Broker you only tend to have to fill in one set of Application Forms incl supporting information, the broker then presents that to all the banks they want to try. Ours also organised Insurance cover and reviewed our Kiwisavers.

In short they do all the hard work, they just provide recommendations on what to do and go with that.

There is no disadvantage to using a broker.

blackjack17:

 

There is no disadvantage to using a broker.

 

Yes but don't JUST go with a broker. No broker deals with every bank so if you want a full market picture you need to shop around yourself a bit.

I found no advantage to use a broker, but then again, my mortgage requirements are about as simple as they come.

A couple of guys at work have found advantages to using brokers in order to get them a better interest rate, as they were below 20% equity when applying for a loan.

I'm really glad that I used a broker for two reasons.

Firstly, he was able to provide me with advice on loan structure which looks likely to significantly reduce my interest costs over the life of the mortgage. Secondly, the bank failed to get the paperwork to my solicitor on time and stuffed me around when I tried to contact them so it was great to have the mortgage broker on my side as he was able to use his contacts to get things moving.

Feel free to PM me if you are in Wellington and need a recommendation. 

blackjack17:

 

There is no disadvantage to using a broker.

 

Going direct to a bank mortgage advisor got us a significantly better rate than a broker. That might be unusual but we wasted a bunch of time with a broker (who came recommended) so I don't think they are the answer to everything.

If you have complex needs, or need some help and support in structuring your mortgage then a broker could add value.

phrozenpenguin:

 

blackjack17:

 

There is no disadvantage to using a broker.

 

 

Going direct to a bank mortgage advisor got us a significantly better rate than a broker. That might be unusual but we wasted a bunch of time with a broker (who came recommended) so I don't think they are the answer to everything.

 

If you have complex needs, or need some help and support in structuring your mortgage then a broker could add value.

 

I've had it both ways. Generally negotiating direct with banks has gotten me a better rate.

If I got another mortgage now I'd go through a broker as my situation is relatively complex.

 

Going direct to a bank mortgage advisor got us a significantly better rate than a broker. That might be unusual but we wasted a bunch of time with a broker (who came recommended) so I don't think they are the answer to everything.

 

If you have complex needs, or need some help and support in structuring your mortgage then a broker could add value.

 

That is why I asked because from google it seems the opinion broker was better but unless you have a complex situation and questionable credit It does not make sense to me that you are better off with a broken and your bank paying them a commission rather than just going to the bank where they are not paying part of their profits from the loan to someone else