.

Our lending products are streamlined and designed with features to benefit our customers. For example, our variable home loan products offer 100% offset accounts. Many of our other home loan products offer free redraw, $0 monthly and $0 annual fees, early repayments and 24/7 Online Banking access.

Plus, you might also enjoy the convenience of having all your banking in one place, for example we can offer a low rate credit card or even an obligation free insurance quote. We even have GO SiXTY PLUS products that are designed for over 60s for the next stage in your life. Always consider whether the product you choose has all the features you need.

Do brokers work independently?

You can’t be sure that all brokers are working independently. If you do consider working with a broker, investigate whether they are truly independent and not connected to a financial planner or property developer that is looking for customers to invest in their specific property or stock options for their own profit. Always research whether the broker has a good reputation and how their commission and payment structure works.

We don’t pay brokers commission

As we don’t work with mortgage brokers, we can ensure our profits go back into offering lower rates. We are able to reinvest into providing competitively low rates to our Members.

A personalised and guided banking service

If you’d like to work with us for your first home purchase or a refinanced home loan, you will have access to a lending specialist who will support you to find the best home loan for your specific needs.

By talking directly to us, you’ve streamlined your communication process by removing the fuss and extra work of having a middleman. Plus, our team will work with you every step of the way, from finding you a home loan to suit your personal needs, to guiding you through the application process and answering any questions you may have along the way. 

We support our Members through the home loan application process including reviewing their complete financial situation and offering free budget checks.

Consider customer reviews

Customer reviews are helpful in assessing all your home loan options as you gain a true sense of other customer experiences. Finding a reputable organisation to work with that has excellent communication skills is essential when purchasing one of the most important assets in your life.

We regularly receive fantastic feedback from our Members, including from first home owners about how easy we make the home loan process. Have a look at some of our Member testimonials below and also here to understand how we guide and work with you when you apply for a new home loan.

Police Credit Union helped me with my journey in buying my first home and helping me to understand every bit of detail I needed in making this first huge purchase that I’ve ever made and I’m so thankful for all their help.

Jeremy, Platinum Member since 2019

I bought my first home through them & they were helpful, friendly & gave me confidence making the experience simple and pleasant.

Rebecca, Member since 20


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